1st Deadlines are WORTHLESS. They actually work against you. The bank will take as much time as they need to get the process complete, a deadline may force them to not even try as they will not want tio spend tiome or money to get the appraisal done and short sale processed in a period of time that it is impossible for them to do. The KEY is to have the sellers negotiator speak with the banks negotiator and get a real time update on where they are, then they can let you know and you can decide to stay with the home and wait or to withdraw.... more
The specific answers to your questions regarding your offer should come from your agent. In general, short sales take as long as the bank decides they need to make a decision and other factors relating to the house. That is, the specific circumstances of the Seller, the number of liens against the property, how cooperative the seller and agent are in providing the documentation to them that they require and the communication between all parties on the Seller side. It is usually a frustrating process for everyone, but sometimes, when patient, it can end in being a great transaction for both the Seller and the Buyer. As far as delaying the closing date, that is something that the Buyer and the Seller always need to agree to in writing whenever it is necessary.... more
Since you haven not met the financing contingency just write a letter to your selling agent explaining that you wish to cancel the contract. There is a possibility that the seller may ask to keep your deposit/earnest money. But your request to cancel the contract should be in writing (e-mail or fax) addressed to your agent ASAP.
Good luck.... more
Speaking from Texas, lease options can be difficult to work with because of the legal requirements that need to be met, various disclosures and such. It can get complex and the liability can run high. Our broker does not allow us to do them. Note: Many Realtors choose not to get into lease options because it's a lot of work and may not compare to the compensation of a regular sale.
However, it's easier to lease without getting into the details of a lease option. Some contracts depending on the area you choose to live in, have in the lease contract where you as the leasee have the first right to buy if the seller chooses to sell.
If you still want a lease option I would contact brokers and lease property managers in the area you are relocating and first ask if they do lease options. Get a good Realtor recommendation. You may also want to ask them for names of investors in that area and a good lawyer who can help and protect your interest in the transaction.... more
What you're probably looking at is the amount owed to the bank for one of the loans. Many services pick up these amounts and show them as though the property is listed for sale for that amount, when in fact it is not. These pre-foreclosure homes will either be sold as short sales at a price closer to fair market value, or they will be bought back by the bank and sold as REO's.
Pre-foreclosures that are reported in this manner are NOT currently listed for sale, they are just homeowners who have received notices of default. The services who post these as if they are listed for a sale are just creating more confusion for home buyers.... more
In short, no, there isn't a formula that Realtors use in order to calculate how much to offer for a home. How much you offer is really dependent on how you feel, how much you want the home.
Depending on the condition of the home, why it's being sold, how much you're in love with the home, your offer will vary. If you can tell that the house will require extensive termite repair or there is extensive cosmetic repairs that need to be done, you can take all that into consideration and lower your offer from that point. If you are working with a Realtor they will be able to best guide you as to how much you should offer to have some sort of shot at getting either an acceptance or at least a counteroffer. Their opinion is based more off experience than off a formula of sorts.
Either way it doesn't hurt to try! Good luck!... more