If you are the seller, this means that the bank is reviewing the appraisal that they did on your property and comparing it with the purchase contract to see whether they can accept the purchase contract as is, or whether they will need to provide a counter offer. If they provide a counter offer, this means that the value of their appraisal was/is significantly higher then the sale price in the purchase contract . . . and the loss would be too large to mitigate.... more
"None" is the most likely answer you'll get from a request for bank repairs. They would be much more likely to give credit for a serious repair found in your inspection, but don't hold your breath.
The bank wants the property off their books and sooner is better than later.
Use a good home inspector. Set yourself a budget for repairs you're willing to do if necessary, and don't set your heart on any one home.... more
There is a HUGE difference in short selling a primary residence vs. an investment property - especially if it was bought specifically for an investment.
You really need to talk to your tax advisor about the calculations. The mortgage debt relief act of 2007 offers some help for homeowners short selling a primary residence, but it needs to be your original purchase money loan (if you refinanced to a new company or with cash out or got a heloc and spent money on bills, cars, whatever it may not apply and you may not be protected).
See my website for several articles I've written about why and why not of a short sale, then let me know if I can answer any further questions.... more
As far as I know, I have never heard of the Banks selling direct to the Public. They always list the property with a Real Estate Broker. The only way I know of is when the banks take the homes that have been on the market for sale far a very long time, that are Listed with a Real Estate Broker, and send them to the Public Auction, where the Public can then go and Bid on the homes at the Auction.
As far as a Private Sales to the Public directly from the Bank, I have never heard of that happening.
I guess every thing is possible, but not to my knowledge.
I hope this helps Lois. You have a great day.
Old West Realty Inc.
Find out who the bank is and see if they will continue the lease. Technically I think they have to if you want to stay. You might also ask them about taking over the payments to buy it yourself. There are a ton of foreclosed properties there so they may be open to it.
RE prices in Antioch are at rock bottom so if you want to buy there you can probably buy for less than you're paying in rent. Antioch has some trouble spots though so be sure to check with the local PD to see which neighborhoods are safest.... more
What's legal is what's in a written contract between you and your agent, in this case presumably the standard Residential Purchase Agreement. That agreement sets compensation for both agents - typically whatever is listed in the MLS. . I'm sure no lawyer, but I'd have a hard time telling my client to pay something more unless there was a separate agreement. Is it possible your agent was receiving some form of compensation from the mortgage broker (which is not legal)?... more
Yes... technically, it is a rejection of your offer and a new offer. That means they don't want you to do the inspection. Do you have an agent? You really should have an agent helping you with this.... more
Yes, areas of Antioch have Mello Roos. Newer homes in ANtioch almost all (maybe all) have some sort of mello roos , and some even have 1915 bond assessements. YOu will need to ask your agent, or listing agent for the tax data report to know exactly what it is for the house you are considering.... more
Hi. When you say "affect my loan" what do mean exactly. Will it still be insured, are you looking to modify it? Is that what you are wondering. Give a little more detail and let's see what we can find out.
If you are looking for an Antioch realtor, I would be happy to help.
No one know for sure and it depends on the neighborhood but most expect prices to possibly fall a bit but interest rates could be heading higher which is a very important consideration when buying.... more
There is not enough information for an agent to comment. How did listing agent contact your agent for the counter offer via phone /e mail? If so we have "worked out bank offers" via the phone or email. I can USUALLY tell as a seasoned agent from what the listing agent has stated facgtual other terms discussed with the counter offer. IN SOME INSTANCES banks dont have the time for the "back and forth paperwork" cut the chase for an executed contract.
http://www.lynn911.com http://www.homes-for-sale-dallas.com... more
Sometimes the house gets sold before it hit the different websites. Maybe it was a really nice house at a good price and was on the market for a few days. But, if that was the case it should have a "Pending" instead. If you have any other questions or would like to get listing before they bocome "SOLD", please log onto my website under the HomeGuide and listings can get emailed to you soon as they hit the market and we can go preview them.
If you’ve not signed any buyer agency agreement you should find an agent who is willing to work for you and has had some experience with pre-foreclosures and short sales. It does take a bit of time and is more work for the buyer’s agent, but you can get a good deal on these homes. Your offer should be rather strong, as most of these homes have been priced below market value. There is usually some room for negation, but if you’re dealing with the bank in a short sale situation most of the time they don’t negotiate, it’s just a yes or no to your offer.
Good luck!... more
There are alot of factors why it could be back on market
- loan of the buyer (did not go through)
-negotiation terms ( seller & buyer did not agree on terms)
and a lot more... this are just example what could happen during a escrow... more
The only way to find out is for your agent to call the listing agent and ask. There are many reasons it can occur - buyer couldn't qualify for the loan anymore, buyer simply changed mind or got "buyer's remorse". Or they did inspections and found something that they didn't like, or that the bank or seller wouldn't fix, etc. Those they have to disclose, and provide copies of the inspections. It can also be that it was a short sale, and the bank either said we are not going to approve the short sale, or we don't like any of the offers, or management said no even though the negotiator said yes. Have your agent call and find out if you are interested in a particular property. It takes time to discover it, and your agent probably doesn't have time to find out just because you are curious, but certainly should find out if you are serious about buying a property.... more