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Home Buying in 48322 : Real Estate Advice

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  • Local Info3
  • Home Buying9
  • Home Selling3
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Activity 6
Tue Jan 19, 2016
My NC Homes Team answered:
Mike no one at Trulia is reading these questions nor will anyone respond. The only one who may be able to help you is the agent who had it listed and honestly even they are limited in what they can do. The truth is the moment the property was put online it got distributed to literally thousands of similar real estate advertising websites and even if you get it taken off here the same pictures and information is all over the internet. Until Congress changes some laws there is no privacy any longer. That said personally I woulnd't worry about it, there are literally millions of homes that like yours aren't for sale any longer and are still on all these sites and the truth is other than the home owner virtually no one else is paying any attention to them. ... more
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Fri Jun 1, 2012
Hardmoneymi answered:
We lend for just this type of circumstance. Find a $300k neighborhood that may have a house (or more) that is bank-owned and needs work, because of it's condition the bank is willing to sell well below it's value. If the cost of the house and the repairs are $150,000 then you have just what you're looking for. If you need help with some of the financing this is our specialty, funding deals at 50% based on the after-repaired-value.

Properties are not selling for half their value unless they're distressed and many of the banks know they have to price those houses aggressively to get them off their books especially when they know conventional lenders will not lend on properties in need of repairs.

For more information about our Private Money Lending programs for purchase-rehab projects in Oakland, Wayne and Macomb counties, visit our web site below or call our offices, at (248) 547-3006.

Trent Dalrymple
Director of Investor Relations
Metro Mortgage Investments
26711 Woodward Ave., Suite 301
Huntington Woods, MI 48070
... more
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Thu Jun 16, 2011
Shanna Rogers answered:
Hi Ellen,

That depends. Was the short sale approved for a specific buyer and that buyer walked? If the short sale approval was 'buyer specific' (meaning the buyer is named by name), then you start over on the approval process. If the short sale approval was not 'buyer specific', then if the bank/lender/investor accepts your offer, it should only take as long as escrow. However, most short sales are buyer specific. And, if it was buyer specific and you have to start over on the approval process, the bank/lender/investor can change price, concessions, etc. (I've had that happen in the past).

You need to have your Realtor find out if the short sale approval was buyer specific so you have a clearer picture of the time frame and so you know if there may be counteroffers to your offer if you based it on the prior short sale approved.

Good luck.

Shanna Rogers
SR Reatly
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Thu Oct 1, 2009
Maureen Francis & Dmitry Koublitsky answered:
I can think of two things. One, it could be contingent upon the sale or successful closing of the buyers home. Or, it could be contingent upon third party approval, if it is a short sale, bank-owned or estate.

Either way, the seller has accepted another offer. They will take back-up offers, but those will only have a chance if the first offer falls apart.
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Tue Jun 26, 2007
Kaye Thomas answered:
The agent can't disclose any offer amount without the consent of the owner and as noted a good sellers agent is not going to tell you that number. Multiple offers are a guessing game but a good agent who knows the market can often help you make a winning bid. The agent will know when it's time to raise the ante by $500, $5000, or even $50,000. But as noted below don't get so caught up in the "bidding process" that you lose sight of reality. One of the reasons that homes often fall out of escrow when there have been multiple offers is that the "winner" wakes up a few days later with a really bad case of buyer remorse. ... more
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