loc n asked:


Is it possible can i do a short sale one of my home and still keep one for living? can bank had a right to take the one i like to save after another one have been sale.

Roosevelt

Hunter2 asked:


My offer has been in since April 1st. Finally accepted by the bank, but what’s the hold up since acceptance? How long is this likely to take?

Rico

Allison F asked:


We put in a full price offer on a short sale over a month ago. House has mold problem, and we have lined up a rehab loan because traditional financing isn’t available. We did our inspection, so we waived inspection in our offer.
An offer has come in 11% over asking price, but it has “conditions”, so buyer’s lawyer wants us to hang in there.
The thought is that the bank would rather have a clean offer that is ready to go, than a higher offer with an escape clause. The house is in foreclosure and a prior short sale was approved at around the current list price but fell out due to the mold. Does anyone have experience with this? Should we keep waiting?

Darrick

argentina asked:


my friend referred me to a real estate agent and after six months my house was still not sold. the agent decided to put an offer on my house after i sold my car to pay for the mortgage since my husband was gone away to training, his income was reduced. in august my agent asked if she could use my property as an investment property by putting a tenant. i agreed since she was buying our house through short sale, however i have never seen the tenant’s application or credit report and found out later on that he had the worse credit.
in september 07, the agent backed away from the deal stating her broker wasnt honest with her regarding the short sale transaction. now, the bank tells us that they never received the agent offer that we signed but they received another offer 200,000 short of the offer we did sign with her. the bank also stated that the broker refuse the 5 % commission, now the tenant is suing us and the broker and agent are nowhere to be found. please help us save our home

Yaeko

mira a asked:


Are the sellers being forced to sell their home quickly or they prefer to have a short closing process. And does short sale mean that they are somewhat desperate to get rid of the house b/c of dual mortgages, they have to move, etc…

Also, if a bank currently owns the property does that mean the list price is firm and will not budge?

Darleen

koolkid20 asked:


What’s the process for this type of property and how long should it take for the bank to respond? Will the bank choose one offer or will they negotiate with all parties?

Lakendra

chocolatebabycakes asked:


I am a new real estate agent and my broker isn’t readily available. A friend of mine is behind on her mortgage 3 months. It is her investment property. She has 2 mortgages on the property, 1 is for 98K the other is for 23K. The house appraised last year for 125K. She just gave me authroity to call the bank on her behalf to negociate a lower amount. Who should I speak to and what are the next steps? How do I get paid is she is in pre-foreclosure?

Herb

Biggun asked:


It is my understanding that the bank has to approve a dollar amount that it will accept for a short sale. I f I offer less than this amount, will they even consider it? Ex. I want to buy a house that is listed at 79,900, and I am approved for a purchase price of 75,000. After the real estate agents get there share the bank may only get 69,000(just a guess). I dont know what amount or if the bank has approved an amount for the short sale, but with a list price at 79,900 do I stand any chance at getting this house???

Trey

Peeshee asked:


My husband and I put an offer on a short sale home that was already approved. From my understanding (correct me please if I am wrong), if it is an APPROVED short sale that means the bank already approved it at the listing price. So from what I’ve been signing in the papers, I’m not working with the actual sellers of the place. Because where I’m signing it has the names of the actually sellers, not the bank. So how long does it usually take with an approved short sale? Its been on the market for over 3 months…no offers have been submitted at all. We’re the first. My agent is pretty optimistic and say that we should hear soon, and close by the end of July…when he says close, does he mean close of escrow?
I’m going to talk to him later, but my husband has been doing all the yapping and I’m more of a visual person so thats why I’m writing her. Thanks!

(We’re in San Diego, CA)

Will

BunnyB asked:


Hello and thank you for your help in advance,

I made an offer on a short sale offering $6000 less than the asking price. The seller accepted the offer and the bank had two months to approve the short sale. A few days before the two months were up, the bank asked for an extension on the contract. My lawyer says that everything is running smoothly and that the bank will accept my offer, but they just need a few more weeks to get it done. The two months are now up and I did not say whether I would accept the extension or not. So my guess is that the contract is now void (I just have to confirm this with my lawyer). I don’t have to continue with the contract, if it’s void I can just walk out. I’d like to walk out because my payments are going to be higher than expected. But if I felt comfortable with the monthly payments I’d stick with this. So my question is, can I give the bank an extension contingent that they take a few thousands from what I offered? If they say no, I’d just walk out, and since the contract is void, I’d lose nothing. If they say yes, then I’d feel more comfortable signing my life away on this house. Is my question something I can throw at the bank??

Suggestions or any advice would be greatly appreciated!!! Thank you so much for your time!!

Santos