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That's good to hear Jeff.
I don't want to be a debbie downer but until the banks approve the terms of the contract you really should keep looking and making offers. The wife and I also fell in love with a place that was a short sale(one loan). Almost 120 days after making the offer the bank came back with $30K over what the house was listed for. There wasn't a "Comp" within 10 miles that could substantiate it. We raised our offer $10K(knowing full well we would have a tough time getting an appraisal high enough for an FHA loan) and they declined. The house eventually went to foreclosure and sold for roughly what we had originally offered. -J |
No worries, we're staying cautiously optimistic because we know that its far from a done deal. We have a sold comp from April that was the same layout, but without the 400 sq ft. addition and not updated inside at all. That comp sale price is $7k less than our offer. We're hoping the appraisal won't be an issue given the updates, larger lot and larger sq ft. of this house.
The listing agent continues to provide updates indicating that the bank is moving quickly, but I won't hold my breath. |
A medical hardship is as good as it gets as long as it's documented. There is nothing wrong with providing documentation. I closed one last month on the listing side with a restraining order on a neighbor. Unique, but I got it done with no money and no deficiency. She was making 95k a year and could afford the house.
A 2nd will ALWAYS want money from the seller. They are in second position and will make it tough on the first to get there money. The 1st will normally offer the 2nd a chunk to step out of the way. With a real hardship and proof of little liquidity, the first contribution should suffice. If she has a chunk in the bank, it could be a different story. |
As always your input is appreciated Todd.
The sellers are very organized and responsive, so their medical hardship was documented with the bank before the house was listed. I am a little concerned about the second lienholder. Definitely adds another variable to the process. I wish there was more I could do to ensure success, but unfortunately that doesn't seem to be possible given my role in this deal. |
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If you are buying with a conventional loan I would not waste your time looking at Foreclosures or REOs. The banks will take a cash offer over a loan anyday. Even on a short sale, the bank will look at the cash offer over a loan. Most houses under 200K are bought full cash these days (at least here in CA) because you can buy them for cheap and rent them. My advice is if you are paying with a loan, look for a non distressed property. I look at homes every single day and yes, they sell within days of posting. I just bought a condo 2 weeks ago and it had 8 cash offers within 2 days of listing. |
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I'm trying to buy a 70MM building..... the builder (Starbucks) spent $422 per sq foot to build - and the asking price is $243 per square foot... it's a 287,853 sq ft building.
There are no "trick" financing deals -- and the winning bidder will have financing in place and a buttload of cash or they won't even look at the offer. And there are plenty of people willing to bid. No shortage of buyers just a shortage of REAL buyers. |
Here's a little "blurb" in the offering memorandum.... which basically is telling a potential buyer -- "go away if you're a bozo with no money and no financing". LOL
In addition to price, deposit amounts, timing and terms, the Seller will be focusing on qualitative factors such as certainty of closing, required approval processes and due diligence completed to date. If applicable, please also indicate in your offer, your approach to leverage in underwriting the asset. |
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