[Scarlett]

Sorry for asking a dumb question, but I am curious how are those rates correlated with the 30yr fixed mortgage rates?

[Scarlett]

Thanks SD R!
I haven’t thought about what the first lender will think about it. This is clearer now. Of course, I don’t like the whole process of short sale and I’d much rather that such thing did not exist (BTW, when did the short-sales appear? were they always present?).

The problem that happens is that you don’t have enough cash leftover to be willing to part with it for those unexpected expenses. If I am planning to put 15-20% down, but so that I have 3-6 months of PITI cash left over, I would be indeed very reluctant to part with that reserve – let’s say 20-30K? – to satisfy these unexpected conditions. And I won’t do it. I’d be wasting my and my agent’s time – if I’d have read these in the begining I’d say – let’s move on, we can’t do this. A few K I could understand. (for a 500-600K house I am talking). And again, another sore point, the sales price will NOT reflect accurate the reality of how much the property sold for…

[Scarlett]

Thanks SD R!
I haven’t thought about what the first lender will think about it. This is clearer now. Of course, I don’t like the whole process of short sale and I’d much rather that such thing did not exist (BTW, when did the short-sales appear? were they always present?).

The problem that happens is that you don’t have enough cash leftover to be willing to part with it for those unexpected expenses. If I am planning to put 15-20% down, but so that I have 3-6 months of PITI cash left over, I would be indeed very reluctant to part with that reserve – let’s say 20-30K? – to satisfy these unexpected conditions. And I won’t do it. I’d be wasting my and my agent’s time – if I’d have read these in the begining I’d say – let’s move on, we can’t do this. A few K I could understand. (for a 500-600K house I am talking). And again, another sore point, the sales price will NOT reflect accurate the reality of how much the property sold for…

[Scarlett]

Thanks SD R!
I haven’t thought about what the first lender will think about it. This is clearer now. Of course, I don’t like the whole process of short sale and I’d much rather that such thing did not exist (BTW, when did the short-sales appear? were they always present?).

The problem that happens is that you don’t have enough cash leftover to be willing to part with it for those unexpected expenses. If I am planning to put 15-20% down, but so that I have 3-6 months of PITI cash left over, I would be indeed very reluctant to part with that reserve – let’s say 20-30K? – to satisfy these unexpected conditions. And I won’t do it. I’d be wasting my and my agent’s time – if I’d have read these in the begining I’d say – let’s move on, we can’t do this. A few K I could understand. (for a 500-600K house I am talking). And again, another sore point, the sales price will NOT reflect accurate the reality of how much the property sold for…

[Scarlett]

Thanks SD R!
I haven’t thought about what the first lender will think about it. This is clearer now. Of course, I don’t like the whole process of short sale and I’d much rather that such thing did not exist (BTW, when did the short-sales appear? were they always present?).

The problem that happens is that you don’t have enough cash leftover to be willing to part with it for those unexpected expenses. If I am planning to put 15-20% down, but so that I have 3-6 months of PITI cash left over, I would be indeed very reluctant to part with that reserve – let’s say 20-30K? – to satisfy these unexpected conditions. And I won’t do it. I’d be wasting my and my agent’s time – if I’d have read these in the begining I’d say – let’s move on, we can’t do this. A few K I could understand. (for a 500-600K house I am talking). And again, another sore point, the sales price will NOT reflect accurate the reality of how much the property sold for…

[Scarlett]

Thanks SD R!
I haven’t thought about what the first lender will think about it. This is clearer now. Of course, I don’t like the whole process of short sale and I’d much rather that such thing did not exist (BTW, when did the short-sales appear? were they always present?).

The problem that happens is that you don’t have enough cash leftover to be willing to part with it for those unexpected expenses. If I am planning to put 15-20% down, but so that I have 3-6 months of PITI cash left over, I would be indeed very reluctant to part with that reserve – let’s say 20-30K? – to satisfy these unexpected conditions. And I won’t do it. I’d be wasting my and my agent’s time – if I’d have read these in the begining I’d say – let’s move on, we can’t do this. A few K I could understand. (for a 500-600K house I am talking). And again, another sore point, the sales price will NOT reflect accurate the reality of how much the property sold for…

[Scarlett]

I understand the lenders agree. But are you sure that if all buyers agents ask, they WILL all find out? I don’t know why but I doubt that. Because I am assuming that ALL buyers agents WILL ask those things. Anyhow, what I am saying is, if all those “preferred” terms would be in writing there wouldn’t be any doubt about how a deal went through and yours didn’t. No harm in that – since according to you, if you ask you will find out – so then why not put in the suppl. remarks, no?

