About Me
"As a first time homebuyer, I couldn't have been luckier to have worked with Ellen as my loan broker. She is kind, compassionate, patient, and knowledgeable. She brings real heart to the sometimes scary and bureaucratic terrain of loan brokering and home buying. Not only is she competent, she is also committed to the highest moral ethics and honesty, AND is working for healthy communities, by becoming one of the few green mortgage companies. Now into my second year as a happy homeowner, I wholeheartedly recommend Ellen to potential new home buyers." - Alli Chagi
I decided to start my own mortgage company, Simpluxe Financial, in the hopes of transforming every homebuyer and investor's mortgage experiences into enjoyable and honest ones. I strive to provide every client with an unparalleled level of service, complete transparency, constant communication, and simpler processes, while being environmentally conscious and continuously finding new ways to exceed mortgage industry standards. After all, Simpluxe was created to mean "simple, transparent results with luxe experiences." I hope you will give me the opportunity to show you all the benefits Simpluxe has to offer.
I decided to start my own mortgage company, Simpluxe Financial, in the hopes of transforming every homebuyer and investor's mortgage experiences into enjoyable and honest ones. I strive to provide every client with an unparalleled level of service, complete transparency, constant communication, and simpler processes, while being environmentally conscious and continuously finding new ways to exceed mortgage industry standards. After all, Simpluxe was created to mean "simple, transparent results with luxe experiences." I hope you will give me the opportunity to show you all the benefits Simpluxe has to offer.
My Q&A
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Ellen Chung's Questions (0)
Ellen Chung's Answers (164)
Ellen Chung answered:
That's a tough one Kriss and we all understand where you're coming from when you mention a tight budget. I would say your best bets to determine what is a fair and reasonable offer is to look at the comparables in the area - see what similar homes have sold for in the recent months and go from there.
If you're working with an agent they would be able to provide you these comparables and give you some guidance as to how much you should offer, what you should ask for in ways of concessions, etc. They'd also be able to find more accurate comparables since currently it is pretty difficult to obtain really good comps from public online resources. If you're not working with an agent I'd highly recommend it - since you're a homebuyer you don't need to pay them any fees, they'll be making their compensation from the sale of the home. They do have a duty to serve you and your best needs, but hopefully you can find an agent you feel with whom you can feel comfortable and confident.
I know it isn't an actual value but I hope this helps in determining the final offer figure. Do let me know if you need any help! Best of luck to you.
Ellen
If you're working with an agent they would be able to provide you these comparables and give you some guidance as to how much you should offer, what you should ask for in ways of concessions, etc. They'd also be able to find more accurate comparables since currently it is pretty difficult to obtain really good comps from public online resources. If you're not working with an agent I'd highly recommend it - since you're a homebuyer you don't need to pay them any fees, they'll be making their compensation from the sale of the home. They do have a duty to serve you and your best needs, but hopefully you can find an agent you feel with whom you can feel comfortable and confident.
I know it isn't an actual value but I hope this helps in determining the final offer figure. Do let me know if you need any help! Best of luck to you.
Ellen
Ellen Chung answered:
Hi Hellen,
Unfortunately all the previous posters are completely correct in that short sales are never guaranteed until escrow has closed, the ink is dry, and documents have been recorded. I had a client where we were a week from close and the bank decided to put the property through to foreclosure immediately.
In regards to your last question, yes the bank most likely wants the extra $10,000 in cash at the close of escrow, which bottom line means that the bank in a twisted way has sold the property for $10,000 more than you are actually paying for it. It is very strange why banks would pull these last minute stunts when things are going so smoothly, but I agree with Keith. They've most likely found some last minute proof of funds and wants to decrease their losses.
Although the bank may not cooperate in explaining their reasoning, sometimes your Realtor may be in touch with a more sympathetic agent with the bank working on the file - they may be able to provide some more detailed answers. Good luck and I hope you do get this home - it sounds like you've worked thus far!
Best of luck!
Ellen
Unfortunately all the previous posters are completely correct in that short sales are never guaranteed until escrow has closed, the ink is dry, and documents have been recorded. I had a client where we were a week from close and the bank decided to put the property through to foreclosure immediately.
In regards to your last question, yes the bank most likely wants the extra $10,000 in cash at the close of escrow, which bottom line means that the bank in a twisted way has sold the property for $10,000 more than you are actually paying for it. It is very strange why banks would pull these last minute stunts when things are going so smoothly, but I agree with Keith. They've most likely found some last minute proof of funds and wants to decrease their losses.
Although the bank may not cooperate in explaining their reasoning, sometimes your Realtor may be in touch with a more sympathetic agent with the bank working on the file - they may be able to provide some more detailed answers. Good luck and I hope you do get this home - it sounds like you've worked thus far!
Best of luck!
Ellen
Ellen Chung answered:
Hi Sandy,
Walter is correct in that with short sales there are technically no additional fees in comparison to a standard home sale. In the end it depends, just like with a "normal" home purchase, on your offer and the resulting contract that is signed by all three parties - you, the seller, and the mortgage holder or bank.
No bank or anyone else should be expecting you to pay any fees whatsoever just because the home you're interested in is a short sale, so if anyone is telling you that there are fees associated with putting in an offer then you should be very wary of their services.
I hope this helped! Best of luck with your offer.
Ellen
Walter is correct in that with short sales there are technically no additional fees in comparison to a standard home sale. In the end it depends, just like with a "normal" home purchase, on your offer and the resulting contract that is signed by all three parties - you, the seller, and the mortgage holder or bank.
No bank or anyone else should be expecting you to pay any fees whatsoever just because the home you're interested in is a short sale, so if anyone is telling you that there are fees associated with putting in an offer then you should be very wary of their services.
I hope this helped! Best of luck with your offer.
Ellen
Ellen Chung answered:
Hi Nick - Flagstar Bank, Broker Capital Funding. And as others have mentioned any lender that offers FHA financing, they will offer home renovation loans. Good luck!
Ellen Chung answered:
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!
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!
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