I am not sure what you are asking. I believe you are saying, "you put an offer on a property, and do not have representation." The "Agent" in question is working on the behalf and better interest of the seller, and you want someone to do the same for you. This is what I am assuming you mean.
If this is the scenario, all you have to do is find an Agent (of your choice) to work in your best interest, which includes negotiating the offer, aiding in property inspections, appraisals, etc. Of course you could just take the "Agent" the managing broker assigns to you. However, I would advise working with someone of your choice. Ask friends & family for recommendations. And PLEASE, do not avoid getting representation because you think it will cost you an arm and a leg. Typically, the seller pays most, if not ALL of the "Agent/Brokers Fee."
In my opinion, get an Agent that will represent your best interests, and someone that you are comfortable with.
I hope this answered your question. Should you have any further questions, please feel free to contact me by the ways below.
Wishing you the best of luck,
De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
"I Stand Behind Getting You Results!"... more
If you haven't spoken with a bank or lending institution, you should do so right away. With these crazy interest rates as low as they are, you may not get a better time to buy. I recently had a young couple who thought along your line of thinking and came to me looking to rent. They now live in their own home in Bohemia and all they put down was 3.5%. To save that kind of money may take years and if you're paying rent now that money's going towards paying your landlord's mortgage and not yours. Please feel free to contact me.... more
what type of mortgage does your uncle have on the property? If it is an FHA loan, you can assume the mortgage if your uncle is willing to do this and if you can afford it.
You said the payments - you can't afford.
So that's not an option.
Your uncle just can't "deed the house" to you - such a move would trigger what's called the "acceleration clause" in your uncle's mortgage which would "call the loan due" in full, when they found out this occurred.
If you have a car repo on you - you'd have to see about getting that off and have you credit checked. You'll also need low debts and good income with a work history of at least 2 years in the same field/line of work.
If you don't have the above - then getting a mortgage is not possible at this time, unless you can get a private loan - which will be very difficult also and the interest rate will be higher most likely.
Lastly - you, as a relative, cannot buy the home on a short sale, because they require "arms length" (no relation) sales as previously indicated.
Sounds like this is an opportunity that's going to get away from you.
Save up right now, get your credit straight, pay off your debts as much as possible, stay at the same job - and in 24 months, when they foreclose - buy it at the auction steps - THAT'S your best bet at this point. I believe you could get away with the "being related" thing too - when you buy at auction. Or at least there are definite ways to get around that.... more
Since New York is an attorney state, I'm going to take a stab at this and say he's asking about wholesaling. If you're trying to wholesale, make sure you get some private/hard money (assuming you're financing) on the end transaction as no conventional lender will close this transaction due to the title seasoning issue.
Best of luck!... more
Kleigh, from what you say, you have made an offer on a short sale, and it is 2 months already and you haven't heard anything. Have you signed a contract yet? I am not sure what stage you are at yet on this house. If you want it that badly, it might take some time to go through the short sale process. If you are concerned about getting the tax credit, you might want to find another house that is not a short sale. If you choose that route, it seems like you can just move on to another agent, as you have not signed anything.
I know it might be disappointing to decide to give up on your dream home, but sometimes it just makes sense to forget about it and move on. Don't keep comparing everything you look at to this dream house. Find something that will suit you, and turn it into your dream house.... more
Typically your Home Inspection will alert you to problems in five key areas, and these key areas directly relate to the contract of sale:
1. Foundation: sound and solid
2. Roof free of leaks
3. Plumbing working and leak-free
4. Heating system sufficient and operating
5. Electrical system sufficient and up to code
If there is a serious problem with any of these five items, typically the Seller has a responsibility under the terms of the contract of sale to repair the problem at their expense, not the Purchaser's expense. Sometimes a Purchaser will receive a credit at closing to repair one of these items (assuming the home and the defective issue has not compromised the Lender's appraisal). When the Purchaser receives a credit at closing, the amount of the credit is based upon legitimate estimates for repair and negotiations between the Attorneys representing each party.
Other items you discover are in need of repair/upgrade (i.e. diswasher not operating properly; air conditioner on second floor inoperable, etc.) can be negotiated for a repair credit or replacement at the Seller's expense. Again, these negotiations are handled by the Attorneys.
It is extremely RARE that a purchase price is reduced due to repairs from a Home Inspection. Best to consult with your Attorney for more detailed information in this area.
If you don't already have a good real estate Attorney and you're shopping for homes, you need to reverse your process. First, get properly prequalified for mortgage financing by a Local Mortgage Banker. Second, line up your Attorney. Third, line up your Home Inspector. Fourth, line up a great local Realtor with personal experience in the area in which you'd like to buy.
NMLS #40140... more
A short sale is a different kind of transaction than the normal real estate purchase. You are essentially going to wait while the Seller negotiates with their Lender(s) for approval to sell you the house at a price lower than what is owed to the Lender(s). This process can be lengthy, even stretching out to many months before you have a final answer.
You'll need two things during that time:
1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.
2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.
Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.
The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.
I hope that helps!
NMLS #40140... more
SORRY TO READ about your situation: Has the bank started the legal proceedings? If the bank does not have possession yet of the home you can MAYBE estimate 3 months. Paul is correct contact an agent and the bank determine if you can request your house short sale THIS MIGHT "buy you sometime", however once bank legal possession has to serve notice move out OR eviction process. Banks at times offer a move out special than wasting money in courts for eviction.
http://www.lynn911.com http://www.homes-for-sale-dallas.com... more