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Home Buying in Oceanport : Real Estate Advice

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  • Home Buying14
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Activity 17
Sat Sep 7, 2013
Leonard Dunikoski answered:
This thread is over 5 years old- I think James got the information he needed in 2008.
0 votes 10 answers Share Flag
Tue Aug 27, 2013
Ron Marc answered:
I have been trying to sell a condo in a short sale in Florida. I signed with a realtor in Nov. 2012, and due do his negligence actions, the sale file was closed after 3 cycles of the application process (agent jumped to another broker and did not legally transfer the listing, yet listed it).

I reapplied for the short sale, got another agent and an offer. It was sent to the bank, who ordered a BPO. The BPO was accepted and the Bank countered $7500 more. The buyer accepted it and the contract addendum was sent to the bank. 2 weeks later, the sale was declined by the loan server server, no reason given.

I asked the bank negotiator why and no answer was given. What do I do now?
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0 votes 201 answers Share Flag
Thu Aug 30, 2012
Marsha Bowen Washington answered:
Hopefully you are working with an attorney on this transaction, I've heard quite often in the Southern part of NJ that not all buyers hire attorneys to represent them. You should go over your contract with an attorney for legal protection.

In terms of a short sale, the sooner the inspection is completed by the buyer, the better.
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0 votes 6 answers Share Flag
Wed Jul 25, 2012
Tim Moore answered:
The bank will have to eat the tax lien, the house can not be sold with any liens on it so someone will have to pay it or get it removed before the closing can occur. The house could fall into foreclosure too and then the buyer (bank likely) will have to deal with all liens before they put it up for sale. ... more
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Mon Mar 5, 2012
Leonard Dunikoski answered:
Oceanport, Little Silver and Shrewsbury are towns you should consider. In addition the part of Red Bank that's adjacent to Fair Haven may have some homes in that price range. If you can afford to go a little higher in price, take a look at parts of Fair Haven as well; the elementary and middle schools are excellent, and they feed into Rumson-Fair Haven Regional High School, consistently voted one of the best public high schools in New Jersey. ... more
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Mon Mar 5, 2012
Leonard Dunikoski answered:
Any Realtor will be happy to do a complimentary Comparative Market Analysis (CMA) for you. However, my advice is to go to a Realtor who is a LOCAL EXPERT in Oceanport, Fair Haven, Little Silver, or whatever community you're considering. Someone who lives in the town (or an adjacent town) is most likely to have a true idea of the real estate market in that town or even in a particular neighborhood within a town. ... more
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Tue Jan 3, 2012
Marco Gomez & The Reach Team answered:
You can definitely offer less, but it does no mean the bank will accept it, although they will generally respond within 72 hours.

Marco Gomez
The Goodlife Team
Keller Williams Landmark
Serving Queens, Brooklyn and Nassau in NY
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Thu Aug 4, 2011
Ronald Shaffery answered:
Looks like a tennis match . Like the others have said B of A is trying to cut it's losses. I had a short sale recently blow up for the same reason. The seller couldn't afford to bring any money to the table and B of A switched its bottom number on him. Sorry to hear this is happening to you, you may want to cionsider alternative options. ... more
0 votes 6 answers Share Flag
Thu Jul 22, 2010
Mary Petti answered:
HI again Gail

First I will repost my answer (from below):

By appraisal are you referring to the "tax assessment"? An appraisal is NOT the same thing as the tax assessed value. Most homes always sell above their "assessed value". An appraisal is done to determine "market value". Usually they are very close to the vest with the appraisal amount.

Unfortunately most banks will NOT do an "appraisal" until a contract is submitted to them. Then they can accept, reject or counter-offer (as in your case).
I had a situation with one of my short sale listings. Listed it at $200K...buyer wrote contract for $200K. The bank did their "appraisal" then counter offered and said in order for them to get their required "payoff amount" (which is their NET after payouts like commission/legal fees etc), we needed to sell it at $214K. It really depepnds on what the seller owes and what the appraisal came back at, as to what payoff the banks will accept.

NOW for more :
If you can give us a bit more information on the numbers based on my comments (appraisal vs tax assessment) it would be a great help.
For example If the seller owes a ton of money (let's say $300,000 but the house can realistically only sell for $200,000) the "appraisal" was $200,000 and you offered $200,000, but the bank is holding out for $250,000 to cut their losses, it may be time for you to walk away from the offer.

Then what Patricia said will probably come into play, but that's not your concern.
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0 votes 11 answers Share Flag
Fri Jul 16, 2010
Francesca Patrizio answered:
Gail,

OMG, short sales are so unpredictable as it honestly depnds on the bank. I've closed on a short sale in 2 months wherein I was able to obtain $470 out of the $500k owed, with lack of consideration for this missed payments , , , then I've endured short sales where I acquired an offer price that is now grater than the current post foreclosure list price because the bank insisted on a greater price. . . go figure.

Unfortunatley, despite what the "short sale" quick course Agents may tell you, there is no rhyme or reason as to what these banks decide to do and FEW AGENTS have the expertise or power over the bank's deciiosn . . . although many proclaim after taing a short course on short sales they are "experts".

With short sales, none of us are "experts", as the banks are unpredictable . . .. and this feedback comes from Agents I know that have been in the busines of short sales long befiore the current market.

