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91790 : Real Estate Advice

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  • Home Buying7
  • Home Selling4
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Activity 13
Fri Aug 2, 2013
answered:
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options. ... more
0 votes 3 answers Share Flag
Sun Sep 18, 2011
Damon Botticelli answered:
Wondering how it went with your situation?

Sometimes these things can be worked out, but if you were getting close to a foreclosure, it might have been risky to scrap the deal just to buy more time. ... more
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Thu Sep 23, 2010
Jaryd Ruffner answered:
This will be 100% dictated by your rights which are outlined in the purchase contract and any bank addendums you may have signed. Bank addendums will supersede all verbiage within you purchase contract. Your Realtor should be able to answer this question based on their interpretation of all forms signed by you. If they are unsure, take these forms to an attorney to review. Even if you are entitled to your EM back, the bank could still dispute your rights if they wanted to be difficult. I wish you the best of luck. ... more
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Fri Jun 25, 2010
Emily Knell answered:
Yes, you can back out. As soon as you know that this is what you want to do, please don't hesitate and tell the listing agent as soon as possible, so they can put the house back on the market asap.

Do not listen to agents who tell you not to look at short sales. Short sales will get you a more discounted price over REOs and most equity sales. There are some great tips I can give you, so before you do offer on another short sale, things will go more smoothly for you. Namely, determining how the owners' loans are set up, is there an equity loan that needs to be dealt with, things like that.

Other agents who tell you not to look at short sales are ones who likely have never worked with a bank to successfully close a short sale transaction.

Feel free to email me directly if you have any questions, I won't look back on this same Trulia thread.

EmilyKnell1@yahoo.com
562-430-3053 cell
... more
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Thu Jun 24, 2010
Seth T J Miller answered:
You should consult this with an attorney. Assuming the bank has NOT approved the sale (as this would still be a contingency to having a contract) either party can back out of the deal if you want to. If the bank has provided written acceptance of the offer (which is a seller contingency) the seller may still back out, but I believe they would have to return the deposit check, and the seller would only be liable for two routes of recourse. I am not a licensed attorney, and do not know the specifics of your individual situation and as such am only speculating and I am not providing you legal advice of any kind.
One potential possibility of recourse is to sue you for 'specific performance' and would then have to prove that there are no comparable properties available on the current market (very difficult).
The second potential option would be to sue for breach of contract, and all the buyer could be awarded is any out of pocket expenses they made while acting in good faith that the deal was moving forward (appraisals, physical inspections, etc), and anything further than that the seller might be able to counter with the defense of entering into a contract while in a state of duress. I must insist that you seek the legal advice of a confident attorney, and if you haven’t already done so, weigh the options with your CPA or confident tax consultant.
I hope this helps and you can also click on the Web Reference link to see several last minute pitfalls that would make the short sale unfavorable to the seller (maybe what you're facing now).
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Thu Jun 24, 2010
Hector Aguilar answered:
Hello Amanda,

Most standard homes sales are sold with this vary same situation. Most homes that are sold have a loan balance remainning. Usually, when escrow is getting ready to close and the new buyers loan has been funded, escrow will wire what ever balance is due to the existing lien holder or lender and the remainning funds are then distributed to the seller after all seller costs are paid.

I'd love to help you sell you home, call or email for a consultation.
... more
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Wed Feb 10, 2010
Richard Lecinski answered:
In our area our buyers sign the Short Sale addendum at the same time as the purchase offer. If you takle time to read the Short Sale addendum you will understand why.
1 vote 7 answers Share Flag
Mon Dec 14, 2009
Bill Mota answered:
Your offer on a short sale SHOULD have included an addendum (SSA Short Sale Addendum) that states that the contract is NOT binding UNTIL written approval of the short sale is received.


If you just made the offer, I would expect at least a month for both banks to review and approve your offer. If during that time you find something else that can close faster, you can back out for any reason. Usually, my office does not even open an escrow (with buyers deposit) UNTIL AFTER we have written approval to avoid these lengthly delays.
... more
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Tue Nov 24, 2009
Bill Mota answered:
If you send me you email address, I can send you comparable sales information. Please note the sales must have closed between 1/1/2009 and 3/31/2009.

Bill Mota
626) 233-0190
BillMota@Live.com ... more
0 votes 5 answers Share Flag
Tue Sep 1, 2009
Jonathan Starr answered:
Hi Cookie,
You can expect to pay $35-$50 a month for a basic policy. You should get insurance on your house right away. The guy that I use is Bob Jennings with Calguard Ins in San Dimas.
303 North San Dimas
San Dimas, CA 91773
Office: 909-305-0177
I hope this helps Cookie,
Jonathan Starr
... more
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Thu Aug 6, 2009
Jonathan Starr answered:
Hi Amanda,
The answer is almost always "Yes".
In general, Buyer’s can almost always back out if they have discovered material facts that are detrimental to the purchase.
The courts have ruled that if the BUYER THINKS the material fact is detrimental, THEN IT IS.
I am not an attorney (and I don’t play one on TV). This advice from my own personal experience.
Your contract would have to be reviewed by your Broker or your Attorney to give you specific advice.
I hope this helps you.
Jonathan Starr
... more
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Wed Oct 22, 2008
Keith Sorem answered:
Ivan
You need to check with your Broker. There are Errors and Omissions issues that you should consider.
0 votes 2 answers Share Flag
Fri Aug 29, 2008
Kerry Harvell answered:
Hi Lori, sorry to hear about your situation.

You were not buying an "REO", you sound like you were in a short sale situation. Let me define the terms for you.

Short sale: Owner is behind on their payments. They are selling the home for less then they owe on their mortgage due to a declining market.

REO: Bank has foreclosed on owner who was not making the payments. Bank now owns the property outright and will usually hire a realtor to market and sell the property.

The truth is, you were never really "in escrow" so to speak. The seller can accept your offer, but it's the bank that really decides what amount the property will sell for. Buyers who attempt to purchase short sales are not in a very good position.

Question, did your agent discuss the differences between REOs and short sales? Perhaps they are not experienced enough to know the difference? You should have waited to have the appraisal done until the bank accepted your offer. Sometimes on a short sale, the owner will have two loans, a first and a second. These type of short sales are hard to close because the second will come back at the end and demand some money. If you won't bump up your offer, they will refuse to sign off on the sale and you are out of luck.

If you are interested in learning about the differences and how to go about buying REOs, contact me and I'll give you some information about workshops where you can ask questions.
... more
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