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Property Q&A in Saint Clair : Real Estate Advice

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  • Home Buying2
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Activity 3
Wed Sep 24, 2014
Constance Knox asked:
This question was asked from this property:
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Mon Dec 29, 2008
T.E. & Naima Sumner answered:
Dale gave a great detailed answer.

Or as another short answer, the buyer has until 12/29/08 to decide if they want to move forward with the purchase or not. If they do, the status will change to pending or if they decide to back out, then the house will be active for anyone to submit an offer to the seller.

Ask your agent to check on the status tomorrow. It should be updated but sometimes listing agents take a couple days to update it.

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Sun Dec 28, 2008
Dale Weir answered:
according to the MLS and to the tax records this is not a foreclosure, the owners are relocating. While the tax records do not indicate what they paid for it, the mls indicates that it's been on the market for 222 days and it is currently under a contingent contract with an option date of 12/29/08.

Please note that being a foreclosure does not always mean a "great deal" - recently we have seen foreclosures where the home has been refinanced to the point where more is owed on the home, then the homes in the neighborhood are selling for, but the bank still wants to try to recoup the amount that is owned on the home and will initially list at the amount that is owed. If you aren't familiar with what the home values are in an area, do not immediately presume that a short sale or a foreclosure is a "great deal" the home may be listed above the going rate for the neighborhood, at the going rate or if you are lucky, below the going rate. The homes may need a lot of work as well when they are short sales or foreclosures.

There are seldom special financing options on foreclosures or short sales. The bank that holds the current mortgage might give you a slight break if you finance with them, but it's in their fees. FHA won't give you a break and often won't finance a short sale or foreclosure, because they are concerned that the home will have hidden issues.

When you are working with short sales or foreclosures, make sure that you have patience and LOTS of time. Sometimes you get an answer back quickly from the bank, but other times it might take months. Timelines in contracts mean NOTHING to the banks. They might answer back immediately and want you to close next week (as is sale, no inspections, no work to be done) or they might take 6 months to answer back - I have personally seen banks take so long to answer back (with good contracts on the table that were over list price for a short sale) that the home went into foreclosure, the contracts got thrown out and everyone had to start over.

Call me if you want someone to sit down and go over the ins and outs of foreclosures and short sales with you.
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Property Q&A in Saint Clair Zip Codes