Catherine Myers

For Rossmoor "all level" would mean that the unit has no stairs inside and the unit itself is all level i.e. no up and down.

I wouldn't necessarily take "all level" to mean though that there are no stairs to get to unit. Or in some cases unit is up or down stairs or up an elevator but inside it is level. "Level in" would typically mean there are no stairs leading to the unit.

2/2 means 2 bedroom, 2 bath.

Hope that helps. - Sat Nov 15 2008, 22:39

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. - Sun Nov 9 2008, 14:33

I've never had a short sale approval letter take more than a month to get... something is amiss there in my opinion. - Mon Nov 3 2008, 14:07

I have no idea. Maybe the listing agent isn't sure of what she is doing. I could see her/them accepting it, then submitting it with the documentation needed to get a new approval at a new price, but it doesn't sound like they've even submitted it (could be wrong though). Just a lot of questions I can't answer without being in the transaction . But like I said, something doesn't seem right and I'm glad your agent is taking it up with the listing agent's broker. Maybe they just need some training. - Fri Oct 24 2008, 12:42

The problem is that you said it was an "approved" short sale. That probably means it was approved at the price they're listed at. You said you came in 6% under that. That means it would have to go thru the approval process again. It takes a VERY strong listing agent to go against what the bank has approved. It takes comps to support the new price, it takes much persistence and an expertise of the process and market. Its easy for the bank to close the file. Its harder for the listing agent to convince them that this is a deal they simply can't turn down. - Fri Oct 24 2008, 12:08

Scott there is no such mandate in California. Maybe the way the addendums are written in New Hampshire "mandate" that you continue to look for more offers, even in New Hampshire, I'm sure the lender is NOT your client. - Fri Oct 24 2008, 11:46

Well, in real estate, verbal is worth the paper its written on. How does your offer stack up to market value and where other comps are closing. December 1st is cutting it awfully close unless it is approved by the bank like this week. Many banks take a couple days to a week to issue the "letter" after an approval , and most buyers don't want to start inspections or pay for appraisals until that approval is in hand. (I wouldn't) I'm glad your agent is talking to the broker. Something is not right here and your agent needs to aggressively pursue this. - Fri Oct 24 2008, 11:34

Barb, there are no blanket guidelines between banks. That is true. But that should not effect how we do business. I've done dozens of short sale deals and have 2 dozen in process now, I fully understand each is different. It does not change how I handle the offers and how I handle marking the property PSLA. We have to take the high road and do the right thing always. Our fiduciary is to our seller only, not the bank. - Fri Oct 24 2008, 10:45

Barb, it is not the wild west. You have no fiduciary duty to the bank. A signed contract is not meaningless... as I said in my other email the property is SOLD to that buyer subject to lender approval. Just as good a any other contingency or subject to. You do not have an obligation to continue to market. You "may" continue to market but our MLS rules clearly state you have to market the status "pending subject to lender approval." You may submit higher offers, but what is fair? Fair would be to go back to that first buyer and see if they can do that first and give them a first shot before submitting it. People don't like writing offers on short sales because agents are submitting multiple offers instead of one good , highest and best offer. If another better comes in, then the right thing is to inform buyer 1 so they have a chance. You don't just keep submitting more offers to the bank - no bank wants to wade thru the offers. That is our job. - Fri Oct 24 2008, 08:56

Actually you don't wait on the bank to have a ratified offer. The listing agent doesn't appear to know what they are doing, clear and simple. The seller CAN ACCEPT an offer. You have a ratified contract at that time "subject to" approval of the sellers lender. ITS still a contract , a ratified contract. Its no different than if you were buying a home and got into a contract "subject to" or "contingent upon" you selling a house . Your agent should counsel this agent, and / go to their broker, or report them to our MLS.

The thoroughly answer your question though requires even more explanation. Please read your short sale addendum and you'll see that though you have a ratified contract and an accepted offer when the seller signs, they can still market and submit other offers to the lender. Ultimately it will be up to the lender. But the success of a short sale has MUCH to do with the listing agent and how they handle it, how they handle multiple offers, and how they handle submissions of those to the bank.

Since I'm not your agent and this requires so much more explanation, I guess I'll end here and hope I gave you some food for thought and discussion with your agent. - Thu Oct 23 2008, 23:34

If you don't have enough equity... I can't even imagine ... maybe its not the right time to do it. You may have to wait until your equity rebuilds. Many people are in your same situation, many don't have many choices but to wait out this current market. - Mon Oct 6 2008, 14:01