It could be a waste of time.... They can only send one offer to the bank for approval. The sellers bank first has to approve the seller to even complete a short sale and then has to approve the sales price. usually if teh deal falls apart the whole sale falls apart. If you have a strong buyer broker who is willing to take the time to get exact info from the listing agent who is willing to share it, you could find out if the buyer is close to pulling out and thenm you could submit your offer but be willing to wait 2-3 months for the bank to decide.... more
Hi, Leeann: Elizabeth is right on all counts. I'd say the first thing to do is talk to a lender to make sure you're going to qualify for a mortgage and to find out what your comfort level will be with a payment. Don't forget to include the taxes, interest and insurance in your payment to get a realistic idea of what you want to spend each month.
Then find a Realtor you like and form a real partnership with her/him to find your new home. They can set you up with emails from the MLS in your preferred price range. That way, when you decide to go out looking in person, you'll know a lot about what type of home is available.
Also, make sure advance decisions about where you'd like to live. Buyers who are unsuccessful are often unsure about where they want to be geographically and it leaves them too large of an area of consideration, becomes confusing and ends in frustration. Location is a decision you can make before you start to look -- based on commute distance, school districts, access to services, proximity to family, etc.
The bank is trying to obtain value on the property. Typically, the bank will accept or counter the contract after they get the BPO back. This would probably happen within 45-60 days.
Joanne Spivey, CDPE, The Buyer's Best Realtors, 301.874.5100... more
Yes, normal for any house under contract with contingencies on it to be shown and a short sale has a contingency that the bank MUST approve the sale which is a HUGE contingency. Has the bank sent a written acceptance letter? Until you get that it can fall apart and the seller can look for back up offers up to the time it closes. Remember ---- it is still the sellers house and not yours.... more
If your real estate agent used the MAR contract and MAR short sale addendum, there is nothing that speaks directly to the BPO. As a buyer, you give the bank a specified number of days to issue an approval. If the bank does not issue an approval in that time period, the contract becomes null and void. After the bank completes the BPO, they should be fairly close to issuing an approval if all of the seller's documents are up to date. i hope that helps.... more
If you submitted an offer to purchase a home in Maryland, the earnest money deposit has to be deposited by the Broker when the contract is ratified. In the case of a short sale, the offer is ratified when you, and the owner sign it, not when the bank gives approval.... more
Your other post said you were putting an offer on a short sale and it was accepted. it was accepted by the seller but the bank has to agree and that can take MONTHS. If the bank is pushing it towards the foreclosure auction you may be totally ignored. The sellers agent might be able to convince the bank to accept your offer to buy it as a short sale but I would say you have a steep uphill climb to get them to do that. Once the foreclosure wheels turn it is hard to make them stop.... more
HOAs typically do not stipulate breed of dog but might stipulate number per household. Are you buying or renting. If you are buying, usually there is no problem. If you are renting, it is up to the individual unit owner as to whether they will allow pets.... more
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
I would suggest asking for HUD's rejection of your EMD in writing? If you had a contingency in the contract for a review period of the HOA docs and didn't waive your right to review them, I would definitely have your Agent contact the listing broker for help in getting your EMD back. Good luck!... more
Thanks for your question. Cannon Bluff is a small community of homes in Frederick- Ryan homes is building these. Let me know if you would like to go visit this area and I will be glad to help. 240-344-1713
I have not been over there in about 3-4 months but some are going up-
Cannon Bluff is within the Frederick City limits. Trash pickup is twice a week, but there is no recycling in Cannon Bluff, so if you are one of those people who can't stand not having recycling, don't come here.
Tuscarora Creek is the failed (foreclosures & auctions, etc) community in the front of Cannon Bluff. I more or less put blinders on while driving on Tuscarora Creek Blvd. At the end of Tuscarora Creek Blvd is a stop sign, but you can only left onto Chamberlain Dr, so that stop sign drives me nuts. Anyway Chamberlain Dr is mostly rows of corn, and then finally you get to Cannon Bluff, which is thankfully separated from Tuscarora Creek by all that corn.
Right now construction is moving nicely now that Ryan was able to get the permits thing fixed in later summer of 2008. Phase 1 is finished but Phase 2 is a little slow with ongoing building at a snail pace.
The best reason to buy in Cannon Bluff is the incentives and prices are quite a bit down. If prices have dropped, then Cannon Bluff is still a great place depending on how you commute to work. If you are lucky Pool Jones Road may be the fastest way to work, and that road is just fun to drive on.... more