Comments on: Good! Bad! http://www.queenoframbles.com/blog/2008/05/30/good-bad/ Blogging my adventures since 2002 Sun, 18 Oct 2009 06:41:48 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Caroline http://www.queenoframbles.com/blog/2008/05/30/good-bad/comment-page-1/#comment-6192 Caroline Mon, 02 Jun 2008 13:06:06 +0000 http://www.queenoframbles.com/blog/2008/05/30/good-bad/#comment-6192 Re the short sale - even if you are offering more than she paid for the house originally, she might have taken out a home equity loan on the house. That, together with the mortgage, is why she now has to sell short. Ask your realtor to find out the original selling price, which is a matter of public record. If the bank is smart and the sale isn't that far off the original price, they'll take it - however, they may have to answer to some higher-up authority that is slow to approve of such things. Open houses are often scheduled well ahead of time, so while it's aggravating, there's not much you can do about it. Generally what the bank wants in a short sale is a clean, fast transaction to get the delinquent property off their hands (and books) ASAP. Is it at all possible to up the amount you can offer up front? Are you at the magic 10% already, and could you raise that to 15%? If they want to negotiate upward on total price, counter with the same price, but a bigger percentage up front. The bank has to look at it as, the more cash they can get out of the sale, the more they can make from reinvesting that same money rather than gambling on the property selling for more at an unspecified later date. There's a golden rule in real estate: First offer, best offer - if they come back at you with a higher price, remind them of that. Is your agent telling you these things???? Re the short sale – even if you are offering more than she paid for the house originally, she might have taken out a home equity loan on the house. That, together with the mortgage, is why she now has to sell short. Ask your realtor to find out the original selling price, which is a matter of public record. If the bank is smart and the sale isn’t that far off the original price, they’ll take it – however, they may have to answer to some higher-up authority that is slow to approve of such things. Open houses are often scheduled well ahead of time, so while it’s aggravating, there’s not much you can do about it. Generally what the bank wants in a short sale is a clean, fast transaction to get the delinquent property off their hands (and books) ASAP. Is it at all possible to up the amount you can offer up front? Are you at the magic 10% already, and could you raise that to 15%? If they want to negotiate upward on total price, counter with the same price, but a bigger percentage up front. The bank has to look at it as, the more cash they can get out of the sale, the more they can make from reinvesting that same money rather than gambling on the property selling for more at an unspecified later date. There’s a golden rule in real estate: First offer, best offer – if they come back at you with a higher price, remind them of that. Is your agent telling you these things????

]]> By: RennyBA http://www.queenoframbles.com/blog/2008/05/30/good-bad/comment-page-1/#comment-6188 RennyBA Sat, 31 May 2008 20:24:26 +0000 http://www.queenoframbles.com/blog/2008/05/30/good-bad/#comment-6188 Sounds like a risky house project, but I do hope (and think!) you'll succeed - good luck. A pool (and an open one) would have been lovely right now. We are in our vacation home in Mariestad, Sweden right now and its like a hot summer (28C today) - almost (but only almost) too hot to play golf :-) Wishing you a great end to your week! <em>RennyBA's last blog post..<a href='http://www.terella.no/2008/05/29/internet-intelligence-for-teens/' rel="nofollow">Internet intelligence for teens</a></em> Sounds like a risky house project, but I do hope (and think!) you’ll succeed – good luck.

A pool (and an open one) would have been lovely right now. We are in our vacation home in Mariestad, Sweden right now and its like a hot summer (28C today) – almost (but only almost) too hot to play golf :-)

Wishing you a great end to your week!

RennyBA’s last blog post..Internet intelligence for teens

]]> By: torrygirl http://www.queenoframbles.com/blog/2008/05/30/good-bad/comment-page-1/#comment-6184 torrygirl Sat, 31 May 2008 02:03:19 +0000 http://www.queenoframbles.com/blog/2008/05/30/good-bad/#comment-6184 Hey almost-congratulations on the house! When we bought our house they had an open house after our offer had been accepted - I think they said it was because they had to let other people see it in case we changed our minds. Either way we just went along and had another look so we could plan all the things we were going to do once we moved in. <em>torrygirl's last blog post..<a href='http://torrygirl.blogspot.com/2008/05/great-anzac.html' rel="nofollow">The Great ANZAC</a></em> Hey almost-congratulations on the house!
When we bought our house they had an open house after our offer had been accepted – I think they said it was because they had to let other people see it in case we changed our minds. Either way we just went along and had another look so we could plan all the things we were going to do once we moved in.

torrygirl’s last blog post..The Great ANZAC

]]> By: beck http://www.queenoframbles.com/blog/2008/05/30/good-bad/comment-page-1/#comment-6183 beck Fri, 30 May 2008 23:32:35 +0000 http://www.queenoframbles.com/blog/2008/05/30/good-bad/#comment-6183 What? Open house? How can she DO that? Aren't you first in line anyhow? *crossing fingers* <em>beck's last blog post..<a href='http://superbeck.com/2008/05/29/lmno-pee/' rel="nofollow">lmno PEE</a></em> What? Open house? How can she DO that? Aren’t you first in line anyhow?
*crossing fingers*

beck’s last blog post..lmno PEE

]]> By: Emee http://www.queenoframbles.com/blog/2008/05/30/good-bad/comment-page-1/#comment-6182 Emee Fri, 30 May 2008 20:30:36 +0000 http://www.queenoframbles.com/blog/2008/05/30/good-bad/#comment-6182 So the seller has accepted your offer as in, she signed the contract & agreed to your terms? If so, it should be a done deal provided the bank agrees. Right? She can't back out the contract with out some sort of penalty I would think? *crosses fingers again* So the seller has accepted your offer as in, she signed the contract & agreed to your terms? If so, it should be a done deal provided the bank agrees. Right? She can’t back out the contract with out some sort of penalty I would think? *crosses fingers again*

]]>