Short Sales are tricky, and one would like to think that logic is the best course of action. However, the banks involved in short sales don't always seem to use logic. It's best if you really like the property to submit your "highest and best". The more you try to squeeze everything you can out of the deal, the more difficult it can be. You're agent should be able to help you submit the strongest or least complicated offer you can. Don't fret, keep looking, good deals keep popping up. Be patient and if it isn't the right house, another one will appear. Finding the right house in this market requires a lot of patience.
Does anyone had good stories about loan mods? I am working with a man who will be starting a short sale soon and his loan mod lowered his payment from $3600-$3300 a month. The home is nowhere near what that monthly payment equates to in market value. There may be some success stories but I haven't heard any. Also being unemployed is a legitimate reason to claim financial hardship if you wanted to do a short sale.
Becky is right, short sales are tricky and incompetency can run rampant. It may not be incompetency on the part of the listing agent. It may be the bank. Often times, the right hand doesn't know what the left hand is doing. It could be a number of things. As a buyer you have a right to keep the offer in. The purchase contract does specifically state that the sellers have 3 days to approve. If you haven't received a response, you are not obligated to stay. You can get a great deal on purchasing a short sale, but they can be a nightmare to deal with. We are representing sellers on a short sale now. We got confirmation from the bank that they received the submitted offer and 3 weeks later the bank notified the sellers that they are foreclosing on them. A different agency within that bank didn't know we had an approved short sale. Stay strong and eventually you will get that dream home!
You can't take someone's name off of title and leave them on the loan. Banks have acceleration clauses. Maybe I'm misunderstood, but that doesn't make sense.
Research is key. You won't know what a good buy is unless you've done some research. Also getting prequalified is necessary. If u come across that dream house, you want to be able to jump on it. Lastly find an agent you feel comfortable with and trust to help guide you through the buying process. Good luck!
There are properties in Long Beach that have comparable returns on investment. I've been working with several investors and Long Beach IS a good place to look when it comes to finding a property with good return on investment. There are some factors to consider with property investment in order to make a smart purchase. Here is an article that may help inform you on how to make a smart investment in rental properties.http://www.reiclub.com/articles/clear-on-good-deal
I've been working with several investors and Long Beach IS a good place to look when it comes to finding a property with good return on investment. Long Beach is a huge city, and there are parts that may not have as high a return as what's ideal. However there are areas of Long Beach where the ROI is good. North Long Beach is a solid area if you're looking to purchase property and see a positive return. It's densely populated and is considerably cheaper than Belmont Shore or Naples and is close to Lakewood Center and major freeways. I own and sell in North Long Beach and the cost of owning to renting is much closer than other more affluent areas. There are some factors to consider with property investment in order to make a smart purchase. Here is an article that may help inform you on how to make a smart investment in rental properties.http://www.reiclub.com/articles/clear-on-good-deal
Contacting an agent is the way to go. Make sure you contact a local agent that has a good understanding of your neighborhood. Get 2 or 3 so you can be certain that you have a good understanding of your homes value.
Unfortunately, just using Zillow probably won't give you the accurate depiction of your homes value. It is either significantly high or low. Demographically your home is probably near a signifacantly more expensive or cheaper neighborhood that can throw off the specific value. Zillow averages values and that isn't always accurate. Contacting a local agent will give you the information you need. Most agents provide a Comparative Market Analysis for free with no obligation. Get 2 or 3 from different agents and go from there. That is your best bet.
Seems like the biggest problem with Zillow is accurate home valuation. Getting a local agent that specializes is the most accurate way to go.