You've probably heard the saying "there's no free lunch"...right?...right! Okay so forget the "free" part and think about paying two to three times the normal price of lunch. Would you? Should you?
Seller financing can be a form a predatory lending. If you are truly considering, get the story first. Call me, I'll fill you in, and send you a list. BUT...it's BEST to by-pass this type of purchase to begin with!
I've written a blog on the subject:
The answer can also depend on the geographic area. Generally speaking I've seen pools valued at $10,000 on many appraisals. On older homes in older neighborhoods I've seen them valued at $7000. However, extreme custom pools in Scottsdale and Paradise Valley can be valued at $20,000-$40,000, and more.... more
Fidelity National Title
60 East Rio Salado Parkway
Tempe, AZ 85281
Tel: (480) 214-4500
More than 35 years in business, you want to make sure whichever Title Company you use, use one that will be there for you in the long term. I have noticed a lot of Title Issues lately and the BIGGER the company the more your protected. My personal view!
Each purchase situation differs... there are times when it's smart to appraise first and then inspect - and times when the inspection is the best first step. In our current market in Phoenix, we see many homes that are overpriced when compared to recent comparable sales (called "comps.") When the buyer is depending on a loan to buy the home, the bank will only loan an amount that corresponds with the appraised value. In these cases, spending dollars on inspections first can be a waste. If the asking price seems especially high, I will suggest that my buyer clients ask the seller to reimburse them for the appraisal if it comes in below asking price AND the seller won't drop the price down to "meet appraised value." Bottom line here is that every situation is different and your agent will help you analyze the pros and cons associated with your choices... with the objective being to hopefully minimize your expenses if the sale doesn't go through.
West USA Realty
I am assuming by "short sale approved" the listing agent meant the BPO had been ordered and approved the price. However, that price may have been approved with a different purchase contract with different terms other than the price and that buyer may have walked.
Until you receive an "Acceptance Notice" that the seller's bank has approved your purchase contract it is not approved.
Prices are increasing rapidly. The median selling price increased last month to $157K from $150K the pevious month in the Phoenix metro area.
I would recommend reviewing in detail with your broker.... more
You can sue anyone you want but other than guaranteeing an attorney gets paid there's no guarantees you'll prevail and I'd check with a local attorney rather than ask this question on the Internet.
There's a lot of missing information for anyone here on Trulia to give you a much better answer than this, and there's at least two sides to every story. The majority of smart/active agents do maintain Errors and Omission insurance.
You might also want to contact the Georgia Real Estate Commission and ask them the question, trust me they'll take it very seriously.... more
think you need to talk with your agent's broker and then an attorney. If in fact there was discrimination of one of the protected classes, you can file a complaint with fair housing, a part of HUD.... more
If you were working with a Realtor this problem should not occur. Your Realtor should let you know of any concerns and make sure the Lender is in step with the Contract as well as you regarding your Inspection Period any other Timelines. You could always speak with your Lenders Broker (The Boss) and see if everything was followed correctly. The suggestions below are very helpful excpecially if the Closing date has not passed.
Hope this helps and have a GREAT weekend!
Vivien L Biggs PLC
Prudential Arizona Properties
Check MLS for homes on my website