I have a program in place for clients with troubled credit. Most clients are able to purchase within 6 months. If you have time to invest in yourself...I can show you how.
Email me at BerksRealtor@yahoo.com... more
Hi Chris, first let me say that I am sorry this has happened to you. Second, I must disclaim that I am not an attorney and these are just my thoughts, but should not be taken as legal advice. If you are unsure, you should contact your Realtor and/or an attorney. As i see it, you have a few options available to you:
1. The Seller's insurance is liable up until settlement. If it's that important to you, ask them to submit a claim. Make sure that claim will not be affected if owner sells house before decision and payout.
2. If you don't want to postpone closing, get proof that the claim has been submitted and agree on a replacement value with the Seller. Set that amount aside in escrow (with the title company) to ensure that the Seller is motivated to pursue the claim. If the insurance company denies, you may be able to have these funds redirected to a vendor to replace these items. You, however, cannot receive the funds. Document it in writing exactly what happens to these funds should the insurance company not approve claim.
3. Agree on a credit with the Seller. You usually cannot walk away with funds, so this may involve decreasing the sale price. If you and the Seller decide/agree on this option, you should do this NOW as settlement is fast approaching.
4. You say they are valuable, but if it is not a historic mansion and simply an older home, you can choose to accept the home as-is (you can still try to get a reduction in sale price as mentioned in item 3 above) and have the "fun" and adventure of finding replacement items online or from architectural salvage stores (there's a great one in Philly). This way you can "add" to the story of the home and add your own touch.
Hope this helps and good luck to you!
Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
I'm confused. The best way that your Realtor can preserve his reputation is by getting you answers.
REO's and Short-Sales are notoriously clumsy and time-consuming. So it's not uncommon to have issues such as those you're experiencing. I can't explain what's happening with your transaction... but be aware that these sort of things DO happen with REO purchases... that's one of the reasons that REO's are such good prices, because they need to do something to entice buyers, as many buyers are too afraid of the process.
The "good" is you can get a decent price. The "bad" is you have to wade through this horrible process. Hang in there, and press your Realtor to obtain answers for you. If they have trouble, you might want to go over his head to his managing broker and see if they can get you some answers.
Good luck.... more
Simply ask the agent if the owner will accept one or even look at them. I would warn my seller against them as I would warn you to warn your daughter about them. They are rarely good for the seller and rarely good for the buyer because they almost never work out. Most sellers will not even look at the offer because the seller want to sell, not become a landlord and probably get the house back a year later to try and resell again. Tell your daughter to save, fix her credit and then buy when she can get a loan to do it, not with a rent to own deal that most likely won't work out and she would loose more money.... more
Jane. I'd suggest you talk to your agent and if needed an attorney. I know nothing about your particular situation. The agreement of sale for new construction often allows for delays. New construction has its benefits and drawbacks. I waited over 3 years for mine.... more
If you are looking at RealtyTrac ads--keep in mind that RealtyTrac's information is not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties. Again any local agent can help you--contact any realty office(s) and inquire.... more
Ok NOW I'm confused since I found your other question first and thought that you were merely looking for a home.
So it seems that you are actually UNDER CONTRACT for a house and having issues with your mortgage commitment? Your agent is providing not only useless but is also not communicating. That is NOT acceptable! Keep those emails! Go to her MANAGING BROKER (the person who owns the office. You are probably merely working with an agent or Realtor and not the broker.
But since you are the BUYER - you should also be trying to work the finance issue out with YOUR LENDER - directly and NOW. May we assume that you have a "mortgage contingency? clause to protect your Earnest Money (deposit)? In theory, the only money that you might lose is the application fee to the bank, and inspection money.
But we can only guess at some of what's going on, with partial information. Good luck and call the managing broker immediately, since your agent is not performing and not returning your calls. And get talking with your bank to build a solution. With that co-signer you may be ok. This NEVER should have gone this far along with such a problem. It's as if you went to contract without first having a good prequalification from your lender? I'm guessing that your agent is pretty inexperienced and really screwed up but that's only a guess.
Since this is a concern to you I think it would be a good investment, if nothing else for your piece of mind. The home inspector you used should charge you less to just inspect the problems the seller was supposed to fix. Ask him or her upfront though, so there are no misunderstandings.... more
Your Realtor should do that for you. If you do not have one, visit my website to
get an evaluation of the home you want to purchase. You can also contact me
through the site if you are "going it alone" and need some advice.
215-698-2000 x 2190... more