Grace H. Morioka

Hello Regoddess and thanks for your question.

Wendy correctly answered your question. If a home is sold for more than the total encumbrances or amounts due on the home plus collection fees, processing charges, title and escrow fees and legal expenses, the remainder is then refunded to the previous homeowner. However--and here's the rub--it can take up to 45 days for any excess money to be refunded to you. To learn how much will be refunded to you and when you might see the refund, talk with the Trustee initiating the sale and ask for their procedures in claiming the money owed to you.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty - Yesterday, 21:01

Hello Emma and thanks for your question.

Typically, whenever new homes are sold, the developer's corporate representative (the one with the power to execute documents of this type) will sign the documents in advance of the actual closing. The reason, of course, is that the authorized person may be trying to close more than one home on the same day and at more than one community. Having the documents signed in advance by the sellers ensures that you, as the buyer, are not held up in closing on your home.

In almost all states, the developer will wait until the deed is recorded (when you truly own your home) before providing you with the keys. Prior to your closing (probably just a week prior), however, you should have completed a walkthrough of the unit to approve the interiors, upgrades, conditions, and to create a list of defects to be addressed by the developer. During this walkthrough, the developer will typically tell you when you will be given a set of keys to the home. On the day of "key turnover", the developer will walk through the home again to begin crossing off any items listed on your defects list from the previous walk. Most developers strive to address all of the defects prior to your moving into the home.

If you purchased this home without a Realtor present to assist you, contact the sales office to determine when you can meet and complete the final walkthrough and key turnover. If you are working with a Realtor, the Realtor should advise you of the procedures to obtain keys and claim your new home.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty - Yesterday, 20:54

Hello Willbuysoon and thanks for your question.

In answering your question, I am going to assume that the bank in your short sale has approved the sale but at a price higher than you anticipated or wanted to buy. The truth is that sometimes the bank will compromise on the price--the listing agent and I, as the buyer's agent, just got the bank in our short sale to agree to a lower price, but it cost us both in our commissions. Similarly, at other times, the very same bank will firmly disagree to any price change despite the reams of papers I can provide to prove that their price is incorrect. In fact, even after an appraisal is completed and the price is determined to be lower, the lender may never agree to a price reduction.

in truth, banks seldom agree to "give" anything without "getting" something in return. In my case, both Realtors agreed to help our clients by reducing the commission. However, if there is no "chip" with which to bargain, you may find the bank as stubborn as a mule in cement in ever agreeing to any price changes or concessions. It all depends, as Deborah noted below, on how "motivated" the bank is to off-load the property. Surprisingly, banks are not all that willing to dump a home right now.

Work with a qualified short sale buyer's agent to help you navigate the short sale waters and to understand your options in working with the seller and the lender(s) in the sale. Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty - Yesterday, 20:46