Replies to This Discussion

Permalink Reply by Bryant Tutas on March 24, 2011 at 11:56pm

Jo. You need to seek the advice of a competent Attorney ASAP? There are things they can do that an agent can't to stop a foreclosure. I would do this immediately.

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Permalink Reply by Jo contreras on April 2, 2011 at 7:20pm

I went to see a lawyer found out from bank there isn't a sale date. My bank is AHSMI and they are awful and horrible to communicate with. The 5th of may was regarding the closing date of my shortsale. I got the paperwork in from the bank to verify. I have a little time to try to find a buyer but still don't know if I'll find one in time. Does anyone know of where to find a fast. Investor that isn't a hoax company? Everyone I have talked to who are investors Keep telling me they are not interested in my place b/c its a town home. It's a3 bdrm 3bthrm place in a gated community with a pool. It has a new a/c new water heater, new dishwasher and 2 bathrooms are remodeled. I don't understand why someone wouldnt be interested especially b/c its going for $55k! Can someone shed some light why a town home is undesirable? Should it be marketed more towards firs time buyers vs investors? I just need some guidance b/c I'm trying to get the word out with my realtor and he keeps saying cash buyers are the way to go right now, so that says to me investors.

Thanks

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Permalink Reply by Bryant Tutas on April 3, 2011 at 1:02am

Jo.  I wouldn't be too concerned with finding an investor buyer. You just need a buyer or any kind. The listing agent should reduce the price as low as it needs to be to make this happen.

 

Investors may be staying clear of town homes due to the HOA fees. If they are buying to use as a rental the HOA fees cut into their return. If they are buying to resale the HOA fees limit the buyer pool.

 

I know it sucks but try to be patient. You want to make sure the next buyer is also patient and committed to the purchase. If you get too anxious you will be tempted to take the first deal that comes along and that is not in your best interest. You need a strong deal more than you need a fast deal. Does that make sense?

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Permalink Reply by Sharon Walker on April 3, 2011 at 6:53am

Where in Vegas is the townhome & how much are the HOA's? I just got 2 short sales off in Miami !!! Yea. Took me almost 2 yrs but got it done. They gave me auction dates also but never happened. Wouldn't get too worried as thebanks have MUCH MORE than they can handle. I live in Vegas so LMK where your place is. Thx

Bryant Tutas said:

Jo.  I wouldn't be too concerned with finding an investor buyer. You just need a buyer or any kind. The listing agent should reduce the price as low as it needs to be to make this happen.

 

Investors may be staying clear of town homes due to the HOA fees. If they are buying to use as a rental the HOA fees cut into their return. If they are buying to resale the HOA fees limit the buyer pool.

 

I know it sucks but try to be patient. You want to make sure the next buyer is also patient and committed to the purchase. If you get too anxious you will be tempted to take the first deal that comes along and that is not in your best interest. You need a strong deal more than you need a fast deal. Does that make sense?

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Permalink Reply by Walter Rock on April 3, 2011 at 3:03am

Joe, the best thing you can do is find an experienced short sale agent.  If your agent has not completed at least 5 short sales, then you might want to find another.

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Permalink Reply by Kimberley Kelly on April 3, 2011 at 3:21am

Keep reducing the price and GET an offer!  I had to reduce the price of a Condo here in Indio, CA. to $30,000 with HOA's of $200 before I got my buyer.  They accepted it.  Originally sold for $186,000!  THat's what it took to get it sold and when they asked both me and my Seller and Buyer to put in $, we all said "no"..they agreed the next day.  Most of the Lenders do NOT want condos and townhomes..they are very tough to finance and to sell..get an offer!

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Permalink Reply by Linda Susan Fox on April 3, 2011 at 3:46am

Ask your lender for an extension, but first try to find another buyer.  That happens all the time with buyers that walk away from the short sale before the end.  Most lenders will give an extension of time.  Good Luck.

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Permalink Reply by Jeffrey Burnham on April 3, 2011 at 7:14am

Which lender is involved? Some will allow a new Buyer to be sustituted more readily than others. The important thing to remember is a short sale approval does NOT stop the foreclosure timeline here in Nevada anyway. Different banks handle things differently it seems. Biggest question I would suspect you declined State of Nevada mediation? It sounds like you have had a NOS set already?