Unfortunatley. livable v. non liveable vs. no central air really doesn't matter to banks as it does to the typical sale wher we can use that as leverage.

Unless a short sale has been "preapproved" Iin my view it is rearly worth the effort. , athough there are exceptions and your local agent with true kowledge of the short sale process will be most able to advise u of same.

Love and Peace,
Francesca Patrizio, ePro, SRES
Coldsell Banker
Francesca@PatrizoRE.com
732.606.2931
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0 votes 3 answers Share Flag
Wed Jul 14, 2010
Amy & Dan Schuman answered:
Nancy,

Hopefully your agent gave you a pamphlet regarding radon gas, so you at least have a decent background on what it is and how it may affect you. The current EPA threshold is 4.0, so .9 is no reason for concern and remediation is not recommended at this level. If you meant 9.0, than you may want to read your contract to see what your options are. When results come in high here in Ohio, many buyers end up having the seller either install a mitigation system ( $800-$1200 ) or reduce the price of the home accordingly. Radon is actually pretty common throughout the country. We suggest to do some research so that you feel comfortable with situation. Good luck.

dan
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Wed Apr 28, 2010
Richard Schulman answered:
If you only have the intent to try and haggle down the price, do not offer less here. Getting the short sale approved was a difficult enough process. If a buyer is going to buy it now, it likely will go for 225K. An exception is if the short sale process was started a very long time ago and the property value truly has declined. Talk to your agent (and if you don't have one, get one - as an agent will be invaluable in this situation) and get your agent to talk to the listing agent. You should be able to then get an idea of what the situation is - are there other offers in? How long has this been in process? What's the bank's situation? Etc.

Good luck,
Richard Schulman
Keller Williams Realty
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0 votes 8 answers Share Flag
Sun Apr 4, 2010
Shannon Thomas answered:
The bank will usually get the per diem fee for every day you are late on the contract. If you didn't write it into the contract that the junk would be cleaned up then it will be your problem. It does usually say as is. ... more
0 votes 10 answers Share Flag
Thu Mar 18, 2010
Dustin Nulf answered:
Dear NonRealtor,

That's not true for all areas. Things are looking good in Pittsburgh right now. I only sold 10 transaction sides last year, this year I should have 12 - 15 sold before the half-way mark. Prices are predicted to be positive also (as Dan informed me yesterday). I would suggest Janet researches her area before deciding to wait. ... more
0 votes 19 answers Share Flag
Wed Mar 17, 2010
Dustin Nulf answered:
Ask for the documentation. Usually these banks respond via email and a lot is done "verbally" before it's finalized. The bank has every right to counter, it's their money on the line. If you're trying to get a fabulous deal (like offering 15 grand on something that's worth 80k), chances are you will not get it that cheap... and if that's the kind of deal you're looking for, then you need to seek out REOs not Short Sales ;) ... more
0 votes 6 answers Share Flag
Sun Aug 9, 2009
William Leigh Holt answered:
Goodie: I think you have your answer(s.) While I agree with Ken that two offers may be offensive to one's sense of what is right, I was talking specifically of laws. I still do not know of any law that would be broken. Extending Ken's thinking further, one might say that any offer made that might be retracted for any reason would also be unethical. I don't think so.

The buyer has the right to buy more than one condo, if they can afford them. While a Realtor might have a suspicion that the buyer who made more than one offer was planning to take only one deal, you really can't say. If it is the buyer's position to make offers to see who is more willing to negotiate and they want it kept quiet, who can tell me that it is ethical to insist that they reveal their strategy? It's loosy-goosy ethically and I would advise against multiple offers but for more practical reasons, as I have.

The other issue that has reared its ugly little head is the one-page "offer." The one page "offer" is not an offer. It is not a letter of intent. It is a note that says, if you like the price written here, and we can agree to all the other terms found in a contract, I would likely sign a sales contract. This note is not binding.

The real offer come in the form of a contract that the offerer has already signed that spells out EXACTLY the price, terms and conditions for the sale of a property. In most states, the person receiving this offer, upon signing it and returning it, binds the original signer and him/herself to a sales agreement that will end, as quickly as possible in the transfer of the property. That is the only real offer that can be made and what I imagined Goodie716 was discussing. As far as the "offer" to make an offer, I would say fire away, they are not binding and if you get five acceptances, you may wish to firm up one real offer of a complete contract. One page "offers," in my opinion are just talk and talk is cheap.

In fact, that's a good way to end this little exercise. Talk is cheap. Don't cheapen yourself by too much of it. Sellers are bargaining in good faith, for the most part, and so should you.

As Jennie said and I said as well, sequential offers are a good way to keep things straight. It would be as much to the buyer’s benefit as the seller’s, if we did not gum up things with more than one offer at a time. Ken says in his eyes it is unethical to make two offers simultaneously and indeed, there may be precedent that says so in the Realtor organization or perhaps the state authority has already agreed that this is so. I don’t know that they have but I too would prefer not to “go there” with multiple offers.

I’m surer that it would be unethical for me to get a buyer committed to do things that would cost him/her money in lost deposits and in ill will and which might cost him/her that deal that was truly the best they could get.

Lots of luck

Bill Holt
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Thu Aug 6, 2009
Maria FORSBERG-VILLON answered:
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