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Home Buying in 91790 : Real Estate Advice

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  • Home Buying7
  • Home Selling4
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Activity 7
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
0 votes 9 answers Share Flag
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.
562-430-3053 cell
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0 votes 2 answers Share Flag
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.
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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
0 votes 3 answers Share Flag
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
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0 votes 5 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.
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