If contingencies were not removed in writing, buyers can cancel and get their earnest money deposit back. Read your contract for reasons you can receive liquidated damages. Sorry to say but most likely, you won't get any reimbursement - especially since contingencies are still in effect.
There are around 1.6 to 2 million range.
RE/MAX Active Realty.
4056 Decoto Road
Phone: (510) 676-4770
Fax: (510) 475-1966
What I'm gathering is that at one point you paid $90,000 as your down payment on the home you are currently living in. Currently, your credit score is approximately 580. You are wondering whether to pay the $5,000 difference to have an equity sale vs. a short sale.
The direct answer to your question is that it is unknown how much the short sale will affect your credit. Do you have other late payments on your mortgage? Any other liens? All of these things vary the degree by which a short sale affects your credit. Generally the hit is between 100 and 300 points.
Here are some other things to think about:
1. A short sale is on your record for several years and can make it difficult to purchase another home for 2+ years. How soon do you want to purchase again?
2. The home buyer who you currently have an offer from may not want to go through a short sale. Are you willing to start over with the home selling process?
3. Have you spoke with your agent about splitting up the cost of the $5,000 between buyer, seller, and agents? Maybe there is a compromise so no one has to go through a short sale, and no one has to lose too much money.
Best of luck - I hope this helps.... more
This is the third version of this question that you are asking. As I said, ask your listing agent. If you aren't going to do that, contact one of us. I can pull up my tool that the title company has provided us and pull it that way.
This seems to be a concept that is giving you some difficulty in understanding.... more
Be aware Truila DOES NOT GET DATA FROM THE MLS. In their own words here's the scoop:
"Trulia receives this listing from ListHub, a third party listing provider. As part of Trulia's syndication agreement with ListHub, Trulia has agreed to limit data edits on core fields (e.g. price and status) specified by ListHub.
Data integrity is all about....hmmmm,,,,there is none! The data is folded, spindled, stapled and mutilated as they see fit. One would be well advised to understand, the business objective is to sell advertising to real estate agents, mortgage brokers, and insurance providers. Often that involves the ability to restore the original content.
Your mission, should you choose to accept it, is to advise/inform/guide citizens to realize aggregate websites like Zillow and Trulia are for entertainment purposes, not for serious buyers or sellers seeking actionable data. Those who are uninformed willl pursue the illusion of homes for sale and the vapors of homes sold long ago.... more
My stager charges $375, for three hours, and she uses what the seller has. She will re arrange their furniture and prepares the home for sale. Or, you can replace the sellers furntiture with the stager's for a few thousand.... more
Is it possible? Sure. I would engage a good attorney to facilitate the process. Have you considered how you will procure a buyer for the property though? You might seek counsel from a commercial Realtor and weigh the pros and cons.
Not sure if there are any commercial brokers who participate on this forum? I have done commercial transactions, but a 40-unit hotel is beyond my area of expertise.... more
Organize a neighborhood clean-up day! Seriously. There might be people on your street who are not strong enough or don't have the tools to spruce up their yards. They might be willing to accept your help. Let them know that you are not being altruistic, or charitable, that the few hours of weeding, mowing and trash hauling that you are paying the high school kids is hoped to result in a sale price that will pay you back for that work, and that they are doing you a favor by letting you refresh their houses curb appeal.
Of course you want your own home to have good curb appeal too. it helps if the whole street looks nice.... more
With a short sale, your lender is looking for your inability to pay due to a financial hardship. You would need to be able to prove that you can no longer afford the mortgage. I don't believe that your additional properties would be taken into consideration. I could be wrong. However, I speak from my own personal short sale experiences. I have helped clients short sale investment properties because they were able to prove financial hardship - something in their financials had changed from the time the borrowers first qualified for the loan to current.
Ultimately the decision is your lender's (the investor's). My advice, if you can prove hardship, is to give it a try. You have a 50/50 chance.
Hope that helps.
Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"SAR Masters Club Member 2012"
Mathews & Co. Realty Group
@ Century 21 Landmark Network
(916) 370-1803 cell
lic#: 01439130... more
You'll need to check your original lease agreement. Your terms generally stay the same with the onset of a new owner, meaning that in this case the new owner would not need to give you an additional notice to move.
