Loretta J. Buckner, Broker

When purchasing a short sale property, David, the first stage of the process is seller approval, which is most likely the executed contract you have. However, as Jeri stated, the sale is subject to bank approval, and this process can take anywhere from 30-90 days. The first step is that the bank will request a BPO (Broker's Opinion of Price), or an appraisal, then they will either accept, counter, or reject your offer based on that price.

If the bank has approved the offer, the contract will have a bank acceptance stamp or signature on each page, or they will send an addendum with their acceptance terms (this is what I see most often).

Lots of Short Sale questions answered on my blog: http://LivingintheRealWorld.activerain.com - Yesterday, 12:26

Some additional area information, Melane--this lovely historic area of St. Peterburg has had five home sales in the past three months, ranging in price from $270,000 to $1,894,033. The average sales price per square foot is around $208, so at over $214 per square foot, this home is not priced at a motivated level, particularly if it is in need of updating.

Hope this helps! - Tue Oct 21 2008, 07:35

This property is bank-owned, therefore chances of getting a lease with option to buy is between slim and none. If you would like to search for homes which may have the ability to lease purchase, you may do so here: http://RealWorldProperties.listingbook.com

Please do be careful if you are dealing directly with sellers to lease-purchase, I have had clients tell me horror stories of losing maney because they were given hope of buying something with a large upfront payment, then were told after that they wouldn't qualify. There are many many homes for rent out there right now which are in fact going into foreclosure, and if the bank takes back the place you are trying to buy, you have no legal recourse on a lease-option.

Also, do not believe anyone who tells you that $2000 down will get you into a lease-option, unless the monthly rent price is higher than average to cover additional deposit escrows. In order to have your rent payments qualify for a mortgage, an amount OVER the average rents in the area must be taken and accounted for.

ALL loans will be modified by the end of this year, and there will be no programs covering low or no down payments, so keep this in mind as well, and remember that you will need a minimum of 3% (FHA) of the purchase price at the end of the lease, in addition to closing costs.

Feel free to call me to discuss your options, and good luck! 727-452-0023 - Tue Oct 21 2008, 07:10

Carol, I'll tell you what I say to my clients: "Experience shows that it all depends on the neighborhood". I have seen the local market, Pinellas County in particular, has levelled of significantly, but there is another wave of foreclosures predicted, which could cause some further downward pressure, since it is the foreclosures which are having the greatest impact on the market at this time.
Check my blog for local market updates anytime: http://livingintherealworld.activerain.com/ - Sun Sep 28 2008, 13:51

Pete, did you have a specific home in mind, or are you asking about the process? There are many foreclosure homes on the market, and you can preview many on my website: http://LivingintheRealWorld.activerain.com , or sign up to ride on the foreclosure bus there as well. If it is a specific home you are wishing to purchase, I recommend having a 'friend in the business' take a look for you to see what the status is. Feel free to contact me at 727-452-0023 or email lobuckner@gmail.com.
If you'd like to search foreclosure homes, you can sign up for a free account below! - Mon Aug 4 2008, 09:04