I would need more information in order to help advise you. If you'd like to call me we could discuss your situation further.
Best Regards, Joyce Sloan, Coldwell Banker Realtor
(408) 981-9933... more
The term: "Manufactured home" includes two types of homes: Mobile Home and a Modular Home.
Mobile homes are delivered to the sight on their own axels and wheels and generally have the wheels remain in tact. It is not real property and you pay the DMV vehicle taxes on it.
Modular homes are pre-built homes which are delivered to the lot on flatbed trucks, hoisted onto a permanent foundation and bolted down. Therefore the Modular home becomes 'real property' because it is affixed to the land. You pay regular property taxes on a Modular home, according to Prop. 13, as you would on regular, or, "stick-built" homes.
The value of the Mobile home is generally less than that of a Modular home. Financing of such a home is not nearly as attractive as that of a Modular home. There tends to be fewer lenders wiling to lend on a Modular home than a traditional "stick-built" home. However, those that do, typically offer comparable rates and fees to that of traditional homes.
We are one of those lenders who lend on Modular homes. Why not call or e-mail me for more details?
Mike Walters, CA-DOC #280219
Community West Mortgage
Since no link is visible, either directly contact the listing agent, or any local agent/realty office can also help, they all have access to the same information, or consider working with an agent of your own.... more
As of right now it is a pending/ no show Short Sale,the price had been reduced to 849k it has an estimated closing date of 5/28/10,( I don't know how accurate this is, but that is what the agent has listed).
I hope this helps, feel free to contact me with any questions.
Dre # 01397256... more
The expirience is that firts offer get tired of watting and walk away.
Check with listing agent that new offers are back up offers.
Listing agent duty is to have a willing , pre approved and capabole buyer at Short Sale approval time.
Have you express a feeling of this is taking to long?
Sorry to say most banks when negotiating prices do it verbally ( that doesn't make it right, it's just the way it's done ) What I would have my agent do is if the bank verbally gives you a counter offer and it is acceptable to you THEN put it in writing, or have the bank put it in writing to sign by both parties. This is how it is usually done.
I'm sorry to hear that you are being "jacked around", but that happens sometimes when dealing with banks.
I hope it resolves for you,
DRE# 01397256... more
You claim to be working with an agent. Your agent should know what to do.
There really is no use asking anyone else.
Have your agent do their job, as this is just one of the many, many things we agents do.... more
It comes down to trust. You MUST trust your agent. There are three markets tday. REO's, Short sales and Regular sales. All three must be attacked with different strategies. If you are offering below an approved price for a shortsale...don't waste your time. If you are offering way below a regular sale(50,000-100,000)....dont waste your time. Every agent today is aware of all three markets and acts accordingly. It still comes down to comps in all three markets. If you dont trust your agent, maybe it time to sit back and evaluate. I know you want to get a good deal today but some sellers instruct their agent not to even respond to "frivolous" offers. This might be the case.... more
PS, and Pending Show mean the same thing, it means that the seller has accepted an offer from the buyer but contingencies have not been removed ( it means the buyer could still back out) and the listing agent still wants the property shown and possibly get back up offers.( there could be a several reasons for this a few of them are: buyers finances don't look strong, inspections need to be done and buyer may back out if there is to much work to be done or the seller does not want to pay for it, there could be other reasons but those are a few).PR stands for pending release which means they are are waiting for the buyer to remove contingenies.(see above reasons).
As far as going after them, thats a yes and no question. If you have seen the home and absolutely love it, then you can have your agent call and ask the listing agent if it is worth your time to write a back up offer. Other wise, skip it just go after active listings, because if their deal falls through the listing agent will put the property back on active.
I hope this helps,
DRE# 01397256... more
Interesting question. I have not had an all cash buyer, but a lot of the time spent on the process is on the banks end of which you have no real control over. They need to get all info requested from seller, appraisal info, and are working on 100s of files. The bank might not even know they had an all cash offer until they reviewed the file which could easily be a month in itself. If the short sale has already been approved then you can close in approx 30 days with a standard loan and most likely faster with cash. Get inspections, check comps, etc and don't rush yourself.
