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SD Realtor
ParticipantThat is the spirit. The hard part about all of this is not whether it is an REO or short sale or regular sale, or a misrepresented listing. Honestly the hard part is finding a place that you REALLY WANT. Once you do that then dealing with all of the other crap is a pain in the ass but worth the wait if it does get done. That prior short sale you had a bad experience with WILL NOT be your last. Again, I am only suggesting that if you are a very discriminating buyer, then you would agree that the inventory sucks, and everything is indeed overpriced and that looking at as many potential opportunities as are out there is beneficial.
It is stupid to have to leave a couple thousand bucks idling away for a bank that will not respond for not just 2 months, maybe 5 or 6 months. However if that is the home you REALLY WANT, then what the heck. Ask that the realtor also moves it out of active status and into contingent status. Then you go on your merry way and continue your home search.
I agree it does suck. However if in the end it got you what you wanted… well then what the heck.
ParticipantThat is the spirit. The hard part about all of this is not whether it is an REO or short sale or regular sale, or a misrepresented listing. Honestly the hard part is finding a place that you REALLY WANT. Once you do that then dealing with all of the other crap is a pain in the ass but worth the wait if it does get done. That prior short sale you had a bad experience with WILL NOT be your last. Again, I am only suggesting that if you are a very discriminating buyer, then you would agree that the inventory sucks, and everything is indeed overpriced and that looking at as many potential opportunities as are out there is beneficial.
It is stupid to have to leave a couple thousand bucks idling away for a bank that will not respond for not just 2 months, maybe 5 or 6 months. However if that is the home you REALLY WANT, then what the heck. Ask that the realtor also moves it out of active status and into contingent status. Then you go on your merry way and continue your home search.
I agree it does suck. However if in the end it got you what you wanted… well then what the heck.
ParticipantThat is the spirit. The hard part about all of this is not whether it is an REO or short sale or regular sale, or a misrepresented listing. Honestly the hard part is finding a place that you REALLY WANT. Once you do that then dealing with all of the other crap is a pain in the ass but worth the wait if it does get done. That prior short sale you had a bad experience with WILL NOT be your last. Again, I am only suggesting that if you are a very discriminating buyer, then you would agree that the inventory sucks, and everything is indeed overpriced and that looking at as many potential opportunities as are out there is beneficial.
It is stupid to have to leave a couple thousand bucks idling away for a bank that will not respond for not just 2 months, maybe 5 or 6 months. However if that is the home you REALLY WANT, then what the heck. Ask that the realtor also moves it out of active status and into contingent status. Then you go on your merry way and continue your home search.
I agree it does suck. However if in the end it got you what you wanted… well then what the heck.
ParticipantLet us try to make it clear. As sdr said he does alot of short sales and he does not ask for a deposit. However others do.
Again to clarify, the deposit is no different then ANY deposit, in these cases the deposit is made to open escrow. If your realtor has half a brain, when your offer was submitted it was accompanied by a short sale addendum that clarifies things with respect to the deposit, as to when the contingency period starts, etc… On this addendum the clarification that none of the timeframes start until a written approval is received from the short sale lender(s) is present.
People love to try to blow things out of proportion. Some realtors who have short sale listings will accept an offer and will demand to open escrow and ask the buyer for a good faith deposit. You as the buyer will get your deposit back if you change your mind while you are waiting for approval. Other realtors do not.
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I would challenge ANYBODY here to show me a case where a deposit was made on a short sale and they did not get the deposit back from escrow if they changed their mind during the approval process.
ParticipantLet us try to make it clear. As sdr said he does alot of short sales and he does not ask for a deposit. However others do.
Again to clarify, the deposit is no different then ANY deposit, in these cases the deposit is made to open escrow. If your realtor has half a brain, when your offer was submitted it was accompanied by a short sale addendum that clarifies things with respect to the deposit, as to when the contingency period starts, etc… On this addendum the clarification that none of the timeframes start until a written approval is received from the short sale lender(s) is present.
People love to try to blow things out of proportion. Some realtors who have short sale listings will accept an offer and will demand to open escrow and ask the buyer for a good faith deposit. You as the buyer will get your deposit back if you change your mind while you are waiting for approval. Other realtors do not.
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I would challenge ANYBODY here to show me a case where a deposit was made on a short sale and they did not get the deposit back from escrow if they changed their mind during the approval process.
ParticipantLet us try to make it clear. As sdr said he does alot of short sales and he does not ask for a deposit. However others do.
Again to clarify, the deposit is no different then ANY deposit, in these cases the deposit is made to open escrow. If your realtor has half a brain, when your offer was submitted it was accompanied by a short sale addendum that clarifies things with respect to the deposit, as to when the contingency period starts, etc… On this addendum the clarification that none of the timeframes start until a written approval is received from the short sale lender(s) is present.
People love to try to blow things out of proportion. Some realtors who have short sale listings will accept an offer and will demand to open escrow and ask the buyer for a good faith deposit. You as the buyer will get your deposit back if you change your mind while you are waiting for approval. Other realtors do not.
