Hopefully you are working with an attorney on this transaction, I've heard quite often in the Southern part of NJ that not all buyers hire attorneys to represent them. You should go over your contract with an attorney for legal protection.
In terms of a short sale, the sooner the inspection is completed by the buyer, the better.... more
The bank will have to eat the tax lien, the house can not be sold with any liens on it so someone will have to pay it or get it removed before the closing can occur. The house could fall into foreclosure too and then the buyer (bank likely) will have to deal with all liens before they put it up for sale.... more
You can definitely offer less, but it does no mean the bank will accept it, although they will generally respond within 72 hours.
The Goodlife Team
Keller Williams Landmark
Serving Queens, Brooklyn and Nassau in NY... more
All waterfront towns run the risk of flooding on some streets at one time or another. In order to find out an estimate of the costs for flood insurance you would really need to know the zoning for the particular street you are thinking of moving to . They have codes on the tax records that an insurance company can look up and give you an idea what the homeowners and flood insurance would cost per year. They are 2 separate policies.... more
The following is the B of A contact information:
Short Sales 1-866-880-1232
HAFA Short Sales 1-877-824-0976 (UTLS)
Short Sale Fax 1-866-808-5050
Home Retention Department 1-800-669-0102 call to open VA or FHA/HUD short sales
Letter of Authorization Fax 888-491-4947 or 805-520-5019
Foreclosure Dept 1-800-669-6650
Co Op Short Sale Team 877-633-4744
Homeowner update financials 1-800-669-6650 (Home Retention Dept)... more
Oceanport, Little Silver and Shrewsbury are towns you should consider. In addition the part of Red Bank that's adjacent to Fair Haven may have some homes in that price range. If you can afford to go a little higher in price, take a look at parts of Fair Haven as well; the elementary and middle schools are excellent, and they feed into Rumson-Fair Haven Regional High School, consistently voted one of the best public high schools in New Jersey.... more
Any Realtor will be happy to do a complimentary Comparative Market Analysis (CMA) for you. However, my advice is to go to a Realtor who is a LOCAL EXPERT in Oceanport, Fair Haven, Little Silver, or whatever community you're considering. Someone who lives in the town (or an adjacent town) is most likely to have a true idea of the real estate market in that town or even in a particular neighborhood within a town.... more
Hopefully your agent gave you a pamphlet regarding radon gas, so you at least have a decent background on what it is and how it may affect you. The current EPA threshold is 4.0, so .9 is no reason for concern and remediation is not recommended at this level. If you meant 9.0, than you may want to read your contract to see what your options are. When results come in high here in Ohio, many buyers end up having the seller either install a mitigation system ( $800-$1200 ) or reduce the price of the home accordingly. Radon is actually pretty common throughout the country. We suggest to do some research so that you feel comfortable with situation. Good luck.
Hi Warren, you can offer less. But I think a better question is the home worth $225,000? My advice is to ask your agent to do a comparitive market anylisis (C.M.A.) That way you know the present market value of the home. The bank most likely had a C.M.A. run and used that as part of the formalation in arriving at the approved short sale price of $225,000.... more
Ask for the documentation. Usually these banks respond via email and a lot is done "verbally" before it's finalized. The bank has every right to counter, it's their money on the line. If you're trying to get a fabulous deal (like offering 15 grand on something that's worth 80k), chances are you will not get it that cheap... and if that's the kind of deal you're looking for, then you need to seek out REOs not Short Sales ;)... more
Thanks so much for all your advice. I am going to be making an offer on the bank owned home today. With the assistance of a family member, I will be putting in a cash offer in hopes that this will speed up the process.... more
Goodie: I think you have your answer(s.) While I agree with Ken that two offers may be offensive to one's sense of what is right, I was talking specifically of laws. I still do not know of any law that would be broken. Extending Ken's thinking further, one might say that any offer made that might be retracted for any reason would also be unethical. I don't think so.
