The short answer is (3) years after the Trustee's Sale Date not the bankrucpty discharge date. Most lenders get that wrong. Unless your client is a Veteran, VA allows a borrower to purchase another home 24 months after the Trustee Sale.
For a more detailed answer, please read my blog at:
This should give you the answer you seek.
Best of Luck!... more
There are a few options....you can ask for a $2000 credit for closing costs. This allows you to keep $2000 cash that you might have brought into escrow to close. If not....you can also ask the sellers to reduce the price of the home in an addendum.
Your lender is not going to want to see a cash refund by the seller.....so look for ways to get the money another way.
Good luck with your purchase,
It's legal. And it is not uncommon in some areas during certain market conditions. Where I am, the buyer would just walk away, shaking their head, wondering how he ever met such a crazy person as this. The seller should understand that in the case of a buyer making a full price, non-contingent offer, that they could be liable for a commission to their agent even if the offer was not accepted and there was no closing. Always read the fine print; that's one of the things attorneys do.... more
Your Realtor should be assisting you with all your questions. No lender will approve a mortgage on overpriced home. Either you would require reduce the price for appraised value or remove from the market till value increases where you can sell the home.
Terms and conditions are based on executed sales agreement
Lynn911 Dallas Realtor & Consultant
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We would like to think that the appraisal process is precise and uniform so we could all state "facts" regarding value of a home. However, it is really a process that deals with some facts, and a lot of opinion, which makes it quantitatively subjective. The two appriasers might have very differing opinions on the market value in the area it is in, they might have very different opinions on the condition of the house, its appearance and quality and appropriateness of the upgrades present. That being said, one of them (either one), could just be lousy at their job too. Without knowing the value of the property you're talking about, it's hard to assess how far off 55K is. Not much on a two million dollar house, but a whale of a lot on a 200K house. If it is a modest value house (say 300K or less), it might be a good idea to get a third appraisal if there are significant differences in the amount the sellers or buyers are willing to adjust to. Good luck with it, in any case.
GRI, CRS, ABR, CLHMS, e-Pro
Your current Lender should be advising you on what the process is and why a 2nd appraisal had to be ordered. He or she should know.
Are you buying a 'flipped' property that went under contract by you within 90 days of the Seller buying the property? If so, do you know what the Seller originally paid for the property?
Maker Capital Group, LLC
2307 Lake Austin Blvd.
Austin, TX 78703
I agree that HOA's can seem a little overzealous at times. And expensive, sometimes unjustly so! Most often, however, they provide a useful entity to keep a neighborhood uniform and actually help keep property values up. Go into some neighborhoods with no HOA, and quite often some people have old cars in the driveway w/ flat tires, unkempt lawns/weeds, loose pets, etc. etc. taking away from the look and value of the neighborhood.
If you don't want a home in an area with an HOA, there are plenty out there. No fees, no HOA, etc. If you're not working with a REALTOR already, contact me and I'd be happy to help you find just the right home at no cost to you for my extensive services. You can hover over my photo/name to the right to contact me. I'm with you on the HOA issue!! Joe... more
Most Realtor contracts has a clause stating that the house must appraise at or above sales price. If it does not, the buyer has the right to cancel the contract and receive their earnest money deposit back or proceed with the sale. In most cases the lender will not finance above the appraised value so the loan amount would be equal to the appraised value and you would need to make up the difference in cash.... more
You will need to review the contents of lease contract paragraphs concerning showing the house with your tenant. This portion of the contract defines your agreement with your tenant. In addition, you may need to consult a real estate attorney.... more
You can but I think it would be best to seek advice from a real estate attorney to know what your legal liabilities would be. Hope this helps.
VOX Real Estate,LLC... more
I suggest you check the Texas Property Code chapter 92 (I believe). It covers rental properties in the state of Texas. Or consult an attorney for information on your specific situation.
Typically, the prospective tenant has to sign the lease for it to be effective. Either the lease or a similar document of intent. Even then, there are specific instances when a tenant can break a lease.
I'm going to guess that you will have to return the first month's rent and the deposit check. [Does your application form state that you will be entitled to keep the deposit if after acceptance, the tenant fails to perform?]
As for claiming the loss, do you mean on your federal income taxes? I suggest you contact your accountant to see if this is a possibility.
Sorry to give you the bad news. I hope you can find another tenant quickly.... more
Lots of things could contribute to a low score. Each thing that is found negative contributes to a subtraction of points. For example: past due medical bills of more than $100 could result in points being taken away, so could evictions, problems at previous rentals, bankruptcies, etc.. Typically a score of 50 or less results in a refusal of occupancy. However, I don't know if that should necesarrily prevent you from renting to someone. People have different reasons for certain situations and it could be that this person has legitimate reasons for whatever is showing up. If they have a good record with the previous landlord, then I would certainly voice why you are hesitating with the approval and ask for them to explain what it is that has been found on NTN. Hope that helps!
The appraised value has no direct link to the price the home was listed for by the agent. The price was determined by the seller. In your situation, the seller can agree to lower the price or you can agree to pay the difference. I would never suggest that any client of mine pay more for a home than it would appraise. The issue of the closing help should have been addressed in your initial offer. It is a separate issue from the appraisal contingency. There is nothing in most appraisal contingencies that open the door to renegotiate other terms in the contract.
If the seller agrees to sell the home for the appraised value, they can not change the terms of the contract.
All this is based on general information. State laws vary widely. I would suggest that you ask your agent to have their broker step in and see if the situation can be rectified.... more
It looks like the stage 2 restrictions are still in force in the City of Austin. Here is the City's web page on this subject: http://www.ci.austin.tx.us/watercon/default.htm
Keller Williams Realty
The appraisal has to be done by an approved FHA appraiser. The likelyhood that the appraisal will come in different is very slim. The owner can always ask for another one but he will have to pay for it, typically $450 for an FHA.
If the property is unique and is outside a typical subdivision and difficult to find comps for it, a local appraiser would work better since he would know what areas are more like it.