Listing price is kind of fishing to see what you hook. In a bank foreclosure or short sale case, it is somewhat negotiable, but it always depends on the market. There are a lot of factors including market time, bottom line, and popularity. Sometimes banks are pricing below market to get immediate multiple offers. In those cases, it can go for more than list price. Really depends on the seller and the property.
If you are looking to buy, don't try to go it alone. This is a very complicated market. It doesn't cost you anything to use a buyer's agent, but it will cost you a considerable amount of time to not use one. And in the tricky market today, you are very likely to miss out on some good opportunities that can cost you money. Plus, if you deal with the listing agents, you are alone. They can not advise like your own representation. I would be happy to help you find a home and help you with the process a long the way. All the new players in real estate these days with distressed properties, etc. It is tricky. I would be happy to be your guide. Please feel free to contact me.
RE Marketing Consultants, Inc.
Upside ~ Down
We get a lot of questions about Homeowners being Upside-Down on their house.
I will try to cover the field on this topic:
1.) Just being Upside-Down is not sufficient reason for the Bank to do anything for you:
2.) The Bank did not create the Recession and the bank has it’s own problems.
3.) For some RELIEF, you need a dire Financial Hardship to exist; such as you lost your job, or you had a Medical Catastrophe.
4.) If you want to do a Shortsale, you will have to prove to the Bank that they must help you, now or later. Most Banks will not even talk to you if you are CURRENT; so you will have to go past the Point-of-no-Return before they will do anything.
5.) The first step would be to find a Realtor, well versed in Shortsales, who will help you.
6.) This is not as simple as it sounds; many Agents have “sworn off shortsales” because of what is involved in them.
7.) It will make a very big difference if you have ONE LOAN as opposed to having a SECOND. The chances of succeeding in your Shortsale are greatly reduced by having a SECOND loan.
8.) You will have to sit down and compose a letter to your Lender; telling them exactly why you have a hardship and what you plan to do. It is my experience that you have to do this, personally; your Realtor cannot do it, and your Attorney cannot do it for you. You should be OPEN and HONEST, don’t try to B.S: This is about the only thing in the whole process that is PERSONAL. (If you really want to be PERSONAL, do it on a lined pad in your own LEGIBLE handwriting or printing.)
9.) If successful, you now can say (in the Listing) that your Shortsale is pre-approved by your bank.
10.) Now, you can List the house with your Realtor and the MLS. Your Realtor will do a CMA, (Comparative Market Analysis) to determine the Listing Price. The Bank may order a BPO, (Broker Price Opinion) to determine the Listing Price. In many cases, you will be on your own; the Bank will not communicate with you.
11.) If you get an Offer, you will probably “rubber stamp” it and your Realtor will forward it to the Bank.
12.) There is no set time for the Bank to respond; we have heard of three weeks, and we have heard of a year or more. This is not fair, not reasonable, and in fact, it is rude and ridiculous. But it is a fact; so do not get impatient or upset with your Realtor, it is not their fault and they have no control over it. They will gently try to push it along, calling every week or two; but they understand that the person who has that file on their desk, probably has 100 to 300 other files, (they could accidently take a file and move it to the bottom of the pile; things like that have been know to happen.)
13.) You must understand that the Bank is there to make money; they are not a social service organization. It is possible that they believe that they might be able to make more money by letting the property go through Foreclosure. Or, they might believe that next year (or six months from now) the Market will be stronger and they can either COUNTER your offer, or, let it go through Foreclosure.
14.) Now, it is seven months later, and you get a Letter of Acceptance from the Bank: It will probably delineate the terms that they deem acceptable: For example; it may say that the Escrow is to be 45 days, that XYZ is going to be the Title Company, that they are not going to pay for any Inspections, that they will pay a maximum of [$750] for Schedule A(1) repairs due to Pest Inspection, and that if you are not ready to close on time, you will be charged [$50] per day for each and every day.
15.) If you are still in the game, your Buyers will do their Inspections, and set up their Loan. The Bank will order the Appraisal.
