All Forum Posts by: Danielle Prendergast

Hi John/Joel, thanks for the info and the reply! The property was indeed from the MLS. I sent an email to the sellers agent asking if she could ask the seller to stick it out a little longer and the reply was that the seller WILL hang in there. At this point the bank is requesting additional documents from the seller...

One of the reasons in delay is because the seller's loan was transferred to a new bank in the middle of the waiting period and it looks like the process started all over and the new bank is requesting the hardship documents as well as additional documents which is making the seller miserable. Another holdup was the negotiator before the loan was transferred left and the file was transferred to someone else (or so I was told).

As far as the deal goes, I defintely don't think I have it on the hook. I actually think the deal's chances are slim to none given the market today. I know nothing is guaranteed without the banks approval and if I could do it again I would have explored other properties. But since I am in it, I figure I will wait it out to see what happens.

Given that info, and now knowing the seller will stick it trough, is it right to assume I do not need to submit a new offer just yet? Will the bank counter me BEFORE obtaining new offers?

The bank was originally Bank of America but is now M&T. Originally I was going to finance the purchase with a bank to use as a rental property but I am now considering using transactional funding to sell to an end buyer but that all depends on the amount accepted. Thanks!

Thanks for the help Wayne Brooks, so would you say the only/best option would be to convince the seller to stick it through?

Also my offer was made in March for 57k and the property was worth that at the time. The property is now worth 70-80k easily from the market rising. Would it at all be possible for the bank to even accept my offer being as though the value has gone up so much? My guess would be no, I was assuming the bank would counter offer somewhere closer to the value of the home today so maybe I too should walk away or is their still hope the bank could accept the 57k?

Thanks!

I have a contract with the seller thats based upon the approval of the bank...meaning I am the offer first in line but nothing set in stone until bank approves. However, I was under the impression that the seller's bank would be unwilling to speak with me as the buyer?

Any information on how to take over the note? Would that be wise?

My agent is not knowledgeable in short sales, and afraid she will not know how to explore any other options.

Thanks

Is it okay at this point to just ask the sellers agent how much is owed on the property?

Hi thanks for the reply! The property sold for 140k in 2007, any way to guess what the amount owed is. Property is worth 80k now.

Hi BP,

I've had a short sale under contract pending bank approval for 8 months now only to get an email from the sellers agent this morning saying that the seller is frustrated with the wait and just wants to walk away and take a foreclosure as they have already moved out and their credit shot (not sure how).

I am very disappointed and wondering if their is anything I can do to still make this sale happen.

I was thinking to ask the seller exactly how much is owed on the property and if still a good price, buy from seller for exactly what is owed?

Anyone have experience with this?

Thanks!

I can qualify for an invester loan now because the investor loan wont require me to work in the state of the property. I cannot qualify for an owner loan until i get 30 days worrh of stubs in the state of the property so the process is delayed.

What part isn't clear?

Sorry my current job is out of state so i cannot use this job to qualify me for owner loan until i get those new stubs from new job in state.

Bidding as an investor i would be able to go into underwriting as soon as the contract is executed rather than wait for new stubs from new employment to even start the underwriting process which delays everything.

My Agent made it seem like i couldnt counter back the same offer again but realistically i guess i should have and kept it as an owner.

Regarding refinance, i really wanted to put down 10-15 % on a conventional so if i do have to put down 20% as an investor id like to pull another 5-10% back out.