The bank is trying to obtain value on the property. Typically, the bank will accept or counter the contract after they get the BPO back. This would probably happen within 45-60 days.
Joanne Spivey, CDPE, The Buyer's Best Realtors, 301.874.5100... more
Yes, normal for any house under contract with contingencies on it to be shown and a short sale has a contingency that the bank MUST approve the sale which is a HUGE contingency. Has the bank sent a written acceptance letter? Until you get that it can fall apart and the seller can look for back up offers up to the time it closes. Remember ---- it is still the sellers house and not yours.... more
If your real estate agent used the MAR contract and MAR short sale addendum, there is nothing that speaks directly to the BPO. As a buyer, you give the bank a specified number of days to issue an approval. If the bank does not issue an approval in that time period, the contract becomes null and void. After the bank completes the BPO, they should be fairly close to issuing an approval if all of the seller's documents are up to date. i hope that helps.... more
If you submitted an offer to purchase a home in Maryland, the earnest money deposit has to be deposited by the Broker when the contract is ratified. In the case of a short sale, the offer is ratified when you, and the owner sign it, not when the bank gives approval.... more
I'm not sure about MD, but in CA it is NOT the normal procedure. The earnest money deposit check is not cashed until you have WRITTEN approval from all lenders involved in the short sale.
Your other post said you were putting an offer on a short sale and it was accepted. it was accepted by the seller but the bank has to agree and that can take MONTHS. If the bank is pushing it towards the foreclosure auction you may be totally ignored. The sellers agent might be able to convince the bank to accept your offer to buy it as a short sale but I would say you have a steep uphill climb to get them to do that. Once the foreclosure wheels turn it is hard to make them stop.... more
HOAs typically do not stipulate breed of dog but might stipulate number per household. Are you buying or renting. If you are buying, usually there is no problem. If you are renting, it is up to the individual unit owner as to whether they will allow pets.... more
Good Morning Bob & Nicole:
I see that you are living outside the US. If you stay in the Frederick Zip Codes (21701, 21702, 21703, 21704) you will be close to stores pretty much everywhere. There are certain towns in Frederick County that have shopping in the communities/towns such as Urbana and Spring Ridge. Your other towns have shopping but not as close by but one central location. Below is a link to show you the counties in Frederick. I hope this helps. Please e-mail me at pattys@longandfoster for more information.
Have A Wonderful Day!
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
I would suggest asking for HUD's rejection of your EMD in writing? If you had a contingency in the contract for a review period of the HOA docs and didn't waive your right to review them, I would definitely have your Agent contact the listing broker for help in getting your EMD back. Good luck!... more
Thanks for your question. Cannon Bluff is a small community of homes in Frederick- Ryan homes is building these. Let me know if you would like to go visit this area and I will be glad to help. 240-344-1713
I have not been over there in about 3-4 months but some are going up-
Cannon Bluff is within the Frederick City limits. Trash pickup is twice a week, but there is no recycling in Cannon Bluff, so if you are one of those people who can't stand not having recycling, don't come here.
Tuscarora Creek is the failed (foreclosures & auctions, etc) community in the front of Cannon Bluff. I more or less put blinders on while driving on Tuscarora Creek Blvd. At the end of Tuscarora Creek Blvd is a stop sign, but you can only left onto Chamberlain Dr, so that stop sign drives me nuts. Anyway Chamberlain Dr is mostly rows of corn, and then finally you get to Cannon Bluff, which is thankfully separated from Tuscarora Creek by all that corn.
Right now construction is moving nicely now that Ryan was able to get the permits thing fixed in later summer of 2008. Phase 1 is finished but Phase 2 is a little slow with ongoing building at a snail pace.
The best reason to buy in Cannon Bluff is the incentives and prices are quite a bit down. If prices have dropped, then Cannon Bluff is still a great place depending on how you commute to work. If you are lucky Pool Jones Road may be the fastest way to work, and that road is just fun to drive on.... more
You are approximately 1 year late with your question. But everyone must start somewhere.
Most communities have first time home owner or affordable housing initiatives. These programs will provide discount mortgages and the down payment for eligible homes. Nearly all of them require the prospective home owner to attend classes that teach maintenance skills, household management and setting up budgets. Some work in conjunction with organizations such as Habitat for Humanity and involve the prospect in additional activities such as the home construction process. As you can see, all of these require some lead time before you can move-in.
Call your city and county leaders to determine the programs that are available to you. You may even consider reaching out to a real estate professional for advise.
You would be well advised to be proactive. Cities and counties are all facing incredible budget challenges and you will need to press hard to prevail in this endeavor.
Best of success.... more
I work on a real estate team that works with investors. I would be very happy to let you know how we work. Please e-mail me at firstname.lastname@example.org.
I look forward to your e-mail.
Have A Great Day!
If the HOA is setup as a condo you will need to meet the condo guidelines no matter what (and this also applies on a conventional 20% down loan). Effectively no one can get a loan in that entire community until they get below the limits. I have come across very few that have such high investor ratios, but some can slip above the 15% delinquency rate depending on the month. Let me know if I can be of any assistance, our bank can close in as little as 2 weeks.
There may be some bank out there with a portfolio product, but I have not come across anything...... more
No you don't....Tenacity is a brokerage firm and I am able to do all of the work for you...you really don't want to have a ton of people pulling your credit etc...please give me a call and we can discuss this further.
Hope to hear from you soon.
Christy Fear 301-474-4242 x1286... more
You need to read your contract. If you had an appraisal and financing contingency in the contract and now you removed those contingencies your deposit is in jeopardy.
Contingencies are in the contract for a reason.
Good luck.... more