Hi - the role of the negotiator is to work with the seller and the seller's bank with your offer to create a win/win situation for all. They work with the seller's bank to try to get them out of any further obligation for the deficit. As an incentive to the buyer to ride out this lengthy process - your benefit will be that you get the home for 10 - 12% under fair market value. Some listing agents negotiate their own short sales, but these take alot of time so those Realtors that handle very many of these will either use a company that charges a fee or they will have a negotiator that works as part of their team like I do and pay them out of the listing commission. I've seen these negotiating companies charge anywhere from a small fee to as much as $6000. Sellers do not have the funds to pay these fees so buyers have to be willing to pay that fee if they want the home and that should be disclosed to you upfront before you write your offer. Most buyers aren't too keen on paying this fee and I've seen homes sit for sale for 2 years and sell for pennies because no one would buy the home and pay that fee. You have to decide if the cost of the home plus the fee is worth it to you, because on listings using these paid negotiators - it is not negotiable to not use them and pay the fee.
As for a grace period on a short sale - until you have approval in writing from the seller's bank(s) that's acceptable to you, you have the right to withdraw your offer at any time. So - sounds like your Realtor is giving you correct info about the fee. If you have any other questions - we'd be happy to help. We run a ton of short sale listings at all times - however I have my own negotiator that works for me.
Best of luck!
Kelly Gebler, Principal Broker/Owner
Cornerstone Group NW @ Keller Williams Realty... more
Well whether you live there or not - if the bank has forclosed on you then you will not be responsible for the HOA fees. The title company is responsible for making sure the property gets transferred to the banks with no other loans/liens attached to it....... more
If you are not behind on it, I would recommend selling it instead of blowing up your credit with a foreclosure. Being a landlord is no fun, especially if you didn't set out to be one in the first place. It sounds to me like you are in "to heck with the cheese, let me out of the trap" mode, which is understandable. Have you tried to sell it yet and, if so, what is the results you have gotten so far? If I can be of any help, please feel free to contact me.... more
The best advice I can offer is general. If you love the home and you "really want" it and you plan to keep it for at least five years, then bid more based on the value it offer to you and your family rather than what the current market may reflect.
Good luck.... more
This has to be one of the biggest issues I come across when dealing with victims of foreclosure. So many ex spouses would rather have their children out on the street than to work with with their ex through these trying times. Because you are going through the divorce you do have the ability to work on this matter through the mediation of the divorce, but it will make things much more difficult because there is no way to remove any party from the existing mortgage or any modification of said mortgage unless someone can refinance the mortgage individually which I am sure is not possible if you are asking this question. Remind your ex this will affect their credit score and eliminate them from the mortgage market for 5 to 7 years equally for both parties. Good luck Bob... more
You will not likely get much time to find a replacement home, so you should get started right away.
If you are planning to stay in Molalla, there are well over 50 homes for sale in town that have at least 3 beds & 2 baths. Their prices run from $149,700 and up. If you are considering a purchase, I would be happy to refer you to a lender who can determine what price range you should be looking in. It's important to go thru this process to get qualified by a lender because the sellers that are offering the lowest home prices are requiring that buyers already have loan approval before they submit a purchase offer.
If you want to rent, the best place to check is the North Willamette Classifieds in the Molalla Pioneer. I also know a property manager you could call to see if they have any properties available. I live and work in the area, so give me a call if you would like additional help.
Bryson Realty... more
Yea, the lenders have made many many errors in their spend to close all those loans. Get a good lawyer and don't give up. I have heard of them losing mortgage payments, and now put the wrong legal on documents, and on and on. In many cases it will take them months to figure out their error, if you just bring it to their attention. But get someone to work for you. So good luck.... more