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Real Estate Short Sale Questions and Answers |
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Question: broker responsible for my short sale not going through, should I file a lawsuit against broker?
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 homeAnswer: You should call your states governing body of Real Estate. ...
You should call your states governing body of Real Estate. Such as in California you have Dept of Real Estate.They will help you file a complaint and let you know of any further actions you can takeAnswer: I can only help you in CA.
Your tenant has no grounds to ...
I can only help you in CA.
Your tenant has no grounds to sue anyone, so do not worry about that one.
The broker can indeed refuse a commission cut other then your contract.
However, they were require to present the agents offer to the bank. It is not an offer without that.
Contact your states real estate board. Your claim needs to be against the BROKER. The agent really has very little legal liability.Question: I am thinking of making an offer on a house in short sale aking price of $472,500. What should my offer be?
The house is assessed at 486,000. The current owner bought the house in Feb. of 2004 for $550,000.Answer: 450,000
450,000Answer: You could offer low and go $450,000 they could counter or ...
You could offer low and go $450,000 they could counter or they could ignore your bid. If they ignore it then place a higher bid. It depends on how long its been on the market.Answer: I'd have to say about $460,000. There's a $10,000 ...
I'd have to say about $460,000. There's a $10,000 difference between 460 and 450. To you it's not a big deal because you will be financing, but to them that is $10,000 cash money.Answer: You should ask your real estate agent what houses have been ...
You should ask your real estate agent what houses have been going for in that area over the past 6 months. If there is no or little history, ask the agent to go back a year.
We are in the process of buying a house. They wanted $450k for it. I askedagent for a listing of all homes that sold in the last 6 - 9 months. I found houses were selling around $380k or $390k. We got them down to $400k.
Always be an educated buyer.Answer: You need to offer full price, if you really want the house. ...
You need to offer full price, if you really want the house. The bank is already losing money on the short sale, and likely will hold out for the asking price.Answer: Add 1 month waiting time for every 5k under the asking ...
Add 1 month waiting time for every 5k under the asking price. If you don't offer full price plan on not getting a response for a looooooooooooooong time.Answer: First find out what homes are selling for in that area with ...
First find out what homes are selling for in that area with a local realtor. Don't compare homes that have sold more than six months ago unless the home is located in a rural area and/or there aren't many homes that have sold in the area. Also, find out what the home owner owes the bank. Homes usually end up in a short sale because the owner doesn't have much equity. Once you know all that information you can make an educated offer. Also, most banks would much rather sell the home and take a loss then go through the foreclosure process, because they have to hold on to a vacant property that is most likely losing value especially in a winter climate on top of attorney fees and broker fees if they put it back on the market and end up losing money in the long run anyway. Make a low offer. The worst that can happen is they reject it, just make sure you state in the contract that the seller respond within a certain time frame so they don't keep you waiting. If they do reject it you can always make another offer.Question: who pays delinquent taxes on a short sale?
I am selling my house as a short sale. I did not pay my property taxes in December. I live in southern california. I start escrow on 1-7-2008. Who pays these taxes? How does this affect me and what am I to expect?Answer: Usually the mortgage company, but if your home was not ...
Usually the mortgage company, but if your home was not discharged in bankruptcy, you can be responsible for the difference in the selling price and the amount you owe including the taxes.Answer: The seller of the property is responsible for paying ...
The seller of the property is responsible for paying property taxes unless a different agreement is worked out with the new buyer.Answer: Hi JR, I help people in foreclosure for a living in SoCal ...
Hi JR, I help people in foreclosure for a living in SoCal and do short sales. The lender pays for the delinquent taxes and it becomes part of their loss. Your escrow agent or real estate agent (or whoever is handling the short sale) will submit a HUD-1 to the lender outlining all the fees that they are asking the lender to pay for (such as real estate commissions, HOA transfer fees, property taxes, title, escrow, etc.). Then there is a net to the lender.
Feel free to contact me if you have any further questions or if I can be of any assistance.
RegardsQuestion: Short sale or stay for a while or house swap or something else?
Hi, our current mortgage is way too high for our take home income so we are having to live off of credit cards right now. The housing market went down so we can't sell the house for what we owe. What should we do? Is short sale an option or should we stay in the house hang tight for a few more years until the market come back up (who knows when)? We are in mid 30s with 2 young kids, the house is on our names but the mortgage is on my husband's name who has over 800 FICO score. We wish we can sell this house and downsize to a smaller house or swap with a family who wants to upgrade but we can't sell for what we owe and don't know much about house swap. In the event of short sale, do we still need to pay closing costs? Thanks.
