Go look at them at the design center and them negotiate before you agree to the deal. You'll need a frame of reference though so if you're not familiar with construction/upgrade costs you should shop around and see how much these upgrades normally run.
What you'll probably find is that some upgrades are priced competitively while others are way out of line. That has been my experience and one of the things I've helped clients negotiate wisely. Sometimes a $5000 credit to closing costs is worth $10,000 of upgrades at their prices. If there is any room for them to negotiate you'll want to do it before you sign the contract.
On a side note, I've frequently found discrepancies between what a builder has on site for upgrades and the actual materials at the design showroom. Not better or worse, just different. For this reason alone I'd go check out the design center first.... more
You should be asking your agent or the builder...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
In the simplest of terms, a Short Sale Negotiator (on the seller's side of the transaction is typically the Listing Agent) negotiates with the current mortgage holder for a "Short Payoff". For example, if you own a property and have a mortgage of $500,000 and that property is listed for sale and receives an offer of "true market value" of $300,000 - the short sale negotiator (or Listing Agent) negotiates with the bank to accept that offer and close the transaction.
100% of my business this past year has been Listing Short Sale Properties. I've had a successful track record of getting short sales accepted and closed - even in the most difficult circumstances such as 1, 2 or 3 loans on the property. It's tricky and there's a science to getting it done.
Best of luck and call if you need more help!
Broker & Realtor
949-887-5500 - OC
562-422-4000 - LA... more
Officially? No. There are "Lease to Own" options out there still, but those must be arranged through a real estate attorney.
Hope that helps,
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite - Dallas, TX
Hi Andrew. Two things. I'm not an attorney and I'm not giving you legal advice. BUT...you really need to be using an attorney in any and all real estate transactions to represent you specifically because of this situation you're in now.
Without having the agreement in front of me and not being able to see it firsthand, it's difficult to make a perfect call. But from what you're describing, you do NOT have what's called an 'executed contract'. An executed contract means that it's signed by all parties. What are the contingencies you're referring to? If you do not have a bona-fide contract signed by all parties, nobody should be bullying you into this deal.
Do you at least have a REALTOR representing you? If not, then you really need to start working with both an agent and real estate attorney in the future. The agent will be paid by the sellers, you don' have to pay. The attorney is worth every penny (less than $1000) and will keep you safe from harm and manipulative agents trying to push a dead deal through to close.
Scott Miller, Realty Associates, Boca Raton, FL... more
Yes - I have a list of 25 including detached single family homes. Call me at 714-349-5454 or drop me a line at daveo@theOCmls.com and I will be happy to email it to you..for free and with no further obligation.
Thanks and good luck in your home search.
PS You can now search for short sales and foreclosed homes yourself at www.TheOCmls.com... more
If you offer what the short sale was approved at, the process will go much quicker. If you offer less than the approved price, then it is "subject to lender approval" all over again. Have your Realtor inquire what the approved price is and then offer that if you want a fast process and if you want to move into your home by spring time instead of summer time ;-)... more
Each short sale is different, and that's part of what makes it so frustrating to both agents and buyers!
The answer to your questions depends on how much is owed to each lender (how big of a hit they are willing to take), and how far behind the seller is with his payments, you might get an answer soon, or not!
Many lenders with 1st TDs will negotiate and accept a lot less than owed, but then insist that the holder of the 2nd TD may only receive a very small amount of the total proceeds. The 2nd may agree to take that amount, rather than be wiped out completely, or they may insist on the seller signing a personal note for the balance. If the seller refuses to sign a note for the balance, and the 2nd won't allow the short sale, then the lender of the first will eventually foreclose on the property. (Then you may be able to buy it as an REO eventually.)
There is no way to tell how it will go without a lot more detail, and then it would only be an educated guess!
Good luck & keep looking for other properties!... more
If you're buying a home, and it came out during inspections that there was a termite problem - the first question I would have to ask, is why are you still buying the home?
THe answer to your question however, depends on the contract. Typically - i would certainly hope that your contract is structured in such a way that the seller is responsible for repairs that are a result of inspections - or that at the very least, when this problem was found - you negotiated with the seller to pay for the repairs.
That being said - I would argue that repainting is simply a part of performing the remedy to the inspection, and yes - the seller should pay for that. At the very least they should run down to the home depot and buy a can of paint, and spend 20 minutes making it look nice.... more