*******************
I would challenge ANYBODY here to show me a case where a deposit was made on a short sale and they did not get the deposit back from escrow if they changed their mind during the approval process.
ParticipantLet us try to make it clear. As sdr said he does alot of short sales and he does not ask for a deposit. However others do.
Again to clarify, the deposit is no different then ANY deposit, in these cases the deposit is made to open escrow. If your realtor has half a brain, when your offer was submitted it was accompanied by a short sale addendum that clarifies things with respect to the deposit, as to when the contingency period starts, etc… On this addendum the clarification that none of the timeframes start until a written approval is received from the short sale lender(s) is present.
People love to try to blow things out of proportion. Some realtors who have short sale listings will accept an offer and will demand to open escrow and ask the buyer for a good faith deposit. You as the buyer will get your deposit back if you change your mind while you are waiting for approval. Other realtors do not.
*******************
I would challenge ANYBODY here to show me a case where a deposit was made on a short sale and they did not get the deposit back from escrow if they changed their mind during the approval process.
ParticipantLet us try to make it clear. As sdr said he does alot of short sales and he does not ask for a deposit. However others do.
Again to clarify, the deposit is no different then ANY deposit, in these cases the deposit is made to open escrow. If your realtor has half a brain, when your offer was submitted it was accompanied by a short sale addendum that clarifies things with respect to the deposit, as to when the contingency period starts, etc… On this addendum the clarification that none of the timeframes start until a written approval is received from the short sale lender(s) is present.
People love to try to blow things out of proportion. Some realtors who have short sale listings will accept an offer and will demand to open escrow and ask the buyer for a good faith deposit. You as the buyer will get your deposit back if you change your mind while you are waiting for approval. Other realtors do not.
*******************
I would challenge ANYBODY here to show me a case where a deposit was made on a short sale and they did not get the deposit back from escrow if they changed their mind during the approval process.
ParticipantTillers I understand. I didn’t mean to imply that you should put offers in on every short sale but if you do see a home you really love and it is a short sale, I would indeed pursue it. Agreed that nowadays, more short sales are asking for deposits from buyers because of so many walkaways. However that deposit is still fully refundable.
Your post implied (to me) that you were not even looking at short sales so it sounds like I am wrong. My point is that I would make offers on any home I love regardless of what type of home it is. However, many people differ on offers they send in. Many people send in offers on homes they like, or that they are getting a good deal on. Other people only submit offers they truly love and thus will end up making only 1 or 2 offers a year.
ParticipantTillers I understand. I didn’t mean to imply that you should put offers in on every short sale but if you do see a home you really love and it is a short sale, I would indeed pursue it. Agreed that nowadays, more short sales are asking for deposits from buyers because of so many walkaways. However that deposit is still fully refundable.
Your post implied (to me) that you were not even looking at short sales so it sounds like I am wrong. My point is that I would make offers on any home I love regardless of what type of home it is. However, many people differ on offers they send in. Many people send in offers on homes they like, or that they are getting a good deal on. Other people only submit offers they truly love and thus will end up making only 1 or 2 offers a year.
ParticipantTillers I understand. I didn’t mean to imply that you should put offers in on every short sale but if you do see a home you really love and it is a short sale, I would indeed pursue it. Agreed that nowadays, more short sales are asking for deposits from buyers because of so many walkaways. However that deposit is still fully refundable.
Your post implied (to me) that you were not even looking at short sales so it sounds like I am wrong. My point is that I would make offers on any home I love regardless of what type of home it is. However, many people differ on offers they send in. Many people send in offers on homes they like, or that they are getting a good deal on. Other people only submit offers they truly love and thus will end up making only 1 or 2 offers a year.
ParticipantTillers I understand. I didn’t mean to imply that you should put offers in on every short sale but if you do see a home you really love and it is a short sale, I would indeed pursue it. Agreed that nowadays, more short sales are asking for deposits from buyers because of so many walkaways. However that deposit is still fully refundable.
Your post implied (to me) that you were not even looking at short sales so it sounds like I am wrong. My point is that I would make offers on any home I love regardless of what type of home it is. However, many people differ on offers they send in. Many people send in offers on homes they like, or that they are getting a good deal on. Other people only submit offers they truly love and thus will end up making only 1 or 2 offers a year.
ParticipantTillers I understand. I didn’t mean to imply that you should put offers in on every short sale but if you do see a home you really love and it is a short sale, I would indeed pursue it. Agreed that nowadays, more short sales are asking for deposits from buyers because of so many walkaways. However that deposit is still fully refundable.
Your post implied (to me) that you were not even looking at short sales so it sounds like I am wrong. My point is that I would make offers on any home I love regardless of what type of home it is. However, many people differ on offers they send in. Many people send in offers on homes they like, or that they are getting a good deal on. Other people only submit offers they truly love and thus will end up making only 1 or 2 offers a year.
ParticipantHave not seen that one before at all. Is a lien on the home or has a lis pendens been filed. They are two different things. If a judgement has been filed your agent should be able to talk to a title officer and the title officer should be able to find out more information about the judgement.
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