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Fowlerville : Real Estate Advice

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  • Home Buying12
  • Home Selling1
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Activity 16
Sun Jul 14, 2013
Haig Istamboulian answered:
Hello,

Everything is negotiable of course. The most important thing is, do you still want to move forward with the purchase, if yes, then the second issue would be to see what you can negotiate with the seller. Most seller's would be reasonable and determine it is an existing issue which would only have been revealed with an inspection.

It sounds like you had an inspection contingency on the deal since you performed an inspection, is that correct? If the seller refuses to correct the issue or offer a monetary concession for you to repair the issue, then at that point it is totally up to you to either walk away of move forward with the deal.

I would probably speak to a water expert to see what options you have and how much those options would cost, that way you can go into the negotiation well informed. Of course your Realtor should be doing the communicating for you, or call a meeting for everyone to meet to hammer out a deal.

Good Luck,

HAIG
(248) 379-6547
realtorhaig@aol.com
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Wed Jan 23, 2013
Sheryl Brownlee answered:
Hi Chad, I am a local full time Realtor with Coldwell Banker Town and Country here in Fowlerville, MI I have 5 available although I need your price range and have some other questions for you. I have more over 5 acres. Please email me directly with your email address and I will be able to send you a direct multilist with the 5 listings for your review. Email me at sherylbrownlee@gmail.com or phone me at 810.599.3249

The current market is not providing many choices due to a extreme shortage of inventory.

Hope this helps!

Your local property specialist!
Sheryl Brownlee

Coldwell Banker Town and Country Real Estate
517.223.3300
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Tue Nov 29, 2011
Annette Lawrence answered:
As Maureen pointed out : "there are no rules.....that the banks need to abide by."

As Mike and your real estate pro mentioned: :The listed price determined by the home owner is irrelevant.

As Ron and your agent pointed out, Short sales are the Wild, Wild West of real estate. Buckle up for a wild ride. You will need to have faith in your agent and resist second guessing by turning to internet forums for your second opinion.

Your purchase attempt has reached the predictable and desired second phase...negotiation with the man behind the curtain. This is the time to establish the value of the home substantiated with current images and proper comps. In some cases the man behind the curtain will respond to fact, but much of the time agents and citizens drive themselves nuts trying to see the rationale behind the thought process of banks that are too big to fail.

Be very aware, 70% of short sales never close. Don't over invest emotionally in this attempt. And certainly don't try to make sense out of what the bank does.
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Mon Sep 26, 2011
Bob McClure answered:
good morning......i would be glad to offer some advice.
best regards.
bob mcclure
percentPlus
0 votes 7 answers Share Flag
Mon Aug 9, 2010
Melinda J. Robison answered:
Vicks, That is really a personal question. There are Radon Mitigation Systems which usually start around $700 or $800 and can go up from there depending on exactly how you want the job done. I have found that the Radon Mitigation companies are usually easy to work with and will keep testing and tweak the system if needed until correct. The most recent company I have used for this guaranteed that the system would keep the Radon levels at 1.9 or less. However, you really need to check it at least once a year. There are usually warranties and things like that as well. Radon is everywhere in some form or another. You could not have high levels now and then when you go to sell they could be high. There is a difference in levels, as I am told from inspectors, when it is rainy season for example. So it is your call if you want to run the other way, or if you love the house so much negotiate for the sellers to install a radon mitigation system for you. I hope this information helps! Best Wishes! ... more
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Sun Aug 8, 2010
Monir Mamoun answered:
Checking with a local agent is the best way because they can pull up sales history in the MLS as well as check county records for you. A flip may be ok if it is accompanied by worthy renovations that would save you hassle. Otherwise make sure to shop around for the right price. ... more
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Sun Aug 8, 2010
Judi Monday, CRS answered:
Hi Vicks

Your best bet is your county assessors office or website. There is normally a spot on the page that shows Sales Information--which will show you when it was conveyed and for how much.

Best Of Luck,

Judi
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Sat Aug 7, 2010
Ron Rovtar answered:
Square footage is found by simply multiplying the width times the length of the area. In the case of a roof, you may have to figure the square footage of several different areas, then add them together. If you can get up on the roof to make the measurements (being exceedingly careful, of course!) Then it can be a fairly straightforward job. You may have some triangular areas, which is a little more complicated, depending on the shapes of the triangles. Here is some advice on finding the area of a triangle: http://www.clarku.edu/~djoyce/trig/area.html

If you cannot climb up on the roof, you might get a pretty good idea about the area by measuring the area around the base of the house and using the Pythagorean theorem http://en.wikipedia.org/wiki/Pythagorean_theorem The PT might get you the width of the flat areas but you may have to guess at the angle of the roof. This will work on simple roofs but not complex ones.