The buyer has the right to buy more than one condo, if they can afford them. While a Realtor might have a suspicion that the buyer who made more than one offer was planning to take only one deal, you really can't say. If it is the buyer's position to make offers to see who is more willing to negotiate and they want it kept quiet, who can tell me that it is ethical to insist that they reveal their strategy? It's loosy-goosy ethically and I would advise against multiple offers but for more practical reasons, as I have.
The other issue that has reared its ugly little head is the one-page "offer." The one page "offer" is not an offer. It is not a letter of intent. It is a note that says, if you like the price written here, and we can agree to all the other terms found in a contract, I would likely sign a sales contract. This note is not binding.
The real offer come in the form of a contract that the offerer has already signed that spells out EXACTLY the price, terms and conditions for the sale of a property. In most states, the person receiving this offer, upon signing it and returning it, binds the original signer and him/herself to a sales agreement that will end, as quickly as possible in the transfer of the property. That is the only real offer that can be made and what I imagined Goodie716 was discussing. As far as the "offer" to make an offer, I would say fire away, they are not binding and if you get five acceptances, you may wish to firm up one real offer of a complete contract. One page "offers," in my opinion are just talk and talk is cheap.
In fact, that's a good way to end this little exercise. Talk is cheap. Don't cheapen yourself by too much of it. Sellers are bargaining in good faith, for the most part, and so should you.
As Jennie said and I said as well, sequential offers are a good way to keep things straight. It would be as much to the buyer’s benefit as the seller’s, if we did not gum up things with more than one offer at a time. Ken says in his eyes it is unethical to make two offers simultaneously and indeed, there may be precedent that says so in the Realtor organization or perhaps the state authority has already agreed that this is so. I don’t know that they have but I too would prefer not to “go there” with multiple offers.
I’m surer that it would be unethical for me to get a buyer committed to do things that would cost him/her money in lost deposits and in ill will and which might cost him/her that deal that was truly the best they could get.
Lots of luck
Bill Holt... more
As stated earlier, "conditionallly" withdrawn from the market, which could have a plethora of meanings depending on the seller's personal circumstances. You can (1) contact the listing agent direct for further info (2) consult with a buyers agent (potentially saving 1/2 or more of the stated commission or (3) contact the owner direct to negotiate a deal.
Oooh, boy, am I subjecting myself to a number of boohoo's from other Trulia agents, but hey, in today's market it is what it is.
Francesca, Realtor, ePro
The bank will usually get the per diem fee for every day you are late on the contract. If you didn't write it into the contract that the junk would be cleaned up then it will be your problem. It does usually say as is.... more
What would the seller know about what the bank will accept on the first bid? Or what would they know about what the bank will accept at all? Is it not the idea to get out of the property ASAP and stop the bleeding?
Why would the seller haggle with a potential buyer when they have no idea what they are haggling for?
Submit the offer to the bank.. The seller has MINIMAL say or control, and the point is to sell the property as fast as it can go.
I learned this on the first short sale I was involved with.. the other agent came in $95,000 under asking price.. the seller was all upset, I was leery and said.. hhmm.. I'm not too sure about this, to which the other agent said.. hey, what do YOU care? let the bank decide... and guess what? The bank ran their numbers and took the $ within 4 days and closed three weeks later. Done. Same result as if the seller got all insulted and tried to negotiate for the bank.. Why make the hassle? GET THE OFFER TO THE BANK.... more
I have often recomended Pete Aiello of InspectTech, recently merged with LandAmerica. Pete has been rated their #1 inspector in the United States several years, based solely on the company's customer satisfaction surveys. He spends a long time on each property educating the buyer about the property and systems, what to watch, etc. He also points out trouble spots in a non-alarmist matter "You've got water here in the basement, but I saw outside that there is no splash pan under the leader - spend $7 at Home Depot, and you'll divert the water from the basement walls." I have also seen inspectors frighten the daylights out of buyers over simple things. Prices vary by the size of the home (# of zones, etc) Their number is 1-800-285-3001... more