[Scarlett]

I understand the lenders agree. But are you sure that if all buyers agents ask, they WILL all find out? I don’t know why but I doubt that. Because I am assuming that ALL buyers agents WILL ask those things. Anyhow, what I am saying is, if all those “preferred” terms would be in writing there wouldn’t be any doubt about how a deal went through and yours didn’t. No harm in that – since according to you, if you ask you will find out – so then why not put in the suppl. remarks, no?

[Scarlett]

I understand the lenders agree. But are you sure that if all buyers agents ask, they WILL all find out? I don’t know why but I doubt that. Because I am assuming that ALL buyers agents WILL ask those things. Anyhow, what I am saying is, if all those “preferred” terms would be in writing there wouldn’t be any doubt about how a deal went through and yours didn’t. No harm in that – since according to you, if you ask you will find out – so then why not put in the suppl. remarks, no?

[Scarlett]

I understand the lenders agree. But are you sure that if all buyers agents ask, they WILL all find out? I don’t know why but I doubt that. Because I am assuming that ALL buyers agents WILL ask those things. Anyhow, what I am saying is, if all those “preferred” terms would be in writing there wouldn’t be any doubt about how a deal went through and yours didn’t. No harm in that – since according to you, if you ask you will find out – so then why not put in the suppl. remarks, no?

[Scarlett]

I understand the lenders agree. But are you sure that if all buyers agents ask, they WILL all find out? I don’t know why but I doubt that. Because I am assuming that ALL buyers agents WILL ask those things. Anyhow, what I am saying is, if all those “preferred” terms would be in writing there wouldn’t be any doubt about how a deal went through and yours didn’t. No harm in that – since according to you, if you ask you will find out – so then why not put in the suppl. remarks, no?

[Scarlett]

It is NOT FAIR GAME.
[quote=recordsclerk]If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. [/quote]

But I don’t understand why all those conditions are not disclosed to all the buyers? Why does it have to be a “secret” deal? It is very unfair, IMHO. I believe all the buyer’s agents do talk directly to the LA – however not all will get the same vital information. These conditions should be spelled out in the Remarks – the seller would prefer a 30 days rent, or “moving costs” (to satisfy the lender) or something like that – so all buyers would be aware of that. THEN let the best offer for the seller win. I understand that it may not be the highest, if the one with the highest wouldn’t satisfy those other criteria. But I think it should be full disclosure about how the offer would be rated.

[Scarlett]

It is NOT FAIR GAME.
[quote=recordsclerk]If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. [/quote]

But I don’t understand why all those conditions are not disclosed to all the buyers? Why does it have to be a “secret” deal? It is very unfair, IMHO. I believe all the buyer’s agents do talk directly to the LA – however not all will get the same vital information. These conditions should be spelled out in the Remarks – the seller would prefer a 30 days rent, or “moving costs” (to satisfy the lender) or something like that – so all buyers would be aware of that. THEN let the best offer for the seller win. I understand that it may not be the highest, if the one with the highest wouldn’t satisfy those other criteria. But I think it should be full disclosure about how the offer would be rated.

[Scarlett]

It is NOT FAIR GAME.
[quote=recordsclerk]If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. [/quote]

But I don’t understand why all those conditions are not disclosed to all the buyers? Why does it have to be a “secret” deal? It is very unfair, IMHO. I believe all the buyer’s agents do talk directly to the LA – however not all will get the same vital information. These conditions should be spelled out in the Remarks – the seller would prefer a 30 days rent, or “moving costs” (to satisfy the lender) or something like that – so all buyers would be aware of that. THEN let the best offer for the seller win. I understand that it may not be the highest, if the one with the highest wouldn’t satisfy those other criteria. But I think it should be full disclosure about how the offer would be rated.

[Scarlett]

It is NOT FAIR GAME.
[quote=recordsclerk]If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. [/quote]

But I don’t understand why all those conditions are not disclosed to all the buyers? Why does it have to be a “secret” deal? It is very unfair, IMHO. I believe all the buyer’s agents do talk directly to the LA – however not all will get the same vital information. These conditions should be spelled out in the Remarks – the seller would prefer a 30 days rent, or “moving costs” (to satisfy the lender) or something like that – so all buyers would be aware of that. THEN let the best offer for the seller win. I understand that it may not be the highest, if the one with the highest wouldn’t satisfy those other criteria. But I think it should be full disclosure about how the offer would be rated.

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