Lots of variables are involved with short sales. The lender could issue approval in a couple of weeks, 2 months, 3 months, 6 months...never and just foreclose. You should discuss all of your concerns with your real estate agent.... more
An earnest payment is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official Procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.... more
James, I am Realtor and a licensed Professional Inspector and having inspected thousands of homes, I can tell you that a good professional inspector is worth the cost of an inspection fee. Ask lots of questions about the property and ask for references and actually call the references. You want to hire an inspector who is licensed with at least 4 years experience and who is a teacher. Someone who will teach you about at the condo while also identifying deficiencies!
In Texas a professional inspector has to have almost 500 hours of inspection education and pass a pretty difficult test, in your state it may be different.
Do your homework, ask questions and Best of luck!... more
As I have mentioned in a similar post, the first short sale bidder is often the "guinea pig" to see what the bank will actually accept. The list price is not set by the bank unless the amount has already been revealed through a previous short sale offer that fell through. The all cash offer doesn't really speed up the bank approval process; however it can save a couple of weeks in the closing process once you receive approval. In my experience, the bank approval process can take from 3 to 10 months.... more
It really depends on the bank, property, offer, negotiator, etc. In my personal experience I seen them vary between 3 months and 10 months; however I heard of some taking much longer. I always encourage my clients to avoid short sales whenever possible, unless you are in no rush whatsoever. It can be very frustrating once it falls into the bank's " Black Hole". When they do eventually get back to you, they may approve it, disapprove it or ask for more. Quite often the first short sale bidder is the "guinea pig" to see what true amount the bank is willing to sell it for.... more