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Foreclosure in Oak Park : Real Estate Advice

  • All152
  • Local Info16
  • Home Buying35
  • Home Selling5
  • Market Conditions8

Activity 6
Thu Jan 3, 2013
Ron Thomas answered:
Why would a LENDER bet on you?
Either you don't have a good track-record of paying your bills,
or, you don't have sufficient income to pay your bills,
or, both!
And you will be sacrificing $40,000 for $20,000.
Investors will be salivating; waiting for your Condo to come on the Market.
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0 votes 1 answer Share Flag
Wed Jan 4, 2012
Shanna Rogers answered:
Hi Low,

Have your Realtor check with the Listing Agent to see if they are accepting Backup Offers - some do, some don't. If they are accepting Backup Offers, that means the Backup Offer may be accepted only if the current executed contract does not close for some reason. Backup Offers do not over-ride current executed offers.

Shanna Rogers
SR Realty
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0 votes 6 answers Share Flag
Sun Nov 20, 2011
Tim Moore answered:
I think the bank usually bids what is owed (the loan amount) and since no one will want to pay that the bank usually gets it. At this point it is now theirs and from here they can sell it. They usually get a market price and list it for that or a little lower. ... more
0 votes 3 answers Share Flag
Thu Aug 13, 2009
Laurie Christofano answered:
In short sales, the only time we use contract addendums (not a bill of sale) is when there are 2+ mortgages on the property and the 2nd lender is unlikely to release the lien without additional funds. We recommend that the buyers structure their offer to account for this, but it is not a requirement. No cash is being given back to the seller for any reason...

If you'd like a legal opinion on this, I'd be happy to introduce you to a great local real estate attorney.

Best of luck!

Laurie, Buyer Specialist w/ The Pych Team @ RE/MAX In The Village
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0 votes 3 answers Share Flag
Thu Jun 19, 2008
Ginger Carney answered:
Hello Lana,

I am sure I could find you an agent in Ventura County who would represent your interests. What are the most important qualities you are looking for in an agent? When do you want to buy? Are you preapproved for a loan? There are many factors to consider, but I would love to work with you to find the perfect agent for you. I am at 707.824.4567. ... more
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Sat Sep 15, 2007
Ute Ferdig - Atty. Negotiator answered:
While pricing a comparable sale is done by making adjustments to the sale price based on features that make the comparable property either superior or inferior to the subject, I don't think that it is realistically possible to go into details such as the brand of fixtures that was used and how old the addition was. You have to remember that most appraisers and real estate agents don't have access to the interior of the comparable sold homes. Actually, the chances that a local real estate agent may have seen the interior of a comparable sale when it was still on the market are better than that the appraiser who will do the appraisal actually saw the interior. I do a lot of valuations for banks and for the most part I am limited to making adjustments based on exterior appearance and what the MLS detail shows. I make adjustments based on the age of the roof, whether the comparable was recently remodeled, exterior condition and other more obvious differences that have an impact on value in my opinion. Many people spend too much on high end materials not realizing that they will not really increase the fair market value of the house. ... more
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