OfflineOk so its time for me to buy a new house to live in and I found a house that I really really like. Went to put in a low ball offer and found out that they cant go any lower then the asking price b/c they are now currently 3 months behind on their payment. And they have already been approved for short sale by the bank.
Well option 2 was going to be to catch them up on there payments and take them over. There payment are too much for me to handle right now. About 300 more then what they should be for this house. My guess is a high interest rate when they bought it about 6 years ago plus a small 2nd mortgage.
So I was thinking ok lets go short sale route. Have never done a short sale so was hoping for some advice. I need to do this as quickly and easy as possible. I need to close on something by May 1st.
They are asking 126,500 and appraisals are any where between 123,000 and 130,000. Did my walk thru and found that the floor (concrete slab) has actually settled about a 1/2". The foundation hasn't settled just the inner floor all around the outter walls. No cracks in the ceiling or anything. So I have that going for me on my offer I guess....
I wanted to low ball of course b/c of this reason and the realtor I am dealing with ( a good friend of mine) has done many short sales. He has said now remember this can be a long process. I have seen the bank take up to 90 days to even counter on an offer.
So from what he has said I'm wondering if I should just move on to the next house, or does anyone know of anything I can do to hurry the process up!!
Sorry this post is all over the place and hopefully not to confusing but does any one have any advice on what they think I should do.
Thanks,
Shaun
Good to hear from you man, thought you got lost in the everglades!! I am no short sale expert, but I know it is time consuming and it appears that you might run out of time. There are a ton of houses down there, my thought is unless you are mad in love with this house, cut the string and move on, that is unless you have to have this particular prop.Besides the comps show that this house seems to be at a max with no wiggle room. My thoughts only brother, glad to see you back in the trenches again. good luck on the hunt...Jan
Hey Jan thanks for the advice!! That is exactly what I was thinking!! There are a ton of houses around here!! This one was just perfect for what I need!! One thing I have learned in this is to not fall in love!!! lol...
Was hoping someone that is good with short sales could be like hey you can put "this" in your offer to speed things up or some advice like that!!!
Thanks again Jan... Glad to see you and Jeremy are doing great together!!!
Shaun
I would recommend that you put an offer quickly for the short sale.
Provide the bank with a standard purchase agreement contract with the amount you want to offer and see if they accept.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Option Contract so you are not obligated to purchase the property. Option Contract should have something in there that says that you have first right of refusal and that it is subject to lender approving a short sale. Option allows you to control the property without being obligated to purchase. Hope this helps...
KimmyJ
Press on...
www.tagteampropertiesllc.com
can do short sales too.
I love bank owned.
I dont use aany of my own money.
skultkaman
at
gmail
dot
com
I wont reply in here
Alaskan Success,Inc
Thanks for the advice everyone... Will let you know what happens...
Shaun, I was in the same situation,of a short sale there was not enough room to move (if you know what I mean) so I just let it go.
No expert idea, but I am thinking maybe an offer ten to twelve thousand off the asking, with pre-approval in place if you really love this property.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
I am having a professional foundation contractor come out and look at the floor on Saturday to let me know how big of a problem it actually is going to be. His written estimate is going to reflect on my offer!! Whatever his estimate is I am going to deduct from the asking price and plus another $10,000 or so probably with a written letter explaining my offer and why its lower then the asking price and explain what exactly is wrong with the floor!!
Hopefully that will help!!
I am thinking though that the homeowners are only 3 months behind and this property is probably last on their priority list! So that will probably hurt me!! We will see though!!
I'll keep everyone informed!!
Thanks,
Shaun
Also just thought and was wondering does anyone know if putting a deadline on my offer would help to speed the counter offer up???
I don't believe it will make any difference. There are many reasons why banks reply so slow. Banks have many options to sell the property even after foreclosure. Right now they are basically overwhelmed with too many inquiries and they're just waiting for the best offer.
Well found a new house!!! I am glad I don't get attatched at all!! lol... This house is just around the block from the one we were looking at... It has 4 bedrooms compared to 3 about 100sqft bigger... Double the size of the lot... And an above ground pool!!! For $500 less on the asking price!!!
Here's some details... Lets see what everyone thinks I should offer...
4 bedroom 2 bath 1.5 story brick home
2 car attatched garage
2 car detatched garage
.6 acre lot
Privacy fenced in rear yard
Above ground pool
Fire place
Very nice on the outside!!
Asking $126,000
County appraisal $125,380
Zillow $137,000
Total View $136,094
Comps $139,000
$120,000
$130,000
Taxes $2199.73/year
Insurance $ 600.00/year
Woud like to keep our payment under 900/mon!! I have an idea what I want to start at... Was just seeing what everyone else thinks!!!
According to the realtor they are going to have to bring money to the closing table already b/c they owe more then what they are asking... Don't know if this is true or not...
They sold it last year on land contract for 134,000 but after 6 months those people moved out due to personal reasons or something... has been on the market for about 200 days now. Was at 134,000 and just got dropped to 126,000.
Let me know what you guys think!!
Thanks,
Shaun
110k and see what they come back with. Keep us updated. Are you offering all cash? Can you offer a quick closing to entice them to accept?
KimmyJ
Press on...
www.tagteampropertiesllc.com
Thats what I was thinking of offering also!! Already have pre approval ready to go... So we will see what happens
Thanks Kimmy
Shaun