Your lease agreement may say something different. So please review agreement and speak to legal counsel with specific questions.... more
At present, Fair-Isaac (the company which provides credit scoring models) does not have a policy of reporting short sale mortgages. Your motgage tradedline includes such information as
High Credit Amount
Date of Last Activity
In a short sale, your lender agrees to accepting payment in full for less than the current balance. The lender will report receipt of your final payment and update the Current Balance to $0.00. As far as the scoring model goes, that is considered a closed, paid in full account.
However, some lenders might add a comment line "Settled for less than amount owed" If your payment history is on time, there is little or no impact on score. If your payment history is poor, the late payments will reduce your credit score.
There is absolutely no way to suggest a uniform score range drop. Scores are a prediction of future default risk based on past credit performance. Many factors go into calculating credit scores. I've seen folks 12 months out of CHpater 7 Bankruptcy with credit scores 660+.
In any event, closed accounts and derogatory information remain on your credit report for 7 years. In the lender doesn't add a comment about settling for less than amount owed, there is no way to identify a short paid mortgage.
Further, Fannie Mae will not impose a waiting period for a new Fannie bancked loan after a short sale so long as the last 12 payments were made on time.
Regarding the HELOC: HELOCs are basically a credit card secured by your home. Since they are revolving, open end credit lines, the bank is under no obligation to close the account after the sale. All the bank must do is release the collateral, but your obligation to repay can continue. If you wish to have the bank close the HELOC account after the sale, that condition must be part of your negotiation with the lender.
A Realtor with experience in short sales can help you obtain the best outcome.... more
Sounds like a communication breakdown there. FHA appraisers are going to be concerned with issues regarding structure, safety, and soundness of the home. Below is a really good article to read if you want examples of things commonly cited.
With the appraisal JUST taking place this week, there is a good chance the lender won't even receive the report back until early next week. With losing a business day to the 4th of July I would find it very doubtful you would be closing by the 5th. Usually the appraisal is ordered much more earlier ahead of time. Now if this is just a followup inspection to confirm that required repairs have been made, then I would peg your chances of closing as more likley.
Sorry to hear you've had a bad experience so far, but you should really be discussing these concerns with your realtor. A good agent has to wear many hats throughout the course of the transaction: negotiator, advisor, therapist, etc. It doesn't sound like you are getting what you need out of that relationship, but that's no reason you can't or shouldn't reach out to express your frustrations and open back up the lines of communication. Even though your realtor deals with these situations every day, they have to be sympathetic to the fact that you don't, and they need to make the effort to raise your comfort level.
Best of luck !... more
The best advise is to find someone who has had REAl extensive training in submitting the SELLER'S packet to the bank or who ever holds the loan. The Agent needs to do a lot of homewaork on behalf of the seller prior to listing the home for sale. Any Agent can list a home for sale, but only a few can actually get it sold in a timely manner. If any Agent tells you they have experience with short sales, don't be afraid ro ask for references and follow up with them. You as a seller must qualify for a short sale which means in brief, that you can't have liquid cash sitting in the bank, other positive cash flow investments, an RV, a boat, and be on vacation when selling as a short sale. I would recommend interviewing at least 3-4 Agents from different companies and DON'T tell them you have already spoken to another Agent. Get the advise of all of them and then go with who you feel is the most trust worthy and someone who isn't just in it for the commission. Short Sales are very emotional and should not be taken upon by amatures.... more
It is extremely important because the local agent is going to know the good and the bad. They will know the school districts, local churches, parks, mall, transportation. They should be able to answer any question concerning demographics. Local agents should be able to let you know what local news is effecting property values.... more
You can ask agents to describe their experiences selling homes in Foothill Farms and chose the agent you think will do the best job for you. The agent will give you an estimate of value, but the market conditions will dictate how high it will go. You don't have to disturb the tenants to get a rough estimate.... more
The reason things are put into writing is to avoid he said, she said confusion. You have confusion because nothing is in writing spelling it all out. If you had a lease the new owner would have to honor it until it expired. I think you will have to go.... more