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Home Buying in Somerdale : Real Estate Advice

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  • Home Buying6
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Activity 6
Nicole Erics…, Real Estate Pro in Clinton, NJ
Wed Jan 27, 2016
Nicole Ericson answered:
Even if the listing itself expires, you are still under contract. They can easily relist the property on the MLS, but it's not really necessary in your case.

The only thing I can say to you is sit tight, and wait. That's the only thing you CAN do. Here's what you need to know about the banks: THEY DON'T CARE. They just don't care how long it takes them.

I have buyers that wanted to purchase a short sale. We put our offer in April 2015. Seller accepted next day, and we went on to the next step. It took over 7 months for the bank to even approve the short sale process, and then they accepted our offer. (Trust me, I heard all about the "it's in underwriting" ... "looks good" from the listing agent, whom unfortunately you have to rely on for giving you information). Turns out, AFTER the bank accepted, I find out that Fannie Mae is the investor and it now has to go to them for final approval. They then DENIED THE SHORT SALE process in general. That's it. Done deal. Even after waiting all that time, having inspections done, appraisals, it just didn't matter. Fannie Mae said no.

My point is, that short sales are very tricky, and are ANYTHING but short. The only thing you can do is wait and keep your fingers crossed. These things can take a lot of time. I really really hope your situation turns out well.

What I wish is that the listing agents would just be straightforward with you. What they should say is, "We have no timeline. When I hear something, I will let you know." That way you don't feel like your'e being lied to. I know how frustrating it is for them to tell you things that give you glimmers of hope, only to be completely useless or made up.
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Gerry, Home Buyer in 14621
Fri Jun 12, 2015
Gerry answered:
Put a offer in on a home in fl bank accepted verbily then sent contract for me to sign agent sent back 5 days ago and still dose not have signed contract back from them I have even been sent closing title info and have the cashiers check for EMD can any one shed some light on this ... more
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R. Eric Axel…, Real Estate Pro in Sewell, NJ
Mon Dec 2, 2013
R. Eric Axelson answered:
Hi Ken, you don't reference a property above, but to answer your question, many homes can qualify for VA financing. Feel free to call me!

Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
856.617.1212
axelson@kurfiss.com
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0 votes 6 answers Share Flag
Larry Sarlo, Real Estate Pro in Sewell, NJ
Sun Dec 1, 2013
Larry Sarlo answered:
Hi Ken,
Almost every home will accept VA for a loan... The home has to pass the required inspections...


Search Short Sales and foreclosure Deals at www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
www.larrysarlo.com
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0 votes 2 answers Share Flag
Mary Petti, Real Estate Pro in Edison, NJ
Wed Jan 30, 2013
Mary Petti answered:
Niemandbelinda,

Just curious, was this a short sale and what you have is actually the banks approval of the sale price?
Never heard of a lawyers contract before unless you bought the home without using Realtors and the attorney wrote the contract. I agree, that if it's 45 days on a "normal" sale, if the contract is not signed you don't have a deal. ... more
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Ankit Patel,  in Cherry Hill, NJ
Wed Jan 16, 2008
Ankit Patel answered:
On January 21, 2009 property went under contract for $160,000. $53,000 less than original listing price.
0 votes 3 answers Share Flag
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