If the buyer has decided to back out of the contract they can without any EM being in jeopardy but they need to let everyone involved know. If they do not and it goes beyond their due diligence deadline they can still be help accountable for EM to be given etc.
What does your agent say? Does this buyer have agent representation as well. What are they saying?
You may need to seek legal counsel on this if the buyer doesn't perform according to the contract.... more
Your chances are excellent. Especially these days. There are special loans and grant monies available. I would be glad to walk you the process. It's easy. I help my clients do these kinds of purchases on a regular basis. Call me.
Horizon Investment and Management
The Good Neighbor Next Door is a HUD program (US Department of Housing and Urban Development).
The HUD web site offers good information about the different HUD programs and specifically about GNND. The web site is http://www.hudhomestore.com.
This website will provide you a list of available properties offered through HUD. NOT ALL PROPERTIES QUALIFY for the GNND program. You will need to click on the link on the left hand dialog box Good Neighbor Next Door so the map on the right will indicate what properties are available in the desired state, in this case UTAH. A "dark blue" color on the map indicated available properties.
Click on the map and the list of available properties will be provided. The list of available properties changes daily so check back often. Some days there will be no properties available and other days there will be several.
Today there are two properties that qualify for the GNND program. In order to place an offer you need to have a HUD registered agent and brokerage. Individuals are not able to submit offers on their own. The HUD has a specific contract they want you to use and review with potential buyers. The contract is available on their website for review.
From this point it moves through similar to a regular transaction. For more information please give me a call or send an email. I will be happy to sit down and go over an example. This is a great program for those that qualify, if the available properties meet your buying requirements.
Providing Solutions One Home at a Time... more
You can find Property Management co's that only charge the 8-10% and no finder fee's.
Also another way to save is to find a property that has better rents. I know places in slc that you can buy for 100k or less and rent it out for $1,000-1,100 a month. Let me know if you are interested.
For a non short sale home generally 4-5 days for Seller Disclosures. Many time this form is completed at the time of listing. Due dliigence 2 weeks from offer acceptance unless you know of a reason you might need to do more than a home inspection. Financing and Appraisal 3-4 weeks. If you are pre-approved the process should move quickly. If not it may take a little longer. Also it depends on what type of loan you are getting. Your lender can give you an idea of what they'd like to see. From that closing can we done within a week. Your closing date may depend on how much money you want to bring to close - less if it's at month end and more if it's the beginning of the month to cover your upfront mortgage interest.... more