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Home Buying in 98375 : Real Estate Advice

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  • Local Info3
  • Home Buying8
  • Home Selling4
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Activity 7
Mon May 29, 2017
Alex Foraker answered:
Hi Lavina, I would suggest reviewing your purchase contract to see if there is verbiage about per diem for closing after initially agreed upon closing date. It's important to keep close communication between your agent and lender to ensure a timely closing. I've negotiated extensions with out additional fees with a logical explanation of why you'd need additional time to fund the loan. Hope it works out and congratulations on your purchase! ... more
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Sun Mar 27, 2016
Kary Krismer answered:
The banks are generally faster now, but there is no way to answer your question. For one thing you don't even mention the bank or whether more than one entity is involved.

FHA (an VA?) have a process where they can determine the value before the property is even listed, and if that process was used by the listing agent, and that is the only bank entity, the process can take well less than 30 days. Other situations could be 4 months or more. But don't just accept the listing agent's claim that the price has been approved by the bank. That is probably more often false than true on non-FHA transactions, and I've even seen situations where they had not contacted one of the secured creditors at all.

Also, you don't know what the bank will answer. They may come back wanting some completely absurd value, although I've seen them do that an then later accept the original price. I've also seen deals fall apart over small amounts of money.

So the short answer is there really is no answer.
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Thu Feb 6, 2014
Terry McCarley answered:
Lots of variables are involved with short sales. The lender could issue approval in a couple of weeks, 2 months, 3 months, 6 months...never and just foreclose. You should discuss all of your concerns with your real estate agent. ... more
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Tue Feb 4, 2014
Spencer Gray answered:
An earnest payment is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official Procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. ... more
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Mon Feb 3, 2014
Keith & Sheila Campbell answered:
James, I am Realtor and a licensed Professional Inspector and having inspected thousands of homes, I can tell you that a good professional inspector is worth the cost of an inspection fee. Ask lots of questions about the property and ask for references and actually call the references. You want to hire an inspector who is licensed with at least 4 years experience and who is a teacher. Someone who will teach you about at the condo while also identifying deficiencies!

In Texas a professional inspector has to have almost 500 hours of inspection education and pass a pretty difficult test, in your state it may be different.

Do your homework, ask questions and Best of luck!
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Mon Feb 3, 2014
Bradley Givens answered:
As I have mentioned in a similar post, the first short sale bidder is often the "guinea pig" to see what the bank will actually accept. The list price is not set by the bank unless the amount has already been revealed through a previous short sale offer that fell through. The all cash offer doesn't really speed up the bank approval process; however it can save a couple of weeks in the closing process once you receive approval. In my experience, the bank approval process can take from 3 to 10 months. ... more
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Mon Feb 3, 2014
Bradley Givens answered:
It really depends on the bank, property, offer, negotiator, etc. In my personal experience I seen them vary between 3 months and 10 months; however I heard of some taking much longer. I always encourage my clients to avoid short sales whenever possible, unless you are in no rush whatsoever. It can be very frustrating once it falls into the bank's " Black Hole". When they do eventually get back to you, they may approve it, disapprove it or ask for more. Quite often the first short sale bidder is the "guinea pig" to see what true amount the bank is willing to sell it for. ... more
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