Of course you can skip all the math and just get an estimate from a roofer, which usually comes at no cost.

Best,
Ron
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Thu Feb 18, 2010
Tom Boos answered:
Absolutely!!!! The whole process is much simplified since the entire mortgage process is eliminated from the equation. And, often a prospective Buyer may indeed be able to pay a bit less for the property. My suggestion would be to engage the services of a local Realtor to make sure your interests are protected. A home inspection by a qualified hme inspector would be money well spent. You may also think about having your own appraisal done even though it's not required to complete the transaction. Good Luck. ... more
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Mon Jan 4, 2010
Maureen Francis & Dmitry Koublitsky answered:
Hi Monica,

There is no reason you would not be "allowed" to know the results of the BPO. Often there is more than one, because the results will vary. However, it is the bank's property and they might not chose to share the resultswith you, especially if it is not in their best interest. By the same token, if you paid for an appraisal, the bank (seller) would not be entitled to see the results, but you could certainly chose to share them, should you be so inclined.

Best of luck with your purchase!
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Mon Jan 4, 2010
Robert Greenblatt answered:
Hi Monica. The Negotiator is commonly the bank representaive assigned to manage the transaction. The process may take several months. The bank will typically ask for a lot of documentation from the seller (this may have been done already) and have one or two appraisals or broker-price-opinions. 60-180 days can be considered a normal time frame.

Robert Greenblatt
Keller Williams
Cherry Hill NJ
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Fri Jan 1, 2010
Gloria Commiso answered:
Hi

It depends on the bank and how quickly the listing agent responds back to the bank. Bof A does a BPO and then has 3 phases. One of the short sales Im working on has taken 9 months and we stilll dont have final approval. Sometimes banks change negotiators in the middle of the process. Ive managed to get other deals approved within 2 or 3 months w Chase, wells, Chevy Chase, Union, and WAMU (now chase). Be persistent. Ask who the lender is??? ... more
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Fri Jan 1, 2010
Gloria Commiso answered:
They will only move fast if its a high end multi million dollar property. I got one approved in ten days for 2.99 million. Banks dont move very quickly in the short sale process.
1 vote 7 answers Share Flag
Thu Dec 10, 2009
The Medford Team answered:
Monica:

What you have received is notification that the selling bank is starting the short sale process and is ordering a BPO.

Here are the steps:

(1) Once the bank’s short sales department receives your offer, they will eventually get around to ordering a BPO (Broker Price Opinion).
(2) Based on the BPO, they will begin to proceed negotiating with the investors that hold the paper for the property. They will be in NO hurry of any kind (for reasons that totally defy all logic).
(3) If there is any question about value, they will order another BPO. In MOST cases, banks negotiating short sales do not ask for an actual appraisal, they are content with BPOs.
(4) The bank(s) may send a preliminary set of questions to the listing agent outlining a possible settlement – if there are two loans, the first may agree to the short sale, but the second may want more money, concessions, etc. In most cases, the second is where the actual difficulties lie.
(5) This process can take MONTHS.
(6) Once agreement is reached and the short sale is approved IN WRITING by the bank(s) holding the loan(s), then it will actually begin the transaction process.
(7) It is at this point that your lender will get a final copy of the contract with all the necessary details to begin processing your loan. It is ONLY at this point that YOUR lender will send out an appraiser to verify the value of the property. The bank selling the property VERY SELDOM asks for an actual appraisal, however, banks lending to buyers to purchase short sales will get an appraisal every time.
(8) Once your loan gets going and the appraisal has come in for your loan, you can count on a normal transaction and normal period of time to close.

It is not your lender’s appraiser that is going out to the property (you REALLY don’t want to pay for an appraisal BEFORE you have written approval of the short sale), it is the selling bank asking for a BPO to be performed. You are just at the beginning of the process and it could realistically take months from here.
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Wed Nov 19, 2008
Marcia Geise answered:
Hi Sandee,
Yes the home you are asking about is available. If you would like additional information
please contact me and I will be happy to answer your questions.
Mgeise@michigangroup.com
810-844-2246
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