Home Buying in Santa Monica>Question Details

Santa Monica, Home Buyer in Ontario, CA

I am interested in 2 short sale condos: One needs BACKUP offers and the other is ACTIVE. I have sufficient funds to pay CASH for either one.

Asked by Santa Monica, Ontario, CA Wed Aug 22, 2012

Which one would give me the most room to negotiate from the List Price?
How do I find out if any taxes/ HOA dues are outstanding?
If I place a backup offer on one condo...what happens if I choose to purchase another condo during the months of waiting? Can I cancel a backup or not?
I am grateful for your professional advice....

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Answers

7
As mentioned earlier, short sales are unpredictable and it all depends on what the bank is willing to take. It sounds like you prefer the property that's in BACKUP. The property looking for a BACKUP already has an offer in, so putting in an offer lower than the one accepted probably won't get you the property. The ACTIVE property may give you more room to negotiate if they don't have offers in.

For taxes, check out http://www.lacountypropertytax.com to see how much taxes are owed on the property. You'll need the parcel number. For HOA dues, if you're working with an agent, have them check with the listing agent. They should have an idea of how much is owed. Otherwise, the HOA docs you receive during escrow should tell you.

If your offer is in backup position and you find another property, there shouldn't be a reason for you not to be able to cancel. Hope this helps. Please let me know if you have any other questions.

Warm Regards,

Howard
howard.weiss@gmail.com
0 votes Thank Flag Link Wed Aug 22, 2012
Please contact me direct so that I can provide you more info on these properties and help you negotiate a best price/terms/deal possible.

Also i can locate similar available properties in the area.


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0 votes Thank Flag Link Wed Aug 22, 2012
I sell most of my short sale listings to backup offers... don't limit yourself, but be fair and communicate openly with all stake holders...

Your buyer's agent should be helping you... if you don't have one, get one so they can represent YOUR best interest... make sure you make and informed decision when selecting a professional to help you... a lot of us in this forum can help you and are qualified.. make sure you do your homework on selecting one.

Good luck!

ron@select-realestat.com
0 votes Thank Flag Link Wed Aug 22, 2012
You can submit offers on both! I can advise you on how to do this without the risk of obligation to purchase both. Call me at 310-779-6375. As you may know Short Sales take a lot of time and sometimes that gives room for negotiation. However, it all depends on how it is priced. Back taxes and hoa dues can be part of negotiation and should be disclosed up front. I am happy to help.
0 votes Thank Flag Link Wed Aug 22, 2012
Dear Ontario,
The world of Short Sales is unpredictable and, regrettably, often leads to a dead end. You may find that you are waiting for an answer or approval from a lender, 6 months go by, and they turn down the deal. Especially if it is B of A.
As far as your questions are concerned, the listing broker is the best source of this information. If it is in a back up position, they may be willing to tell you exactly what price has been accepted. Strategically, you might submit a back up at a slightly higher price to encourage them to come to you. If there is no accepted offer you generally need to be within 10% (sometimes 5%) of the list price to get a response and/or acceptance.
Feel free to email me (richard.stearns@thepartnerstrust.com) if you want to continue this dialog.
Thanks,
Richard
0 votes Thank Flag Link Wed Aug 22, 2012
Do you know what the MARKET VALUE of either one is?
If you don't know how to find out about Taxes, HOA fees, and Liens; why don't you talk to a Realtor:
A Buyer's Agent costs you nothing; but the way you're heading, you're going to need their counsul.
How to back out of a Shortsale is one of the things your Realtor would know.
You need the protection and advice that your Realtor can offer.
There are just too many possibilities.
0 votes Thank Flag Link Wed Aug 22, 2012
Go for the ACTIVE. Would you like me to write the offer for you?

Elizabeth Sorgen
310-469-0500
0 votes Thank Flag Link Wed Aug 22, 2012
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