It is honestly because it is a bank. Banks are not in any rush to process a transaction because there are plenty other incentives from the government, for the bank, that you do not know about. These banks are multi-billion dollar cash cows; and as a result, one property, no matter how expensive it is, does not mean much to their bottom line.
In your particular situation I would suggest having your agent call the bank (if he has a third party authorization to do so) or have your buyers agent reach out to the sellers agent so he can call the bank and speak to their negotiator (if one is assigned at this time), or case manager. FYI, typically turn around time from initial offer to accepted offer is several months as the seller needs to accept the offer, the bank needs to acknowledge the offer, then order a BPO/Appraisal, review the BPO/appraisal, and then have the negotiator determine the proper price to be accepted. It is a long process. Your agent should tell you to expect 4-12 months on a traditional short sale. Multiple loans, delays on someone's end, and other items can of course delay. Quickest on my end has been 4 months, longest, 20 months. Good luck!... more
Welcome to Florida! We are in the Northeast part of Florida.....BUT....do this. Google or Bing or whatever....broward county builder......you will find a site that shows various area of the County. This will help you narrow your search. My BEST advice is to locate a real estate agent who handles the entire county....that agent should be able to give you information regarding the schools, etc. Thank you for your question and I KNOW you will enjoy living in Florida.....Northeast Florida is totally "different"....if you are not TOTALLY happy in South Florida...contact us! Best of everything!
"The Real Estate Lady"
Oceanside Real Estate
(904) 732-PACK 732-7225... more
I can go down to a 580 fico. But you will need a 3.5 downpayment that can come from a friend, family member or Non profit grant money. FHA home loans are the very eazy for Florida homebuyers to qualify for however you need to figure out a way to come up with 3.5%. If you could borrower it from a family member then one option may be that you can pay with back with the $8000.00 Tax Credit. There are no 100% financing options these days other than FHA downpayment grants which are limited.
Typically the answer is yes you should be able to walk away depending on your purchase agreement. We are seeing more lenders ask for seller contributions on short sales, especially FNMA loans. My guess is the seller does not have the money which is why they are asking if you will contribute. If you think the home is still a good buy than it might be worth contributing more cash to get the deal closed. Recommend you discuss with your agent. Good luck.... more
Unfortunately on a short sale situation, and depending on how many loans were on the property, the seller does not have much of a say. The lender will make a decision based on their own guidelines which sometimes are totally out of the norm. As Realtors, sometimes we scratch our heads trying to figure out what is the lender thinking? If there is more than one loan, there is more than one lender, typically is the PMI company (Mortgage Insurance) that wants something and those two lenders will have to come to an agreement before escrow closes. We have had several offers on a house with above asking prices and after months, the lender comes back and counters everybody! By then most buyers have bail out. Guidelines for these types of sales are not so clear. Buyers are at the mercy of the lenders, banks now are getting a bit better at handling offers in a shorter time frame, I think they are learning. I hope this helps. Good Luck... more
Unless the seller’s brother is on the loan, he has no standing to make demands. The worst he can do, if he is living there, is refuse to vacate necessitating an eviction. This would take some time and money. Your "rights" are to see that your contract is enforced. Your remedies if it is not would likely be to pursue satisfaction in court. Not an easy or cheap process.
You may do well to sit down with a lawyer and see if they have some suggestions to resolve this quickly and at minimal expense. If not, you will at least know what you are dealing with. Best of luck.... more
Your best bet will be to find a REALTOR who works in your area. You can find a list of people who actively work your area by clicking on Find A Pro link above.
Good luck with your transaction.... more
If you are looking to offer a lease option or lease purchase coupled with seller financing, then your best bet is to speak with a Realtor who handles your area and discuss this strategy. A Realtor's job is to find people to buy your home. They would market your property to the enitre buyer pool in your area to find the right fit. To my knowledge there is no website that has a list of people looking for this type of option, other than maybe posting your offer on such sites as craigslist.
If you need the name of a good Realtor who handles your area, please contact me offline.
Best of luck,
RE/MAX Coastal Real Estate
What is your agent advising...unfortunately the lender is under no obligation no matter the offer, and there really are no set time frames as to how quickly it will respond; again consult with your agent, he/she can best advise.... more
If the foreclosure is the auction by the trustee, and it is in 2 weeks, the bank will be the new owner, and your short sale owner will be out of the picture. Surely, the listing agent must know the status of the foreclosure, and that it is impossible to close the deal before the house goes back to the bank.
David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list +1-7024997037 not a real estate agent... more
No. One has nothing to do with the other. Do you have a good lender and realtor to work with? I'd be happy to refer you to some folks who would be happy to help you.
it might be possible. It would depend on a credit score.
If you'd like to call us to discuss it, you're welcome to do so at 239-206-4500
Faith Home Loans
Get Pre-Approved: http://www.faithhomeloans.com/express.html... more
Hopefully the Seller will be reasonable and pay you for any repairs you may have done. In the future, I would suggest NEVER making any repairs to a home you do not own. Have you got anything in writing from the Seller about these repairs?... more