Property Q&A in Tampa>Question Details

Kbhight57, Home Buyer in Earleton, FL

Can I be notified at 352/339-1208 if this home becomes available again?

Asked by Kbhight57, Earleton, FL Wed Feb 27, 2013

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This question was asked from this property: http://www.trulia.com/property/1071860229-15141-Willowdale-R…

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4
This property has multiple liens including 2 mortgages, HOA, and IRS. It's been pending since August of last year and is priced less than 50% of what is owed just in mortgages. I would suggest looking at other properties or you may have to wait until it goes all the way through foreclosure - but with all the different interested parties it could take months after the foreclosure for the title to clear.
1 vote Thank Flag Link Wed Feb 27, 2013
Also the price has never been approved and based on the CoreLogic automatic valuation of $144k and a possible $169k value depending on upgrades, etc, it's highly unlikely to be approved to sell over $20k below market. Sometimes Short Sale lenders will get faulty Broker Price Opinions but nowadays I'm seeing the Short Sale lenders (who will be taking a significant loss) requiring a sale price well above market value.

So if the "required price" comes back at $150k are you still interested?

Also from my experience unless you are able to pay ALL CASH, it's highly unlikely you can even get a backup contract on a Short Sale.

If you're getting a mortgage to purchase, go the full steps to get a Lender Comittment Letter with the only contingency of a clear title and an appraisal and it will allow you to compete in our current SELLER's market in your price range.

Ask your Realtor for a Listingbook account so you can search with the most up-to-date info and also get morning emails of new properties that fit your criteria so you do not miss out on opportunities.

If you're not yet working with a Realtor, you're welcome to sign up for a free Listingbook account on my website: http://www.SoldOnTampa.com


All the best,
Alma

Alma Rose Kee, PA
Westchase Office
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri Mar 1, 2013
Hello

Previous agents have provided you with great information regarding the status of this property. I also suggest that you start looking at similar types of properties but which are still available in the market. The seller could accept back up offers when the status is Active with Contract, but if there are already back up offers and keeping in mind that it could take months for the bank approval or rejection of the current offer, you could be waiting a very long time to see if the current offer will get accepted or if the property will be actively listed again.

All the best,

Majid (Jay) Mirzai
Coldwell Banker Residential Real Estate
majid.mirzai@floridamoves.com
http://www.floridamoves.com/majid.mirzai
0 votes Thank Flag Link Wed Feb 27, 2013
It is active with contract pending meaning it's waiting for bank approval. Buyers can wait it out or at last minute, bow out and then the property either becomes actively listed again or there may be back up offers waiting in the wings.
0 votes Thank Flag Link Wed Feb 27, 2013
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