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Home Selling in Encino : Real Estate Advice

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Activity 8
Thu Jun 29, 2017
Raviluthra answered:
Usually the Contract states: " This contract is contingent upon Buyer obtaining a loan ...
and then lists the terms of the loan: Loan amount, interest rate, term of the loan etc.

The dictionary meaning of "to Obtain" is "to get". Pre-approval, Underwriters approval or any sort of approval is NOT the same as "obtaining" a loan. . Even though less likely, but the underwriter are known come up with last minute urge of getting some new doc from the borrower: last bank statement, last pay-stub etc. etc. If for any reason the bank refuses your loan at the last minute, you may be one out 1000, but you may have miserable life. At that time you do not think of the probability of refusal of 1 out 1000, because you become 1 out 1.
The loan is "obtained" only when the loan is funded. Thus, I believe that the Contract language shall be that " The contract is contingent upon loan is funded ...."

Do not remove Loan Contingency until the escrow closes.
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Mon Sep 26, 2016
2margo406 asked:
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Sat Apr 16, 2016
answered:
Before I was a agent, between the years 1985-1990 I had a mobile home for sale. (that is five years of not selling it.)

The problems that agents have are:

1. Many are lazy. They got into the business thinking that it was a lazy persons job. It is the lowest paid easy work there is. It is also the highest paid hard work there is. Do not get a lazy agent whether it be your relative or not.

2. You need an agent that will tell you like it is. You as a buyer or a seller can come up with the stupidest things. I know because if there is anything stupid you think as buyer or seller I thought it.
You need an agent that is not afraid to hurt your feelings, will tell you like it is, because many smart people come up with bad ideas when it comes to buying or selling a house.
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Sat Dec 12, 2015
Rich Reed answered:
here is a days on market chart for the last 12 months in Encino: http://crmls.stats.10kresearch.com/infoserv/s-v1/mBQu-jmv
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Mon Nov 24, 2014
inna ivchenko answered:
I believe, it is NTP( Notice to Perform). In your situations it is NBP: Notice to Buyer to Perform that states that in accordance with the terms and conditions of RPA( or another agreement you want to refer to), Buyer should < take a specified contractual action> or cancel. The form can be served any time if the buyer does not perform according to CA RPA and its ADMs. Do read all forms. Everything is there(all terms are very specific!) and all is signed by both principals and your agent.
Good luck.
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Mon Mar 3, 2014
Kawain Payne answered:
In my experience it is best to deliver a home VACNT to the buyer no later than three after "THE CLOSE OF ESCROW".

Doing otherwise can create undue stress and headaches.

Contracts MUST be clear, there is no real need to omit things because including them would con volute the contract.

Is the buyer going to charge you a storage fee for having your items in the home two weeks beyond procession?

I suggest you do all you can to deliver the home to the buyer vacant and empty. You certainly could be held liable for any damages that occur on the property during a time you were in it or scheduled to be in it.

I wish you the best.

Kawain Payne, Realtor/Notaru
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Wed Dec 4, 2013
Kyle Kovats answered:
Stage it, get professional pictures done, price it right, let the bidding war begin.
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Fri Feb 13, 2009
The Medford Team answered:
Wendy:

With all due respect to Bill, it's never that cut and dried. Technically you are out of contract: in reality and practically speaking, this happens all the time. Flexibility is usually tolerated in a contract because there are so many moving parts, we are dealing with complex issues and with people’s lives.

It sounds like your agent has been actively communicating with the other side and is proactively working on this. It also sounds like the buyers have been communicating as well – everyone appears to understand what the issue is and are apparently actively working on it. In the current market, although I don’t agree with a buyer changing lenders in the middle of a contract, I certainly understand the desire to get a lower rate AND … it happens all the time.

If this were my transaction, I’d issue an addendum extending the contingency time periods. That way, the buyer has a bit more time to find another loan and the deal is technically still active. Since you don’t have a backup offer, and don’t want to “force” the buyer to perform because of the risk of losing them, an extension is the best way to go.

.
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