There are so many questions here. First of all, if the value came in higher than the purchase price, how much higher? If you are the seller, you would typically not know that. That is the value of the home. Condition is a different issue. In a sales and purchase contract these are separate issues. If a home is being sold as-is the Buyer has the right to cancel due to the condition of the AC unit. If there are provisions for the Seller to make repairs, they may want to do so in order to close the sale.Unless, this is a VA purchase or FHA in which the repairs would need to be made prior to closing or the repair amount could be escrowed in order to make repairs right after closing. In those cases, the required repairs would be noted on the appraisal report.Greed has nothing to do with it. It is just another point to negotiate within the sale. I am referring to contracts in the state in which I do business which may not be exactly the same for you.
I am assuming you are wanting to know about buying a short sale. The prior posts explained very well what a short sale is. If you are considering buying a short sale, you need to find an agent who specializes in or at the very least has experience working with short sales in your area. Searching the profiles on this site is a good place to start. Best of luck to you.
This is something that should have been handled prior to the Buyer's agent accompanying them to the second showing. If I have a Buyer who is set on a FSBO we discuss the commission up front. Most sellers who sell on their own do so to avoid paying a commission. I explain to the parties that I will be paid to see the transaction through to closing. Regardless of who pays the commission. Typically, the Buyer would pay the commission that would been due had the property been listed.
No. In the past year or so most lenders have extended approvals to borrowers who are current as long as they have a hardship that can be proved on paper. Also, certain circumstances are now taken into consideration such as a long distance relocation where the borrower cannot afford to keep the mortgage current and pay rent in the new town. Additionally, there is more help for current active military who are discouraged from becoming delinquent on their mortgages. Even though most short sellers are delinquent, it is not a requirement.
If you currently have a home warranty, it can be transferred to the new owner.Best of luck to you.
You really need an experienced Short Sale agent. You can search the CDPE.com website. They can assist you with your options. You may also want to consult a real estate attorney and a tax expert on the ramifications of completing a short sale. Best of Luck!
I believe that Short Sales are a great opportunity for Buyers who don't need immediate occupancy for a few reasons. Most of them are still being maintained and the Seller disclosures are available. This is a big beneift over bank owned homes. Also, many short sales are closing quickly now. Certain lenders are getting them done quickly. There are also many pre-approved short sales in the market now. You just need to know how to find them and what questions to ask the listing agent.
If you are not having trouble making your payment, there really is not much that you can do. Most lenders won't do anything until you demonstrate some financial hardship. Interest only, which is what you have, is not considered for HAMP or HARP. I have been down that road with sellers a few times. If you like your home and plan to stay in it. I would advise you to wait and see what happens when it adjusts to P&I. If you have other debt that you can pay down to allow more to go toward your mortgage, perhaps you should work on that. The only other suggestion would be to speak with an attorney and see what other options you might have. Bankruptcy should always be the last resort. Good luck.
Surprise,You would need to speak with the lender to know what effect if any that has on your approval.Best of luck.
There really is no average commission. You would need to contact an agent who will provide the services you desire such as an agent with a full service brokerage, which I am or an agent with a discount service brokerage. Once you discuss the services you require, then the agent can let you know what percentage they will charge. Some discount brokeages will have flat fee pricing opposed to a percentage. Best of luck to you with your sale.