A few weeks ago there was a news report that Fannie and Freddie's regulators had told them to get procedures in place so that by third quarter they were in position to either go for foreclosure or…Continue
"Hard to imagine letting a seller allow prior occupancy on a short sale. Hard to imagine letting the buyer become a landlord prior to closing on their short sale purchase. Most likely actual lawsuits would likely be over these…"
"You can't blame them for asking.
But you can blame yourself, if you agree to their demand.
The second can kill the deal. But if they do and foreclosure ensures, they will get nothing. Reminding them of that fact is the best…"
"For a lender to demand that we involve Zillow is these little dramas immediately suggests the need for us to involve our several representatives in Congress - once again, in a way that should be wholly necessary. If this continues to be an…"
"The way you "avoid" agents who are unskilled or buyers who are attempting to offer down on several properties is to insist that: earnest money be paid at offer acceptance and made nonrefundable for at least 75 (or so) days, that the…"
"I guess I'm trying to say that the LA should have asked for the appraisal up front if he is going to expect it prior to short sale approval.
If both agents have given good advice on price, the appraisal should not cause any heartburn or delay…"
"If I were the listing agent, when you entered the transaction you would have been asked to have fully applied for your loan except for getting the appraisal (within days of agreement), to have gotten your inspection of the property and respond to it…"
"Not being able to do a short sale would not be a real loss here in Oregon, because, by renting the house, the owner would have lost his homestead exemption from deficiency judgment. The lender would have no incentive to play ball anyway."
"My favorite friendly title officer says that it's not just Wells Fargo heading that direction here in Oregon as defaulted lenders shy away from MERS-hampered ordinary trustee sales.
But when the lenders go that way it takes them more time and…"
Forget about the regular email. What did they say to you through Equator?
About the ordering of valuation? They should have advanced you to the "valuation" phase. Did they do that in Equator?
About the decline? …"
Tell the credit union that 10% is a deal. 6% is more likely.
And tell him your client will "occupy" his entrance with a sign saying that they are forcing people to bankruptcy because they won't cooperate on short…"
"Steele and Propp
Buyers offer. They check boxes. They say things.
Sellers counter. Agents negotiate. They say appropriate things. They get the selling agent and the buyer to consider a better plan.
They get the box…"
"As Ben mentioned, I advise the seller to not only make the buyer's earnest money non-refundable for 75 days but to undertake the whole house at the outset...and have the inspection/negotiation period run during the first ten business days of…"
Commitment? Only truly possible with a deposit at risk.
Why would a buyer be reluctant to commit his earnest money? The interest lost? Less than a family lunch at McDonalds."
"Earnest money should clearly be non-refundable for at least 60 - 90 days. The buyer must have some degree of commitment. Our e.m. deposits are usually well below the 3% mentioned below. No buyer should object....no buyer's…"
"Shane -"Good thing I got my real estate license, so I can NOT purchase a deal when I find one."
You can buy a deal when you find one. It just can't be your own listing - unless you disclose that you are the buyer, that…"
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