a) did you at any time sign anything that stated that you were working with the first agent and that they were representing you?? You may have done it as part of the contract package without realizing that you were doing it. If so, the first agent, who introduced you to the property and who wrote the first contract can insist on being paid a commission for procuring cause even if at this point in time you switch agents and go with a different agent because you don't feel that the first agent is protecting your interests. Keeping this in mind, many second agents, knowing that you have been working with another agent (and have already gone to the point of writing a contract with that other agent on the property) will be very concerned about their own legal standing in the overall situation and whether or not they will be paid or if they will end up doing all the work, then the first agent will complain to the Board of Realtors and the MREC and they will rule that the first agent as procurring cause will get the full commission (it has happened). As a result, the second agent may offer the first agent a referral fee (ie a payoff) in order to essentially get them to release you to the second agent with "no strings attached".
I would suggest that, especially since you are staying with the same brokerage, you ask to sit down with the broker and discuss with the broker why you are switching agents and that you want to be released from any contract you have with the first agent. Put it in writing stating that you want to be released from working with the first agent and state why and present it to the broker. You need to do that BEFORE you sign anything stating that you will be working with the second agent.
If you are going on to another home, it's a lot cleaner, since then there is no procurring cause if the first agent hasn't sent your information on or shown you the new home as there is with a home that you have already been shown. With a home that you have already written a contract on it's really messy, legally for a second agent to get involved.... more
Find a local Realtor that has experience working with people in your situation. Act fast!!! Some banks will let you go out for a few months. Some will foreclose very quickly!!! If your home is not listed yet you need to get it on the market immediately. 'Time' is not your friend.... more
I would start by talking to a good mortgage rep. You may want to talk to your curent mortgage lender, but I would also talk to one or two others to get a second opinion (several mortgage companies checking your credit within a month count as one hit on your credit rating since they recognize that you will only be buying one home - also Mortgage lenders are very competitive and they will typically meet or beat each others best deals. Stay away from the ones that sound like they are "too good to be true - because they typically are. Go with someone who is reliable and reputable - I can give you names of excellent ones with good references if you would like some names and phone numbers). See if you can get a better interest rate than you have now, and what you would qualify for. You want to be careful that you don't end up with a higher payment with a new loan than you have now. Once you have determined what you can qualify for, sit down with a good Realtor and discuss where you would like to live - what area, price range, type of home, etc and have the agent find you homes that would be a good match for your needs.
For reference, the Mortgage lenders can do the numbers in reverse for you - ie they can start with where you want your payments to be and tell you what price point of a house to look at.
If you're looking in the greater St Louis area, I'd be happy to help you, if you are looking in other areas, I can refer you to agents in other areas, but first talk to a good mortgage lender (again, give me a call 314-660-4803) and I'll give you names and phone numbers of people who are very reputable and who if they honestly can't beat someone else's deal will tell you that and will tell you to use the other person.... more
It differs by state and by the mortgage company that holds the loan and a lot of other things. Are you looking to buy a home that is being foreclosed on, or are you looking at forestalling being foreclosed on? I've seen some short sales drag on for months until the home went into foreclosure (with several good contracts over the list price sitting on the table), then the bank had to process the home through their system and put it back on the market as a foreclosure, and I"ve seen others go quickly. I've seen some banks once they foreclosed on a home, get it turned and on the market quickly, I've seen others that had it languish in their system for months before they got it on the market and someone was able to purchase it, so a lot of the answer to your question really depends on the full question and a lot of other details
what is the status of the home - are the payments currently being made or not? if not, are they being partially made or not at all?
who is the lender and HOW MANY lenders are involved (that includes home equity loans as well as second and third mortgages - any loan or lien against the home has to be accounted for, not just the main mortgage. taxes, etc have to be taken into consideration also - a second mortgage holder can hold up foreclosure procedures while they work out what they will get out of the deal for months
is the current owner cooperating with the bank, do they want to walk away or have they walked away or are they refusing to communicate with the bank?
Is the home on the market or not, if it is, is it in good condition and priced correctly for condition, price and location or is it overpriced?
Has the bank agreed to a short sale or a foreclosure sale?
Who legally owns the property at this point - the bank or the home owner?
Keep in mind that buying a foreclosure does not mean that you always get a clear title, often the buyer has to pay off any other liens (taxes, mechanics liens etc that are on the home.
Does the home owner have anyone helping them with the paperwork and details as they go through the process or not (there are specialist who do that (the banks pay them), if not , it typically takes much longer since the general consumer typically has no idea who to call and what questions to ask.... more