Nick Solis

Its a tricky situation, but you may have a lawsuit on your hands and lose this client. Technicaly you have a legal contract. I would never or let one of my agents write an offer for a shortsale without it stating that its contingent on Lender Approval let alone removing contigencies. I wish you the best of luck. If i states that its not binding until lender approval then your good and they can cancel. You should contact yor broker and the C.A.R. lawyer as stated already.

As far as the lender not accepting other offers is not exactly true. Lenders prefer when the offers keep coming in, they want the smallest loss. In the case were the listing agent makes it pending and is not acepting offers then that a sure way that the bank will not approve it. I have seen the bank accept more than one offer recently. They want to make sure the home sells. - Sun Aug 17 2008, 09:32

wow! What bank were they sending the loan to? I do 99% of my deals thru Nehemiah and FHA. The new law signed in 2 weeks ago ban Nehemiah type programs as of Oct 1. I have saw 2 of our 11 investors we sell our loans to stop accepting new nehemiah loan submissions this last week. But if your loan was already submitted and locked they were honoring these deals thru oct. I think that hopefully your lender is wrong but what i suspect is that he didnt lock your deal and was not aware that thry were going to stop accepting new loan locks for nehemiah. Pricing has been bad for the last 2 weeks he was probally playing the market to get a better rebate for himself. That or he has been having trouble getting your loan approved and missed the deadline thay way. I lend in nevada and have been closing these deals in less than 2 weeks. let me know what lender they were trying to use and I'll call them Monday and check for you. But banks 99% of the time do not go back on there approval like you have stated. - Sat Aug 16 2008, 22:01

Hi Brenda. This is the exact area i work so i can provide you some solid infomation. Both Phil and Jane are right there are a few ways independant of an agent to get infomation right now. The best usually is to talk to a Realtor in that area. My office is in Discovery bay which is 10 miles and about 10-12 mins from Brentwood were i do most of my grocery shooping and otherwise and 17 milesand about 20 mins from Stockton. There is usually very little or no traffic in either of those commutes. Brentwood experianced lots of foreclosures this last yr, but right now the prices have started to rise sharply and so have has the amount of homes selling every month. Its up all most 500% in tha last 2 months. Many of these homes now have mulitiple offers within 10 days of being listed. The same applies to Oakley which is right next door to Brentwood alothough prices there are generally 50K less. Stockton is selling more homes but is still only showing a very small improvement forr many reasons. Brentwood Oakley and Discovery Bay are very desirable are places to live and the prices are awesome.

As to pre forclosure homes heres my take. If its going to sell after the lender places a notice of default on a home on this area it will without doubt require a short sale to be able to buy it. Right now banks are seeing such a huge sucess when they take the home and have it listed with a REO agent they are very very reluctant to do a short sale. They are very few and far between. As far as buying it from the county steps they are likely to start bidding at the current amount owed on it which in most cases is at least 100k more than its current value. Also you would have to have a huge cashiers check on hand and able to close within a short period. The REOs right now are great deals.

A few questions were would you be wroking exactly?

What are you looking for in a place to live?

Brentwood is full of new stores restuarants and is mostly new homes. Not a big city but defintley not a small town. As compared to Discovery Bay and living in a small quiet town with a house with a dock for a boat on the delta? - Fri Aug 15 2008, 09:44

Sorry guys but thier are some good responses and some incorrect ones.

First the best way to have some of your closing costs paid are to have the seller pay for a credit for your closing costs. The general maximum is 6% although some lenders have their own spin and rules on it.

2nd It is permitted for parties other than the seller to credit closing costs to you thru escrow. The Realtor and Loan officer both can if they like. The maximum they can contribute depends on the lender but in most cases can be in excess of the seller contribuition of 6%.

And the money coming for the seller to buy down your rate is coming from the seller, but its not free. You could just reduce the sales price by that additional 3% and save you a ton of money in the purchase price, mortgage payments and taxes. The break even works like this if you are paying 3k to get a lower rate.... and are say saving 100 dollars a monthsthan it would take you 30 months to break even.

When talking to agents about what rules and techniques apply Always ask the person in that field, not a Realtor about loans or a Loan officer about Real Estate. That way you will get acurate answers. - Fri Aug 15 2008, 09:25

You always have a chance! Here is my experiance. Each lender has differant guidlines or rules that they use to approve a loan. I can say that i have recent closed a deal were the BK was more than 2 yrs old (This is the minimum time) and has some recent collections and late pays within the last two years. FHA unlike conventional loans requires your spouse even if he is not on the loan to provide his credit report to take into consideration his debt. The best way to get approved for one of these loans is to get a computer generated FHA Scorecard approval. This approval will put the lender at ease as to if they will be able to sell the loan and have it insured by FHA. If the file is strong enough then the lates will not matter. If it cannot get the automated approval I have to say the chances of getting the loan approved thru a traditional underwriting process is very very small. Strength is determined by Income, your credit scores, assets, time on the job and size of downpayment or grant. Good luck go for it! Tell me how it goes. - Fri Aug 15 2008, 09:12