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44306 : Real Estate Advice

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Activity 6
Thu Feb 18, 2016
Diana Boyer asked:
I'm on sec8 with a 2-3br voucher.
0 votes 0 Answers Share Flag
Fri Feb 12, 2010
Catherine Flaughers answered:
Possibly, in Summit County you have until March 31st to file a Complaint Against The Valuation of Real Property DTE1 form with the auditor. Your request will be reviewed and a decision made. Well worth your time and effort to submit this request. Good Luck. ... more
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Wed Feb 3, 2010
James Deskins answered:
Darius,

It depends on how the purchase contract was written and how you handle things locally. Here in Columbus if the lender has not yet agreed to the contract terms it's fair game--the house is still considered for sale but contingent upon short-sale approval. That's the down side of buying a short sale: multiple bids can come in while your are waiting to hear back. Of course, it also depends on how the bank wants to handle multiple bids. But at least down here on Columbus if the lender hasn't agreed you got nuthin.

Good luck.
... more
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Tue Feb 2, 2010
Don French answered:
Darius - The previous two answers are correct and I would add that although there is new legislation in place to force lenders to react more quickly, there seems to be little enforcement, so for now it is "business as usual". There are plenty of short sale listings still waiting for lender response after 3-6 months. As a guideline, the further your offer is below the amount owed on the property, the less chance you will be able to attract the lender's interest and succeed. A good benchmark is to assume that if you offered less than 90% of what is owed, or if you offered less that the average market value of recent sales for the area, the lender is not very motivated to respond. Federally chartered banks and HUD are faster to respond than Wall St. lenders, many of whom have functionally disappeared and have only remnants left; your offer could be one of many in the files they have yet to get to. As a side note, if there is more than one mortgage on the property, and the mortgages were from different lenders, you may have a "Mission Impossible" scenario, since the lenders may never agree on how they should each absorb a portion of the overall loss. Ask your Realtor to research the existing mortgages or pull up the county auditor records online yourself, plus look online for a common pleas court foreclosure filing against the seller to see what lenders are named in the lawsuit. If you see multiple lenders or a bunch of defendants with claims against the seller, if you don't have an attorney to help you decipher which claims could hold up a short sale, I suggest you move on - some types of claims can prevent a pre-foreclosure settlement and therefore that house is ultimately headed to foreclosure. Check also to see if the seller has recently filed bankruptcy, as that too can prevent a sale. Might be time to look for a different property - good luck! ... more
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Sat Jun 28, 2008
Will answered:
Ineligible improvements:

. Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall;
· New construction (including room additions);
· Repair of structural damage;
· Repairs requiring detailed drawings or architectural exhibits;
· Landscaping or similar site amenity improvements;
· Any repair or improvement requiring a work schedule longer than six (6) months; or
· Rehabilitation activities that require more than two (2) payments per specialized contractor.

A borrower may not use the Streamlined (k) program to finance any required repairs arising from the appraisal that do not appear on the list of Streamlined (k) Eligible Work Items listed above or that would:

· Necessitate a "consultant" to develop a "Specification of Repairs/Work Write-Up";
· Require plans or architectural exhibits;
· Require a plan reviewer;
· Require more than six months to complete;
· Result in work not starting within 30 days after loan closing; or
· Cause the mortgagor to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted. (FHA anticipates that, in a typical case, the mortgagor would be able to occupy the property after mortgage loan closing).
... more
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