In most cases the listing agent is in charge of the sale but the asset manager from the bank holds all the power to decide if it will or will not be approved. The sale usually will go as good as the listing agent is expereinced in conducting a short sale.
Please see my blog for a full list of tips and advice on buying a short sale.... more
Get the inspection and sleep better at night. In some of our cities this is NOW required. Some actually have laws in place which will MAKE you replace any damaged sewer lines to the street. If you are in your due diligence period then get it done. Your agent, who might be right, should NOT be annoyed.... more
The best time of year to purchase a home is generally based upon your personal needs........
This is an excellent time to be considering the purchase of property since there is still plenty of inventory and home prices remain low. Simply stated....there is no ideal time to fint the right home, in the perfect location, being offered at a price you can't afford to walk away from.....it's more about being in the right place at the right time.
Our recommendation is to get into the game and remain in it without worring about if it's the right season..........
From a qualification standpoint, you could probably qualify for a home price up to $850K or more with $100-$125K as a down payment. This is of course based on having at least a 660 FICO score and fully documenting your income and having sold your other home first. If you are willing to look at doing an interest only loan you can qualify for an even higher purchase price (if you need to) since it would reduce your monthly payment by over $600 per month. Good luck and I hope you find the house that fits all of your needs.... more
The only way you're going to get a home actually worth $4.5-5m for only $3-3.5m, is if it's a real fixer upper.
Think about this: If the property were a short sale (not too many in this price range), the bank will still send out 1-3 appraisers to make sure they're netting the maximum they can to cover their losses. The home will likely be in better shape than an REO though.
REO property: Again, the bank's asset manager, prior to putting the home on the market for sale will also be obtaining appraisals, they will price it less than market, but chances are if the owner was going under in this price range, they probably lost at a MINIMUM $500-1m from their original down payment & have probably stripped the place, so you'll have missing light fixtures, kitchen cabinets, appliances, sinks, toilets, possibly tubs, staircase railings, garage door openers, heck maybe the entire garage door! etc)
The real deal on an REO like this is if you were able to pick it up at the actual auction, but then you will need to pay ALL CASH & make sure to investigate other liens that may be against the property. If you don't know a lot about foreclosures you should go to a few of these & just watch. Bear in mind you're going to up against other investors who make this their full time business & have staff to investigate each property.
In this economy, someone willing to lose 30% in this price range has got to be some fire sale of sorts, maybe a probate or trust sale. Even then, if you were heir to the throne would you say "ahh, what's another million, let's just dump it"
Your journey to find the pot of gold will be tough. There aren't many stupid sellers with $5m homes in great shape willing to sell for $3.5M. Even the soon to be Ex wants their full share plus your trousers & the shirt off your back!
When you're ready to float on down to reality-land, let me know. I do know of some homes that are not on the market. They all have defaulting owners.... more
Congratulations on having such a great job, and wanting to buy your first home. I agree that buying would be a better option if you can afford it, and now is a great time to buy. You don't indicate if you have a down payment saved up, so its hard to know if you would be able to afford and qualify for a home in the $2-3 million range. The first thing you need to do is speak with a lender. They can run your credit and check your debt to income ratios etc. There are numerous calculators online that can you give you an idea as to whether you would qualify, but without speaking to a lender, its hard to know if in fact you will qualify.
If you need a recommendation for a lender, I am happy to provide you with one. After you've spoken with the lender we can discuss whether buying or renting makes more sense for you. Please let me know if I can be of further assistance.
I would recommend consulting Mark Swink at "Swinks Creations" (www.swinkscreations.com). His office is not in Beverly Hills, but he's been doing landscaping for years... I've known him for almost 20 years. Great man, family man, ....wouldn't hurt a fly. Check out his work online. Awesome work! Let 'em know that Andrew Belcher sent ya...
I am not exactly sure what you are looking for. Do you want a real estate agent in NY to partner with or refer clients to? When you say NY, do you mean the city? I am a mortgage loan officer, but my company is owned by Prudential Douglas Elliman. If you do not get a reply, I could send an e-mail out to some of our agents that I know, and I am sure that they would find someone for you.... more
Banks are the reason why short sales take so long. If banks didn't take so long to respond to requests and offers, short sales could actually move pretty quickly.
The problem is that banks often run the foreclosure process in parallel with the short sale process, and, with the bank, the left hand does not know what the right hand is doing, and it can be a race to the finish line.... more
The buyer's appraisal has nothing to do with the length of the short sale per se. The length is due to the wait for the seller's lender to approve the sale. Once that is done, then the buyer will start the loan process which effectively should involve an escrow of around 30-45 days. That is the quick version.... more
Basically the counter picks up all the terms of the original offer. In this market we see many purchase offers expire but negotiations continue. Often the agent countering will extend the offer. Don't worry, the counter offer is not a new offer, just an extension of the first one.... more
Please give me a call. If I can get the address from you I can find out what's going on with the house.
Broker Lic. 01707173
805-620-3777 fax... more
Based on your particular curcumstances , there are different ways to postpone auction sale date - please call me direct 424-777-9377 so that i can present/explain your options.
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There are many factors involved with this calculation.
Are you going to pay all cash for the house? Figure taxes at 1.1% of the purchase price. As far as monthly utilities, it also depends on how many people will also be living in the home.
I can get some utility averages for you, for an approx. 4,000sqft home. Would you like a house with a pool?
Email me directly or give me a call & I can send to you the homes that are currently on the market. Alternatively you can go to the web link below & search the MLS just like I do, see pictures & maps too.
Realtor Since 1996... more