16.) Follow your Realtor’s guide and in 45 days, you will be moving.
17.) That would cover a SHORTSALE: But what about a Foreclosure; that would be a separate topic.
18.) You’re not out of the woods yet. If the Bank accepted [$100,000] less than the amount of the loan, they might come after you with a Deficiency Judgment. The list of Non-Recourse States is changing fast. Please consult an Attorney at this point; I am not equipped to answer Legal Questions. But,
19.) I will say that it looks like Deficiency Judgments are like an ice berg sitting out there, waiting for your ship to come along. If you Google “non-recourse states” you can get an idea.
20.) There are still other considerations: Are you behind on your Property Taxes, (if you have IMPOUNDS, you may be? HOA fees? Insurance?
21.) You need to do your Diligence.... more
There are a couple, but they are in the higher priced bracket. Rent to owns are more difficult, but possible. They require a specific time frame and plan to see when ownership will be possible and usually require a substantial down payment.
If you are interested in more information on the rentals or rent to owns, please let me know.... more
I'm a real estate investor. Drive the area and find the home you like that's for sale in Frankfort Square. Contact me w/ address, owner contact info, and details about home: # bdrms, baths, etc & if I can get home for 20% below market value I will purchase home and do minor repairs to get you into the home w/ a rent to own agreement giving you credit of a portion of your rent each month towards your future down payment. Think that 20% below market value is difficult to find? It's not. Look for for sale by owner homes, homes that have the layout you like but just need a little fixing up, ask yourself who you know who is getting a divorce or has to move for work. I'll also give you a break on the $ down for doing the leg work to find the property.
J&J RE investments
From my experince bringing in clients to a home showing, their first look is at the kitchen. Their first comment is about the appliances. If they are not impressed, the showing stops there and the client is disappointed. Depending on the home value, new appliances do not have to cost alot of money unless your buyers are expecting top line appliances. I would replace appliances with new modern stainless steel that are affordable and not expensive. You don't need to get the fancy french door refrigerator, just a newer model, stove can be a much simpler and less feature rich model. The clients that walk through will ooh and ahh and will definitely place your home at the top of their list. At the end of the day you won't need to concede money at closing.... more
An FHA inspection is basically performed by a licensed real estate appraiser who not only appraises the property for loan collateral value, but also takes a few extra steps to make certain that the property conforms to FHA safety requirements. They are primarily concerned with properly installed railings on stairwells, peeling paint danger of lead poisoning, minimum electrical capacity, major cracks in foundations, and other items of safety or structural criteria, required by HUD. An FHA inspection is never a substitute for a "regular home inspection".
Passing an FHA inspection has almost zero certainty to the complete structural integrity of the property. There could still be potentially dozens of issues that may be wrong with the property, as determined by a highly qualified, licensed and trained Home Inspector. Always get a home inspection!... more
There have been several studies and epa web site claims the studies are inconclusive, but the health web sites claim a 50% better chance of getting cancer. I think it depends if your talking about the high tension wire (the real big ones that hum) or if your refering to power lines that arent buried, like in the old sections of Frankfort. I would google your question and only read the information from trusted resources.... more
Hi Ericka, what you would want to see in order to get a very clear picture to your question is numbers.
Numbers tells you the complete story about the effects foreclosures have on sub divisions, towns, states, etc.. As you know different areas and price points are effected different from each other. There is universal answers to your question. However your question is very specific. Which needs to be addressed with the numbers. If you have further questions please feel free to contact me and I'll further explain.... more
Sublet.com Listing ID 2221942 Pictures Full Home Available for Rent
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Wonderful 2 story available for lease in Autumn Fields subdivision
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Sublet.com Listing ID 2173107 NEWLY REMODELED RENTAL LARGE 2 BEDROOM
CONDO FO R A GREAT PRICE.This Rental wont last. Dont miss your chance to live in a vibrant residential area near expressway, GREAT LOCATION, Newly remodeled 2 Bedroom. Rent ...