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SD Realtor
ParticipantI agree with sdr and ocr. I don’t quite buy that they missed a single payment and the home went to trustee sale. Sorry about that. Even if the home was sold at trustee sale there are some steps that your friend can take to stay a bit longer but not much longer.
ParticipantI agree with sdr and ocr. I don’t quite buy that they missed a single payment and the home went to trustee sale. Sorry about that. Even if the home was sold at trustee sale there are some steps that your friend can take to stay a bit longer but not much longer.
ParticipantI agree with sdr and ocr. I don’t quite buy that they missed a single payment and the home went to trustee sale. Sorry about that. Even if the home was sold at trustee sale there are some steps that your friend can take to stay a bit longer but not much longer.
ParticipantUR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.
ParticipantUR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.
ParticipantUR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.
ParticipantUR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.
ParticipantUR is correct on the arms length addendum. That addendum is quite specific with regards to catching stuff like this. If they admit to the buyer being a family member then it will be curious to see if the bank approves of the short sale.
June 16, 2009 at 5:41 PM in reply to: Question about Submitting Short Sale Offers to the Bank #416520Participantsdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
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The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
June 16, 2009 at 5:41 PM in reply to: Question about Submitting Short Sale Offers to the Bank #416758Participantsdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
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The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
June 16, 2009 at 5:41 PM in reply to: Question about Submitting Short Sale Offers to the Bank #417018Participantsdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
********
The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
June 16, 2009 at 5:41 PM in reply to: Question about Submitting Short Sale Offers to the Bank #417086Participantsdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
********
The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
June 16, 2009 at 5:41 PM in reply to: Question about Submitting Short Sale Offers to the Bank #417246Participantsdr`does more shorts then I but here is my experience.
Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.
********
The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.
Number 2 question it is standard to submit 1 offer.
One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.
However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.
While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.
ParticipantPeter you and I don’t agree on much but you absolutely nailed it. If people don’t think that 1% property tax on what is clearly the most overinflated housing market in possibly the world is enough then they just don’t get it.
The state legislation simply does not understand the concept of a balanced budget.
It really isn’t that challenging of a concept.
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