OK I just have to ask this. (sale, real estate)

[Shoreone]

I should add that I ask cause my wife wants to go back down in two weeks and look some more but if she sees something she loves she will want us to bid on that house as well.

[stevep111]

Make sure you live up to your end of the contract otherwise they may be able to keep your deposit. If that was not made clear then you should ask.

[FlaLadyB]

Originally Posted by Shoreone

Got a question for you Nick. I put a offer in on a short sale with a 45 day window for them to accept and first right of refusal so the house gets no offers in this period. I just about bid what they wanted to was not a way under bid. My question for you is. I am going to assume like me you had to put a deposit down on the offer. Mine offer states if they do not accept within 45 days I get my deposit back. My question is. Lets say the foreclosure comes through and you pull out of the short sale. Are you going to be able to get your deposit back and if so what did you put in your offer to make it that way? Cause the title company has and cashed my deposit already.

Thanks

Your best answer it to call the TITLE COMPANY that has your money and request it be released. They are required to cash your check by law.

Your offer was not accepted within the time limit therefore it's void. DONT ASSUME anything. The release on a deposit has to be signed by BOTH the seller and the buyer.


and by the way-- bidding on ANOTHER HOUSE while you are already in contract on a different one could land you owning BOTH houses!

Please don't ask attorney related questions on an open forum like this with a what if type of situation- you could land yourself in major trouble with a wrong and not legal answer.

[stevep111]

AHMEN!! (hope that doesn't violate a religeous term of service LOL)

[stevep111]

That house on Judith is tiny only 912 square ft. Good for two young people or someone very old or very single but you would have to go outside to change your mind. It was assessed at $48,900 and the taxes were less than $1500 with the homestead exemption.

[FlaLadyB]

Homes on the market for $50,000 and less usually have a lot of repairs to be done. They also usually have multiple offers on them from people who CAN do the repairs themselves and hopefully live in the home at the same time. I just went to contract on one with that in mind.

If you can't do the work, and have no idea what you're looking at in repair costs up front....time to move on and look at homes that only need things that are easily done like paint and doorknobs and appliances.

[ysc_csy]

Thanks everyone, all replies have been extremely helpful. I am not so worried about the size of the house as I am the neighborhood. But most everyone here seems to say that there are no real bad places in psl. Anyways I am at the beginning stage of looking and have not even been down to psl yet. I can do some basic repairs but no heavy duty stuff. Just need the house to be in livable condition while I (or other family member) do the work. So it seems the house on Judith has been on the market for quite some time even at the price its at. Yearly tax is 1500 with homestead, what would the tax be without homestead?

[stevep111]

My opinion (may not fit yours) is that if you are buying this house to live in for 20-30 years then it may be a good deal. If you are buying it as a starter home you may reconsider because your investment will not grow that much. Look at the other homes in the neighborhood as well. It may be that that neighborhood is in decline so it may be another reason not to buy that particular house. The square footage and that fact may be the reason it has been on the market for so long. As far as the taxes goes I don't think it would be that much higher certainly only a couple of hundred dollars.

Another thing I would do to guage a neighborhood is go there in the evening, park and walk around. Talk to people and ask them for their opinions on the neighborhood. They will generally give you an honest answer. What ever you do don't take the opinions of people on here as the truth. Challenge them and put them to the test. Report back what you find.

[nmp]

Originally Posted by Shoreone

Got a question for you Nick. I put a offer in on a short sale with a 45 day window for them to accept and first right of refusal so the house gets no offers in this period. I just about bid what they wanted to was not a way under bid. My question for you is. I am going to assume like me you had to put a deposit down on the offer. Mine offer states if they do not accept within 45 days I get my deposit back. My question is. Lets say the foreclosure comes through and you pull out of the short sale. Are you going to be able to get your deposit back and if so what did you put in your offer to make it that way? Cause the title company has and cashed my deposit already.

Thanks

After reading FlaLadyB's post I'll preface this by saying: This isn't legal advice, this is just my understanding of my situation.

When I made the offer on the short sale on 1/28/10 I wrote a check for $1000 to my realtor's office for a deposit. In the contract it shows this comes off price at closing. In the contract it says either party can cancel the contract at 45 days if there is no response from the bank but I knew there is no way I would have a response, I'm at 90 now with no response. My realtor tells me that if I buy the foreclosure then he will notify the realtor of the short sale that she should try to find a new buyer. Failing that I have an inspection period after they accept my offer and I am informed that we can cancel during that period.

Ultimately I would rather have an answer on the short sale then buy another house but I have concerns about closing by June 30 and getting the tax credit. Or Bank of America may counter my offer with something I find completely unreasonable and I can't close on the house. The foreclosure responded to my offer in 2 days but list price was $64.7k and I offered $61.0k cash (which is what I think it is worth compared to others that have sold recently) and they came back at full price. I told them $61.0k was it for me and to let me know by Friday at 5pm. My realtor said the listing agent thinks $61.0k cash is a good offer and is advising the bank to take it but we will see.

[Shoreone]

Originally Posted by nmp

After reading FlaLadyB's post I'll preface this by saying: This isn't legal advice, this is just my understanding of my situation.

When I made the offer on the short sale on 1/28/10 I wrote a check for $1000 to my realtor's office for a deposit. In the contract it shows this comes off price at closing. In the contract it says either party can cancel the contract at 45 days if there is no response from the bank but I knew there is no way I would have a response, I'm at 90 now with no response. My realtor tells me that if I buy the foreclosure then he will notify the realtor of the short sale that she should try to find a new buyer. Failing that I have an inspection period after they accept my offer and I am informed that we can cancel during that period.

Ultimately I would rather have an answer on the short sale then buy another house but I have concerns about closing by June 30 and getting the tax credit. Or Bank of America may counter my offer with something I find completely unreasonable and I can't close on the house. The foreclosure responded to my offer in 2 days but list price was $64.7k and I offered $61.0k cash (which is what I think it is worth compared to others that have sold recently) and they came back at full price. I told them $61.0k was it for me and to let me know by Friday at 5pm. My realtor said the listing agent thinks $61.0k cash is a good offer and is advising the bank to take it but we will see.

I am with bank of america as well. The listing agent keeps telling me don't worry this is since they put the new system in so things move faster. I told her I will believe it when I see it lol.