Definitely rise.... as long as lenders can lend. More and more folks want to retire to our great area. Inventory is low and will remain low causing prices to continue to increase at a normal pace.4% per year...... more
I would welcome the opportunity to explore your loan options with you. If your current credit scores or judgments prohibit a mortgage loan today, we can discuss strategies for improving your eligibility for different loan types in the near future.... more
Hopefully the short sale Listed price was factored off of recent sold comparable homes which is similar to the information pulled by a bank. so unless the listing agent has "cut" the price LOW just to get interest, The List price should be pretty close to what the bank will come up with as it's opinion of price. Hoe this helps!... more
Mike, if you want a spread sheet for what ifs , check out "richdad - poor dad" . his web site is full of info on realestate. As far as selling now it depends if you have equity in the home. If you dont you will be forced into a short sell and will not qualify for a loan for two years.... more
US Army My understanding in Michigan because of the size of the property if it goes through forclosure they have one year to redeem the property and the lender that forcloses can not deliver a marketable title until that period is over unless the owner signs title over to the lender.
Once you own the property it is your right to remove by legal means anyone that remains in the property. Check with your RealtorÂ® about doing a final walk through and I hope in the contract that you have specified that the property is to be delivered vacant.... more
I just closed on a chase short sale within 6 weeks of getting an offer - the approval was 3 weeks. This is NOT common for Chase at all, but it does happen. I'd say a few months is more like it. I have not seen the banks giving high priority to cash in a short sale situation. All they care about is how far off you are from their BPO, and what your sale nets them as opposed to foreclosing on the property and selling it as an REO.
Listing price has nothing to do with it. Market value is key. They will order a BPO and a local realtor will send Chase their opinion of market value of the property ( that's a BPO - broker's price opinion) They will take a discount from their BPO price, but that BPO is the key determining factor in what they will take for the property.
Just sit tight and be patient. Have your buyers agent check in with the sellers agent for updates. The strength of the sellers agent in handling a short sale will be one of the key factors that determines how well this short sale goes for you.
Good luck.... more