Profile picture for Matt Hiatt

Matt Hiatt's Advice

Contributions are sorted newest to oldest.

  • 282 Contributions
  • 5 Best Answers
  • 49 Helpful

Matt Hiatt wrote:

Can I back out of a short sale?

Answer
I don't have access to what you signed, but most short sales you can back out of anytime before the bank accepts your offer (unless there is something else written). Even after the bank accepts your offer, here in Arizona, you still have a 10 day inspection period. If you really like the home and want to proceed, I would contact your agent about getting another lender. I don't like to change anything once a short sale is submitted, but you may have to. I have qualified lenders on call for that reason. Due to our increased inventory here in Phoenix, most buyers aren't even looking at short sales. Good luck to you! 
July 19
(0)

How much longer will it take?

Answer
Unfortunately, you are in the banks hands when it comes to short sales, so there is no answer as to how long it will take. In Phoenix, those have kind of went away (there are still a few), but the average time back then was three months. I had one take only three weeks, and some take six months. If they have completed a task, that is a good sign, it means they are looking at the file (which is where the waiting period usually is, waiting for them to review the file).
June 11
(0)

seller will not budge on offer

Answer
This is more of a personal decision. I have had clients over pay for a home because it was everything they wanted and the seller would not budge, I have also had clients walk away from a home that was priced right because they wanted to pay less than asking, no matter how great of a deal it is. Your agent should be able to pull comparables and see how much the home is valued at. Next, is it overpriced and is it worth it to you. It sounds like you are financing, so remember that you would have to come out of pocket with the difference of the contract price and appraisal, plus your down and closing costs.
June 09
(0)

Is it unrealistic to ask to take possession of a property on the day that it closes?

Answer
You should be get posession the minute it closes. Here in Arizona, closing is officially when it records with the county, which usually happens the day it is suppose to close, unless it is a late signing. 
June 04
(0)

What does 'As is' mean in a real estate transaction

Answer
It basically means that you are buying the property in the condition that it's in, with no warranties (you can still buy a home warranty), guarantees or repairs. A lot of bank owned properties are sold as-is, so you do want to do your inspections and other due diligence (checking things out) carefully.
May 25
(0)

22 what do you do when you buy a house

Answer
The first step is to ger pre-qualified for a loan. There are two reasons for that, one, so you know the price range of a home you can buy, and second, if you find a home you love, you will need the pre-qual to put in the offer. You can put an offer in without the pre-qual, but chances are the sellers will not take it seriously and probably will not entertain your offer. I usually refer clients to one of my lenders if they do not have one. Next comes the fun part, looking at homes until you find the right one for you. Good luck!
May 24
(0)

Is my deposit too high?

Answer
I don't know the whole scenario, but I am not sure why you would be paying such high deposits and writing a check to the seller's company. In Arizona, we use title companies (an independent third party), and your deposits are held by them. The earnest deposits are always negotiable, but in my opinion, on a $325,000 sale, I would say $5000 would be plenty.
May 24
(0)

i have a credit score of 660, is this high enough to get a home loan at a good interest rate

Answer
Your credit score if fine. I had one client that had a 600 and got the same rate as those with much higher score, which is why I use several preferred lenders, based on  my clients needs. Good Luck!
May 20
(0)

Pitfalls of buying a home that is listing with the agency whose realtor is helping you find a home

Answer
There shouldn't be. The agent that you are using should represent you. Here in Arizona, if Agent A that works for my company lists a home, and I sell it being agent B, it is considered a dual agency where the company is representing both the buyer and seller. In reality, I an representing my buyer, no matter what company has the home listed. I do not like it where the same agent (not company) represent the buyer and seller. To me, that is like walking into court with the prosecuting attorney also being your defense attorney. How can you fairly represent both parties? 
May 18
(0)

can we get a buyers agent without being pre approved?

Answer
Yes, but your husband's boss should get pre-approved first for two reasons: 1. You will know how much house you can qualify for, and 2. If you find a home you like, the agent will need that pre-approval to submit with the offer. Good luck!
May 14
(0)