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33129 : Real Estate Advice

  • All6
  • Local Info0
  • Home Buying5
  • Home Selling0
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Activity 6
Wed Dec 12, 2012
Olga C Suarez GRI TRC SRS answered:
Call me at 305-794-8435 I'm a Broker-Realtor for over 24 years, Let me know what are you looking for.Have you been qualify to buy, for how much, where, how many bedrooms and baths.
0 votes 31 answers Share Flag
Wed Dec 12, 2012
Alma Kee answered:
No, you cannot discuss a borrower's account unless you have specific written authorization from all borrowers named on the account.

There could be a lot of possibilities going on with this.

Is the property occupied by the owner or tenant? I've seen owners intentionally drag out the process to live "rent free" for as long as possible and even have heard of Realtors collecting rents on Short Sales so they want to delay the sale so they can collect free rent money! Sad to say...

No, there is no oversight and it's a wild wild west and anything goes with Short Sales. Even if the property was vacant when you made your offer, there may be a tenant living there now with destructive pets so you may want to ask your Realtor to get you a showing before submitting another extension.

Oh and a 15 day "approval" of short sale is next to impossible so I'm not sure why your agent would even suggest you could get it done that quickly. And.. don't fool yourself into thinking the lender will allow it to sell at the current full asking price (even if it was previously approved to sell at that price) if it is a bargain. You see, the lender will do an appraisal and only then will the "REAL" price be revealed. We do have some Preapproved Short Sales so those do have genuine asking prices, the rest is just fiction!

Good luck and remember, until/if you get an approval letter with your name as the buyer and at the price you're willing to pay, you MUST continue to shop for a house or you may miss a genuine bargain.

All the best,
Alma
www.SoldOnTampa.com

PS Don't do anything to upset the Seller or his/her Realtor because without the Seller's signature on a contract, the lender will never see your offer. The Seller doesn't even have to accept the highest offer, and can simply go with the "nicest" buyer!
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0 votes 9 answers Share Flag
Fri Apr 13, 2012
Irina Karan answered:
To know if the price is right, check out Zillow.com for an automatic valuation - this is not a perfect tool but will give you some idea. Next, pick a good realtor specializing in distressed properties and working the area you are buying in. Please use www.CDPE.com (for distressed property experts) or Trulia.com for Find a Pro option. Your realtor will provide you with the comparable sales (past 6 months, in the same building) - so that you will be able to figure out the correct value.

The prices are based on size, location (proximity to the beach), condition of the property, type of sale (distressed or not), views, how high the floor is, demand vs. supply and if improvements were made to the property in question.

Auctions, with their bidding wars, often lead to overpaying for the property, and there are many potential problems with them - like title issues and work done without permits (illegally). Same could be said about foreclosures (no title issues, but lien issues there).

Hope this helps,

Irina Karan
CDPE
IrinaKaran@gmail.com
Beachfront Realty, Inc.
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0 votes 11 answers Share Flag
Fri Apr 13, 2012
Irina Karan answered:
First of all, you should have had this info in the beginning of the process, before making an offer.
You could have offered less than what you offered (by the amount that the association would take - I'd offer at least 50%, and if the negotiator can get them to accept less, you won't even pay all 50%).

Second, since you can't turn the clock back, please read the approval letter - it could be already stipulating a payment to the condo association.

Since you didn't know about this upfront, something is telling me that the negotiator didn't know about this until now either...If the association is represented by the attorney, or if there is a lien on the property from the association - your negotiator needs to go through the attorney. In most cases, attorneys are better than associations - and they get paid on getting the money from the owner/buyer.
If the association is not represented by the attorney, the negotiator needs to proceed with the lowest number for starters, unless you are under time pressure to perform under the terms of your approval and contract. The lowest number in this case could be 4K or 12 months of regular maintenance fees (which is the extend of the FL law payment to the association). The negotiator needs to explain to the condo association that the closing will be quick and the new maintenance fees will start being paid to the association right away. If you are under pressure, start from at 50%.

A lot depends on how receptive the association is, and some are unreasonable while other are absolutely fine, yet, having a good negotiator on your team is paramount for your cause of paying the least possible amount.

Good luck,

Irina Karan
CDPE
IrinaKaran@gmail.com
Beachfront Realty, Inc.
... more
0 votes 7 answers Share Flag
Thu Feb 9, 2012
Oreisi Lopez answered:
there are only two, come back and check whenever you want
0 votes 5 answers Share Flag
Wed Aug 3, 2011
Lila Henry answered:
Good Afternoon Morroquito,

It does appear you have been given some sound and some not so sound advise. I am not an attorney either, but I would never suggest to you to live out the deposit amount, as this may cause you more trouble that it would be worth, not to mention it could possibly be a violation of the lease. The best suggestion of course is to have an attorney address this for you, but I would first send a letter to the new owner to address your concerns and given the rental deposit amount is not that big, they may be willing to work this out with you. A couple of things here are not clear here, are you still living in the unit, when is your lease due to expire? Or have you already moved out and are looking for your deposit back? If you are looking to remain in the unit and/or the new owner wishes to keep you on as a tenant, this could be something that the two of you come to terms with. The new owner may not have gotten the deposit transferred, and he/she would need to have that addressed himself through his agent and the title company that did the closing. It also all depends on how his sales contract was written. I would first start out by trying to work it out with the new owner. ... more
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