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Diamond Investment Realty
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- 101 Answers
- 1 Best Answer
- 5 First Answers
- 15 Useful Answers
Andrea Wince's Questions (0)
Andrea Wince's Answers (101)
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Trulia Voices!
Hi Michelle, I do not know of a lender who will finance a second property (investment not primary residence) with only 10% down. I also heard that some people who were "underwater" on their homes were buying another cheaper home (down sizing) and then letting the old house go to foreclosure. The banks call it "buy and bail." - Earlier today
774 Warring #3 (from your link above) closed escrow last month. I think the association is:
Downer / Pamco
Assoc. Phone: 408-225-2266
You can call them directly to confirm. Kind regards, - Andrea. - Earlier today
That house is not going to sell for only $40k. (either at auction or open market). Even if it were a complete teardown, the land alone is more valuable than that. The $40k was probably the last default recorded which was most likely a second loan. - Mon Nov 3 2008, 08:57
Very nice house, yes under contract. Another bank owned bargain. There are plenty out there. This home is set to close escrow on November 28th. If for some reason, the buyer is not able to close escrow, do you want me to notify you if it comes back on the market? You may contact me through my website below. Kind regards, - Andrea. - Mon Nov 3 2008, 08:47
It is unfortunate if you are working with an agent (who will get a commi$$ion from the seller) and who is not able to answer this question for you. If you have not removed ALL contingencies, you should not lose your deposit. There are many ways to write a contract (especially on a short sale) that gives my buyers a legal escape route. You should be able to withdraw your offer and submit another, however, you may start the process all over again. It just depends on that particular bank's short sale approval process. They're all different. - Mon Nov 3 2008, 08:42
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