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Home Buying in 91977 : Real Estate Advice

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  • Home Buying16
  • Home Selling1
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Activity 6
Sat May 19, 2012
Cindy Davis answered:
Yes indeed, short sales are long from the sense of time. The term is used because the seller is 'short' on being able to repay his or her note.

Who knows why? I agree that experienced agents and/or experienced negotatiators tend to get it done sooner instead of later - but still 3 months is the shortest I've ever experienced.

I think we all forget that the banks have thousands of these nationwide and there may be dozens of files (if not, more) sitting on one person's desk. Short sales are complex animals where the bank evaulated not only the seller's situation, but the value of the property, as well.

They're not fun but they are a part of our real estate market.
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Mon May 14, 2012
Cindy Davis answered:
It is most appropriate to select one agent and stick with that person. If your current agent is not giving you the attention you deserve, feel free to try one of the rest of us!!

Working with multiple buyer agents is not recommended. It's not fair to the agents you are working with and you will not get the best service that way. I find that my buyers and I go on a journey together as we discover the type of home they are are looking for.

It takes time to get to a level of comfort and trust with an agent. If you are going shoppint with several agents, you are not likely to develop the same quality of relationship and guidance.
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Wed Apr 4, 2012
Cindy Davis answered:
It is generally returnable. Here are the caveats...

If you cancel the escrow prior to your contingency period expiring..you have a right to your deposit back. If you cancel after the contingency period expires, you will lose it.

if you do cancel, the seller must agree to return it and technically speaking, can give you a difficult time in doing so. In 10 years of practice however, I've only seen that happen once, however!
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Mon Feb 6, 2012
answered:
I could be wrong but I think the problem is that the banks who cast the burden of doing any repairs on the listing agents. So when you show up with a VA or a FHA loan, the agents percieve that they will need to do more in repairs which could amount to several thousand dollars. Yes they get the money back when and if it closes. In the meanwhile the deal could fall apart, the lender could pull the listing. They could wait a year to get their money back.

So it is not surprising that agents do not want to shell out several thousand dollars doing repairs. So my guess is that a lot of VA or FHA offers never see the bank. Again I could be mistaken. I think the banks will take which ever offer nets out the most money.
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Mon Feb 28, 2011
Cory La Scala answered:
If your credit score is at least 500-579, you can get a FHA loan, but you'll need a 10% down payment. If your score is at least 580, you can pay the standard FHA down payment of 3.5%. Even if you have a 20% down payment, you'll need to pay the mortgage insurance for at least 5 years, and then until you have 78% equity.

I have some really good information about credit scores, how they work, and what to do to increase yours. Remember, a low credit score means a higher interest rate too.

Let me know if I can help!

Cory
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Wed Aug 19, 2009
Kari Shea answered:
Hi,

Different banks have different methods. When the receive an offer:

Some have a waiting period of 3 yo 5 fays to see what else comes in and then negotiate for they feel is best.

Some negotiate each offer as they come in.

Either way, the select the offer they feel is "most likely to close" un the fastest time frame possible. That does not always mean the highest offer, they are looking for the best offer.

We hope this helps,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate
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