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Permalink Reply by Jo contreras on April 4, 2011 at 1:47am

We decided this has become way too stressful last night.  We are going to see if we still could qualify for a loan modification. If not we are paying the bank back in full with all of our available funding. We didn't want to do it this way, but it's been way too stressful to deal with, I just hope that if we pay the foreclosure proceedings stop.  We had one interested person yesterday look at the home, they bought the unit next to ours, if I don't get an offer from them, I'm totally spent.  Thanks for all the advice, I dot want to own this home but feel out of options and am tired of not being able to sleep at night.

Jeffrey Burnham said:

Which lender is involved? Some will allow a new Buyer to be sustituted more readily than others. The important thing to remember is a short sale approval does NOT stop the foreclosure timeline here in Nevada anyway. Different banks handle things differently it seems. Biggest question I would suspect you declined State of Nevada mediation? It sounds like you have had a NOS set already?

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Permalink Reply by Raymond Kennedy on April 3, 2011 at 8:27am

Find another buyer. If it's not listed with an experienced short sale agent you need to do that right away in order to find a buyer fast although that could affect the original approval if the commission wasn't considered as part of the fees. If it wasn't than it's not the end of the world as this will just reopen negotiatons and if you can get a new buyer at a litte higher price that could offset the additional fees. This isn't uncommon and many times the buyer walks but there is always another buyer around the corner. 

 

Chances are the auction date was postponed since you have an approval, find out when the new date is or even if it has been scheduled. On your approval letter there is a deadline date so it is very likely you have until that date before they proceed with foreclosure activity although that is not always the case. In some rare cases I have heard where banks foreclosed during the Short Sale approval so it's important to know the status of foreclosure during the whole process. I would suggest having your agent do this or an attorney so they don't disclose anything unnecessary to the bank.

 

Experienced agent will know how to proceed with the least amount of risk. 

 

 

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Permalink Reply by Jo contreras on April 3, 2011 at 10:11am

Thanks for all of the advice. I will need to discuss with my wife and talk with my agent this week. We were thinking of taking the house off the market at the end of the week and try to see about a loan modification if we would still be eligible. My family would loan us the money if we could reduce the mortgage payments. I cant got through a foreclosure, and I understand this was a risk the whole time going through this process. It has just been so stressful lately, and the house has been back on the market for 3 weeks and just two showings. My realtor doesn't feel we can get someone new in 30 days so its left me very discouraged. It was previously asked who my banks were- AHSMI is my first mortgage and SLS is my second mortgage. Someone also asked where my home is located, the link to the listing is below. if anyone else can think of anything else or someone specific i should speak with in las Vegas or at my mortgage companies please let me know. Thanks again,

http://www.realtor.com/realestateandhomes-Detail/4008-Cape-Sand-Dr-...



Sharon Walker said:

Where in Vegas is the townhome & how much are the HOA's? I just got 2 short sales off in Miami !!! Yea. Took me almost 2 yrs but got it done. They gave me auction dates also but never happened. Wouldn't get too worried as thebanks have MUCH MORE than they can handle. I live in Vegas so LMK where your place is. Thx

Bryant Tutas said:

Jo.  I wouldn't be too concerned with finding an investor buyer. You just need a buyer or any kind. The listing agent should reduce the price as low as it needs to be to make this happen.

 

Investors may be staying clear of town homes due to the HOA fees. If they are buying to use as a rental the HOA fees cut into their return. If they are buying to resale the HOA fees limit the buyer pool.

 

I know it sucks but try to be patient. You want to make sure the next buyer is also patient and committed to the purchase. If you get too anxious you will be tempted to take the first deal that comes along and that is not in your best interest. You need a strong deal more than you need a fast deal. Does that make sense?

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Permalink Reply by Jo contreras on April 3, 2011 at 10:15am

Oh and my HOA fees are $165/month but it includes caring for the grounds, pool, gates, and pays for the water bills for all owners. The fees haven't gone up since 2006.

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