Keep in mind that short sales are by no means fast sales, and the closing date stipulated on a contract is often not met--the listing agent may not have any new information to provide--do have your agent keep checking in periodically with the listing agent and ask for follow up/status--unfortunately, patience is needed.... more
There is a possibility that the loan may be denied, I actually came across the situation with another buyer client and it set a reg flag up with the mortgage company but after very careful review, they approved the loan for my client. You don't mention your dealing with a mortgage brokerage or directly with a mortgage bank i.e. Wells Fargo, Suntrust, Chase to mention a few. Should you be denied, your realtor may be able to suggest another lender you could use, if you're using a realtor.... more
I'm not a lender, but in my opinion I believe you would qualify because you are living on one side of the duplex. I do not know all the rules and regulations considering the guidelines change all the time. I would highly recommend a lender that I work with very closely. As a Buyer's Agent I have had my buyer's compliment me on referring them to Chris. Please feel free to call Chris Corno with Integrity Home Mortgage at 540-539-2778 to discuss this issue further. He is very nice to work with and explains the lending process in a manner that consumer's can understand.... more
I'm so sorry you're going through this. One idea, if you are content to rent, is to talk to the list agent about this. Most real estate professionals tend to call the list agent to touch base on the property prior to showing it. This would give the list agent an opportunity to express your wish to stay. Investors are still showing an interest in purchasing homes in our local market. An investment that already produces income could very well be appealing. I hope it all works out for you.... more
The value of a home is determined by the market conditions along with condition of the house and the location just to name a few. An FHA loan has nothing to do with the value the home may have.
Perhaps whoever told you this means they don't think the townhouse is holding it's value right now.
How does it compare to other townhouses in the area? Is it high for the area? Are prices coming down in the area? These are the types of things that affect house value.... more
BANKS JUST CAN, why many Realtors refuse any longer work with foreclosures or short sales due all drama not caused by listing/ buyer agents.
However 6 months have a returned executed contract WAYYYYYYYYYY out limits WOW... agent should have you looking and closed a long time ago. We instruct our clients within 30 -60 days you should be closed if not we have problems best keep moving.
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We believe the program specifies only the the property transaction needs to close by December 1, 2009 and that the home purchased needs to be your primary residence. We have not seen any deadline for occupancy of the home.
It might be worthwhile to review the attached resource:
Good luck... more
I would contact an attorney to get the proper interpretation of that statement. As agents, we are not supposed to give any sort of legal advice or interpretations because of potential liability issues. Good luck.... more
Which Winchester are you considering a move to? I can speak of Winchester, Va. Before I do, I thought I'd clarify. Markets are so local, I'd hate to misguide you! If you are looking at Winchester, Va, feel free to click through to my online relocation package/blog!... more