Facts: 1st mortgage $232,000 @ 6.375%, HELOC $22,300 @ 9.625% (ARM, interest only), financed in Sep 2005. (Originally we bought the house for $290,000 with 5% down).
Even if we can rent, it is sure that we won't be able to rent it for full mortgage amount. Also we would like to move to a different neighborhood eventually (our house is the biggest & most expensive house sold on the block :(. Should we try to rent this out for lesser amount than mortgage and pay the difference ourselves and rent someone else's house until the housing market goes up for us to sell it without a loss? If we contact our lender, would they willing to lower HELOC interest rate or even combine the two loan together with lower rate? When we contacted them a few months ago to inquire about refinance, they offered 7+% rate.
Stressed in FL...
Our current house (2200 sq.) mortgage of the two together is approx. $2100. too expensive to rent it out at this price. Our neighboring house is a rental (small house, 1200sq.) and I think the tenant pays around $1000. Is it a wise idea to rent our house for maybe around $1400 (whatever going rent rate for this size house in the area) and pay the rest from our pocket and rent someone else's house (for around $1100, if we can find one at this price) in a desirable neighborhood? Who can we talk to about these ideas and who can help us which way to go? We would like to find someone who can give us some insight, free consultation for this matter. Thank you.
satarnag, thank you for your added info. Our current mortgage payment is $2200 (approx. $2000 on 1st, around $180 on 2nd interest only HELOC loan). So if we rent this house, we will have to pay different mortgage rate since the house is not a primary residence? Do I Need to tell my lender that we'll be renting the house? The only reason for this scenario is that so we could move to a different neighborhood at a overall lower monthly payment (remainer payment for this one + our rental somewhere else)...Answer: I help people in your situation for a living. Ideally, you ...
I help people in your situation for a living. Ideally, you pay your mortgage. You might want to call your lender and see if they can do a loan modification to a lower payment. But if you see yourself going negative every month on your finances and the lender is not willing to help you out, then a short sale is a viable option. In a short sale, you pay nothing out of pocket. Depending on your state, there are ramifications to a short sale.
House swapping won't work because:
1. If the smaller homeowner is in a position to purchase a home, he would do so at market price and not at your upside down price.
2. If the smaller homeowner is in the same boat as you, he can't afford your mortgage.
Another option is to to rent your home out with an option for your tenants to purchase the home in a couple of years.
Please let me know if I can be of any assistance or if you need help with the short sale.
EDIT: Ok, based on the information you added, it would make no sense to rent your house out because you will negative cash flow $700 a month (assuming it is rented) and will have to pay taxes on the rental income. Refinancing is not an option as well since if I were to take your first and second and refi you at 7.5%, your estimated monthly payment will be $1778 (not including property taxes) where you currently play $1666 right now.
Talk to a real estate lawyer and see if you can transfer the house into a trust, have the trust make the monthly payments, then contact the credit bureaus to remove your name from the loans (showing them evidence that the trust is making the payments and not you), then you could either buy an affordable home or just rent. Your credit report will not show your house and you can let the lender foreclose as it will not affect your credit. You also should look into an LLC to hold the trust so that you cannot be held liable for the foreclosure. Again, check with a lawyer to see if this is possible option.
Good luck. Also, check with an accountant for accounting advice on how owning a rental while renting will affect you.
Regards...Answer: K,
I know it's painful but you must do a short sale ...
K,
I know it's painful but you must do a short sale now. Banks and home builder are selling homes at fire sale prices and you can't compete with these guys selling at 20 to 40% discount. How please help me withproblem below.
I'm a real estate agent and I would like to ask you a question.
I know how to help anyone in foreclosure by i.e. short sale, or getting one ofinvestors to give them a tempory loan until they are back on their feet. However, I can't get anyone in foreclosure to answerletter. What can I do (other than going to their house) to get them to contact me for help?Question: how long is a house usually on the market when it is being sold as a short sale.?
before the bank foreclose on the house.Answer: It depends on the following:
-Demand
-Discount
-ARV ...
But any case normally if a short sale is approved then there should be a buyer in place. 98% of lenders won't even review and file for a short sale without a contract of sale. That is most likely the most important document needed for a short sale. Personally I've seen buyer's back out and that same property may only sit on the market for a week or two depending on the factors above. |
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Bank Foreclosure
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