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urbanrealtor
Participant[quote=yellow8yellowm]Thanks for all the great advice…here are some responses to your questions, etc:
1. We are “kind of” calling their bluff. There is NO WAY we will let this issue lose us the house. All we have done at this point is ask the bank to reconsider their offer to pay up to $75 for the repairs (why not just offer $0?).
2. The banks still has not actually approved the sale. It has all been verbal at this point and even though we are in escrow there has been no paperwork from the bank saying that they have accepted the deal. Either way, it has been since mid July that we’ve been waiting since the seller’s signed the offer, took it off the MLS and started negotiating with the bank.
3. We are actually locked in for 60 days with Navy Federal (check out their rates!) for “free” so we have a few weeks to dilly dally before losing out on our great interest rate.[/quote]
Well this info actually changes how I would consider this transaction. My response to your points follows:
1: The 75$ is probably something the bank always offers so they can say they are covering the cost of inspection (which is often about that much). Asking them to reconsider is reasonable but may be have less merit than you realize (see below).
2: I feel that it was a bad idea to proceed with an escrow without lender approval. Currently there is not a regulation or rule (or really even a standard of practice I am aware of) on this, however, most short sale listing agents I have seen (myself included) will leave a property active until there is full bank approval. Again, sometimes the banks do not want to approve a short or for some reason cannot do so in a timely manner. If you have a deposit already in escrow, and you would not otherwise be using the money, then its not the end of the world. However, I think you should also be looking elsewhere as an alternative to an exercise in potential futility.
3: You should be consulting with other lending institutions and discussing the implications of the lock with the CU. If the lender takes 90 days to approve (a very real possibility) you may lose your lock or get a penalty for extending it.
Sorry to be a party pooper. I feel you should have information on this.
urbanrealtor
ParticipantYeah. I don’t know. I did some looking at us financial who was named the transferee at the ttee auction. They appear to be a group that (among other things) buys notes at a discount prior to foreclosure. I am not 100% about that but it appears that they were the foreclosing entity. If thats the case (and I am not certain that it is), then they did not pay a dime and just devalued the note at, or before, the time of the auction (probably for tax reasons).
urbanrealtor
ParticipantYeah. I don’t know. I did some looking at us financial who was named the transferee at the ttee auction. They appear to be a group that (among other things) buys notes at a discount prior to foreclosure. I am not 100% about that but it appears that they were the foreclosing entity. If thats the case (and I am not certain that it is), then they did not pay a dime and just devalued the note at, or before, the time of the auction (probably for tax reasons).
urbanrealtor
ParticipantYeah. I don’t know. I did some looking at us financial who was named the transferee at the ttee auction. They appear to be a group that (among other things) buys notes at a discount prior to foreclosure. I am not 100% about that but it appears that they were the foreclosing entity. If thats the case (and I am not certain that it is), then they did not pay a dime and just devalued the note at, or before, the time of the auction (probably for tax reasons).
urbanrealtor
ParticipantYeah. I don’t know. I did some looking at us financial who was named the transferee at the ttee auction. They appear to be a group that (among other things) buys notes at a discount prior to foreclosure. I am not 100% about that but it appears that they were the foreclosing entity. If thats the case (and I am not certain that it is), then they did not pay a dime and just devalued the note at, or before, the time of the auction (probably for tax reasons).
urbanrealtor
ParticipantYeah. I don’t know. I did some looking at us financial who was named the transferee at the ttee auction. They appear to be a group that (among other things) buys notes at a discount prior to foreclosure. I am not 100% about that but it appears that they were the foreclosing entity. If thats the case (and I am not certain that it is), then they did not pay a dime and just devalued the note at, or before, the time of the auction (probably for tax reasons).
urbanrealtor
ParticipantOkay, dumb but as my handle indicates, I am primarily focused on the urban core. Can somebody post a google map link for the area referenced above?
Also, do bobcats actually eat cats?
I know coyotes do but…Finally, and more seriously, has anybody had or heard of any experiences with homeless taking over abandoned projects? (maybe this should be a separate thread but it seemed like it related)
urbanrealtor
ParticipantOkay, dumb but as my handle indicates, I am primarily focused on the urban core. Can somebody post a google map link for the area referenced above?
Also, do bobcats actually eat cats?
I know coyotes do but…Finally, and more seriously, has anybody had or heard of any experiences with homeless taking over abandoned projects? (maybe this should be a separate thread but it seemed like it related)
urbanrealtor
ParticipantOkay, dumb but as my handle indicates, I am primarily focused on the urban core. Can somebody post a google map link for the area referenced above?
Also, do bobcats actually eat cats?
I know coyotes do but…Finally, and more seriously, has anybody had or heard of any experiences with homeless taking over abandoned projects? (maybe this should be a separate thread but it seemed like it related)
urbanrealtor
ParticipantOkay, dumb but as my handle indicates, I am primarily focused on the urban core. Can somebody post a google map link for the area referenced above?
Also, do bobcats actually eat cats?
I know coyotes do but…Finally, and more seriously, has anybody had or heard of any experiences with homeless taking over abandoned projects? (maybe this should be a separate thread but it seemed like it related)
urbanrealtor
ParticipantOkay, dumb but as my handle indicates, I am primarily focused on the urban core. Can somebody post a google map link for the area referenced above?
Also, do bobcats actually eat cats?
I know coyotes do but…Finally, and more seriously, has anybody had or heard of any experiences with homeless taking over abandoned projects? (maybe this should be a separate thread but it seemed like it related)
urbanrealtor
ParticipantI would have something to offer but I think SD put it well.
Banks generally will do the math.
If they think they can net more as an REO, then they will. Sometimes they can. Often there are variables at play that you cannot decipher. For example, if their mortgage insurance only kicks in if there is a trustee sale, they might be willing to go a lot lower on the market value of an reo.Bottomline, you really need to define your variables and play your game. If you spend your time trying to bluff them and end up losing something dear (money or a favorite home) you will end up with regret. Focus on what is most important here and act accordingly.
urbanrealtor
ParticipantI would have something to offer but I think SD put it well.
Banks generally will do the math.
If they think they can net more as an REO, then they will. Sometimes they can. Often there are variables at play that you cannot decipher. For example, if their mortgage insurance only kicks in if there is a trustee sale, they might be willing to go a lot lower on the market value of an reo.Bottomline, you really need to define your variables and play your game. If you spend your time trying to bluff them and end up losing something dear (money or a favorite home) you will end up with regret. Focus on what is most important here and act accordingly.
urbanrealtor
ParticipantI would have something to offer but I think SD put it well.
Banks generally will do the math.
If they think they can net more as an REO, then they will. Sometimes they can. Often there are variables at play that you cannot decipher. For example, if their mortgage insurance only kicks in if there is a trustee sale, they might be willing to go a lot lower on the market value of an reo.Bottomline, you really need to define your variables and play your game. If you spend your time trying to bluff them and end up losing something dear (money or a favorite home) you will end up with regret. Focus on what is most important here and act accordingly.
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