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Old 03-30-2010, 02:09 PM
 
9 posts, read 14,921 times
Reputation: 11

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Hi all,

I am is in escrow to buy a condo in Orange County. I am about a week before close escrow. the condo was advertised as a short sale. just today, my realtor sent me a document to sign. the doc states that the property is not short sale and it dated Jan 20th, 2010. I am a first time home buyer, no experience whatsoever with this. My question is should I sign the doc? does it make any different?
during the process, the seller has rejected all my request of fixing the place or pay for closing cost. My agent explained that because it was a short sale.

if it is not a short sale now, should I go back to the seller with my requests? I am not feeling good about this are they doing something tricky here?

by the way, my realtor and the listing agent work for the same company.

I would really appreciate any explanation or advice here. I am feeling like I am getting myself in something tricky.

many thanks in advance.
Lumi
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Old 03-31-2010, 04:38 PM
 
823 posts, read 1,769,798 times
Reputation: 453
I'm not a realtor, but for a quick reply, since I'm sure you're anxious for help, I think if you're apprehensive about the deal, wait. You have legitimate questions and since you're a first time homebuyer, your realtor should be answering these questions and helping you through the process.

It's a major purchase. I made some mistakes as a 20+ year-old when my brother and I bought our first house, but they weren't major mistakes.

First thing--always get a home inspection. Short sale properties are probably always sold as-is, but standard sale homes sometimes are too. It's up to the seller. Regardless of the type of sale, you should always get the home inspected to make sure it's not junk. Things can be hiding in the walls, pipes, electrical, etc. You pay for the inspection. If the inspection shows problems with the property, it's up to you if you want to proceed with the sale. You can lower your offer to reflect the newly discovered problems. You can back out of deal or you can go ahead and buy the property and pay for the repairs yourself. Always get the property inspected, though.

I don't understand why a short sale would all of a sudden not be a short sale. What did your realtor say? Are you sure that's what the document is? Seems like you can now ask for new terms--for the seller to pay for repairs, for them to cover closing costs, etc, but I'm sure they will decline.

If you're hesitant about the deal, don't go through with it. Your agent doesn't seem to be helping you along and looking out for your best interest as a first time homebuyer, so I would look for a new agent.

There's a lot to buying a house/condo. I'm sure some of the more experienced members in this group can answer your specific questions, but again, if you haven't done a home inspection on this condo, pay for one. What may look like a clean condo may have deteriorating bones on the inside.
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Old 03-31-2010, 04:45 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,414,573 times
Reputation: 17827
Wow, almost the same question on the Redfin OC forum:

short sale becomes non-short sale after in escrow - Redfin Real Estate Forums

short sale becomes non-short sale after in escrow ... - Redfin Real Estate Forums
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Old 03-31-2010, 10:39 PM
 
823 posts, read 1,769,798 times
Reputation: 453
Boy, what did you uncover, Charles?

If this condo is in such demand and there are buyers waiting to snatch it up, I say, let someone else buy it. If I didn't feel right about a transaction, better safe than sorry, especially with condos.

Remember what happened to a couple of condos in Huntington Beach where there were buying and selling scams involving the city's ex-mayor and/or other political figures? I don't remember the details, but it was illegal and it put the condo owners in a huge financial mess to clean up.
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Old 04-06-2010, 03:23 PM
 
9 posts, read 14,921 times
Reputation: 11
Thanks guys for expressing your opinion. I cancelled the contract. I agree with Russlancea that i would rather be safe and sorry.

By the way, if anyone here happens to know a good realtor, please recommend.

Last edited by Lumi_k; 04-06-2010 at 03:25 PM.. Reason: spelling mistake
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Old 12-14-2010, 05:00 PM
 
5 posts, read 7,909 times
Reputation: 10
well if it is a short sale you can still ask for a request for repairs. It is up to the seller if he agrees or not. At that point you really need to make a decission. If your feeling uneasy about the situation then maybe you should back out and look for a agent who is willing to take the time to help and explain the differences in each home buying process. www.ochomehelp.com
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Old 12-27-2010, 05:38 PM
 
Location: Orange County, CA
300 posts, read 1,253,597 times
Reputation: 200
The only thing I have heard of, and Im not saying this is what happened in your situation, is sometimes the owners don't end up qualifying for certain programs (such as a short sale, or a specialized short sale program), and the terms change mid-process. I would think you would know about this before the final documents, but who knows.
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