There are a lot of factors involve in a short sale...process is never short. You need to arm yourself with a lot of PATIENCE. I was just wondering if that accepted offer is from the seller or the bank. Every bank works differently. I am currently working with a shortsale right now and I was informed that it will take them 20days to review it...some might even take longer. Basically the turn around time for short sale are about 4-6 months process. I heard if it is a wachovia lender the process of the short sale is 30 days. Good Luck!... more
A short sale is when a seller owes more on their home than it is worth. Pretty common in our current market. The seller has to submit a request to their mortgage holder, or holders, in order to complete the sale. Two mortgages, especially with different companies, complicate things a lot. The mortgage companies will have to take a loss. An offer to purchase is submitted on the home. The seller will accept the offer, and then it has to be sent off the the mortgage company for approval. This process can take several weeks, depending on the situation. The mortgage companies are very overwhealmed by all of the distressed property, short sales and foreclosures. You will have to sign a short sale addendum to the contract disclosing all kinds of info. Buyer Beware! The seller applying for the short sale has to submit a large package of info to the mortgage company. They want all knids of financial details, hardship letter, tax returns, income verifications, etc. It is a very complex and time consuming process. As a buyer, you have to be patient and have a real estate agent that you really trust. Also, working with an agent that specializes in short sales is imperative. They will have contacts with in the mortgage companies and they will be familiar with the process. You should be warned that the percentage of contracts on short sales that close is very small. There are so many things that have to happen just right, and so many things that can go wrong. You can spend months waitng for communication from the banks. If you want a good deal on a distressed property, you may want to consider pursuing a forclosed property. Many short sales that become forecloseures are listed much lower in price as a foreclosure. You have to be very careful with these kinds of properties, make sure you know what you are getting into. And do lots or research, ask lots of questions. And expect to have to do some repairs. A good Realtor is an invaluable asset in buying any type of home, short sales especially! Good luck to you!
Chris Mabry, SRS, e-Pro
Realty Executives Southern Arizona
Gilroy is pretty rural, and prices have fallen there dramatically. I think that Morgan Hill is a lot more suburban, which can be a plus if you want to have more of a community kind of feel. Are you looking specifically for something farm-like? If so, Gilroy would be perfect. Morgan Hill would be a better option for more traditionally suburban living, with closer neighbors and nearer stores and restaurants.... more
Marc, that is a strange addendum. Seller's generally use a Grant Deed in CA.
You should consult your Title Company/Escrow Company for legal advice, if not a regular attorney knowlegable in real estate law. Try to get the scoop directly from the Title Company, as they will be insuring your clear title. They should be able to provide you with a "Chain of Title" which tells you who sold the property to who and when. Maybe theres a missing signature somewhere. Who knows. It sounds like he says if you raise any questions, then he has the right to cancel?? If you were my buyer, I would definitely raise some questions. On the other hand, maybe he's just paranoid.
Is this a pre-printed form, or something the seller wrote up? Good Luck. Don't sign until you speak to that attorney or title agency attorney.... more
I have asked some friends to chime in but the bottom line, FHA can make certain requirements about many things including shared wells.
From the HUD site - it clearly outlines the requirements:
"1. General - Shared wells may serve existing properties that cannot feasibly be connected to an acceptable public or community water supply system. A shared well shall have a valve on each dwelling service line as it leaves the well. A shared well shall service no more than four living units or properties.
2. Well agreement - A shared well must have a shared well agreement and shall be binding upon signatory parties and their successors in title. More information on this agreement can be referenced in HUD Handbook 4150.1 Rev-1, Section 12-17.
3. Water testing - Shared wells are covered by the guidance issued in Mortgagee Letter 2005-48. The mortgagee letter states that individual water systems no longer require automatic testing or inspection unless such testing or inspection is mandated by the state or local jurisdiction; it is believed that the water may be contaminated; when the water supply relies upon a water purification system due to the presence of contaminants; or when there is evidence of:
A. corrosion of pipes
B. areas of intensive agriculture within Â¼ mile
C. coal mining or gas drilling operations within Â¼ mile
D. dump, junkyard, landfill, factory, gas station, or dry cleaning operation within Â¼ mile
E. unusually objectionable taste, smell or appearance of well water.
The lender also has the option to require testing. "
Not sure about the updating agreement part. Hopefully someone in the area can respond.