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Foreclosure in 63021 : Real Estate Advice

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  • Home Buying3
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Activity 1
Wed Nov 14, 2007
Mike Kelly Allison Norman answered:
Nope! Only issues you run into will be resistance to the Seller having to dig into their pockets to close the sale as the costs of the sale will make the property a "Short-Sale". In our market what a Seller purchased for is not really relevant to the MARKET price. Have your Realtor/Licensee run a comparable market analysis of the homes in the area and find out what the recent comparable sales look like.
Word of caution: If all parties sign the contract and make it "subject to lender approval for a "Short-Sale" then be prepared for a long, protracted escrow with the LENDER dragging their feet! Give yourself an "opt-out" clause in 30 days allowing you to back out of the deal if the lender has yet to agree. Also, keep your deposit small as you don't want to hang up cash waitng for this lender to get off the dime. Have all your inspection timeslines PLUS appraisal begin upon lender approval.
Word of caution: occasionally the lender comes back and agrees with the terms of the sale then wants it closed in 7 days!! Talk to YOUR lender and see how fast they can peform in this market.
Don't waste your time with this property and find someone with some equity!!!
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