Be careful of bank addendums like that. You will want to know exactly what is owed and what they intend to pay prior to putting your self out there. Every situation I have been in regarding condo fees the bank has paid all of it. I had a situation where the bank's attorney and the HOA atty went back and forth for 5-6 months in and out of court and the bank ended up losing and had to pay $35000.00 in 3 years past HOA dues, late fees, attorneys fees, assessments and interest. This was on a $55K foreclosure sale here in Ft. Myers. Hope that helps you.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011" by Gulfshore Life Magazine
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I am not crazy about the word bid, makes it sound like an auction. I would prefer to use the word Offer. All sellers, banks or persons, all have different expectations with acceptable offers. Most sellers will accept something below listed price these days. 2-4% below is pretty common in my market area. The exception are short sales because a bank will have to accept the offer and they have not set the asking price, so they will often expect more than the listed price.... more
they want the folks who will actually live in the units to have first pick. Once you establish this as your primary residence, you are certainly free to come and go. Why wouldn't you be moving in within 60 days?... more
DId you bid via an action site?
Or did you place an offer via an agent?
It is not common for clients to be told that their amount is lower than other offers, that sounds like some information leaked out. What should happen is that you and every other offeror will get a form called a "highest and Best" request giving you the opportunity to increase your offer. Then the bank will pick one and let everyone Know, ususally within 2 or 3 days.
Charles Rutenberg Realty... more
If you owe more than your condo is worth, then you are in a short sale situation. In a short sale, it is the missed payments that do the real damage to your credit. The short sale itself, usually doesn't cause much of a credit score drop, if any at all. So, you need to hire a Realtor with short sale experience, who can negotiate with your lender/servicer and get them to approve the short sale without missing any payments. Your hardship is that you are in the military and have orders to move. If the bank will not negotiate, contact your local Congressman's office. The Congressman's office in my area has turned a "no" into "yes" for several of my clients.
I think that is important that your Realtor tries to get the lender/servicer to work with you first. If the Congressman's office knows that your Realtor tried to convince the lender/servicer to work with you, and could not get them to listen, they will be in a better position to help. Good Luck... more
REO is better for sure. You will get an answer to your offer in a short time. The other types of short Sale I would consider is if the asking price has been approved by the lender or if the Agent has a history with that lender and has had some success with the lender. Meaning nin there is a true relationship between the negotiatior of that bank and the Agent and that all the paper work has been done.
Your Agent has to do the neccessary research to find all this for you. If you need some help give me a call.
office: 239-463-5217... more