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We put a bid in on a short sale (see my other post for a short-sale expert).
The listing agent says there are no other liens that he is aware of (covering his tail, ya think?) and that the house is due to be foreclosed on next month.
This is in San Antonio where short-sales and foreclosures are not as prevalent as they are in other areas of the country. (Forbes named SA 2nd most recession-proof city in the US). Might the bank be better off foreclosing on the guy?
Listing agent says home priced was within 5% of market value. The seller agreed to our offer of $187 but he paid $209 in 2006 and who knows what else he could owe. The median home price in the sub is now $257. Asking for hunches here....Is this going to go through?
Can you tell I am desperate for some answers? I feel like my Realtor is incapable of giving solid advice either because she is not that savvy or just really wants to push the deal through. She told me to quit reading on the Internet when I told her what was being said here.
Can you tell I am desperate for some answers? I feel like my Realtor is incapable of giving solid advice either because she is not that savvy or just really wants to push the deal through. She told me to quit reading on the Internet when I told her what was being said here.
Keep in mind that the agents on this forum practice real estate in various parts of the country. When we reply to a post, our answers are based on our own experience in a particular region of the country. You definitely want to consult the experts in the state of Texas. As I mentioned earlier you may even want to seek answers from a competent real estate attorney since you've indicated that your agent has stated she didn't really know what a short sale is until she got involved in this transaction.
Everything may go very smoothly, but it's never a crime to seek "a second opinion". The best "second opinion" for you would be someone who is familiar with Texas real estate contracts and short sales in your area.
Hard to do a short sale. Look for a property that is already owned by a bank. Make an offer at least 10% below asking price with no comebacks. This is a BUYERS'S MARKET. Pre-Qualify.
My Mother who lives in Converse says there are lots of properties for sale there.
Best of luck.
How does the agent knows it will foreclose next month?
Some lis pendens are out there for months and I have even seen them close to a year.
A seller has nothing to say in a short sale since the bank has to approve. In my short sale the bank came back with a counter offer (if i should believe the sellers agent...?) and I told them "NO". Than the sellers agent (husband to the seller) and the seller (real estate lawyer her self) worked out a judgment deal with the mortgage comapny and I closed on the home for the offer price and together with the judgment it is a reasonable sales price, but I got it cheap.
I recently had an offer on a nother short sale and my offer was denied and months later I made a even lower offer since the market went so much down in the Tampa area. That offer was denied and the seller told me that the bank wanted my previous offer. I denied (all cash offer and quick closing) and now the sellers agent is stating they have a higher offer than my first one from an investor. I can only say "good luck". Today I saw a home for sale that was for sale for close to a year and was sold for $ 209K. Now 6 months later it is again on the market (I have no clue what is going on, or if they think they can flip it....) for $ 230K!!!! Ridiculous, i only saw it has 100% mortgage on it. Smart mortgage company to do that in this time!!!
You can trust your realtor if he will make a written statement that there are no more liens or other debts on the home and he will sign that. (lis pendens, judgments, liens from any one, all mortgage company names and amounts)
But as soon as the sentence will be in there " as far as I'm aware off", than it isn't worth anything, because a realtor can say" I didn't know that"...
I wouldn't believe everything you were told, and do some internet searches on what is owned on this home. We in Florida can find it our self by going to the property appraisers website and than go to the county clerks website when you have the full name and you can read the complete mortgage papers, liens, etc. You can learn a lot that way. Good Luck.
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Short Sales in CA
