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Scott Wilkie's Advice

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  • 30 Contributions
  • 6 Best Answers
  • 8 Helpful

Scott Wilkie wrote:

waiting on short sale lender's written approval

Response
The easy way is to go along, probably nothing will happen.The plus side of doing the inspections is that it will give you more time to inspect, as the inspection clock does not start until the contract is signed and delivered to you.  The down side is, if they don't sign or try and change terms of the sale then you are on the hook for the inspections.REMEMBER, if the SELLER has agreed to the terms (by signing the contract), they cannot arbitrarily cancel the contract unless you default.What does your agent think?  It seems like they want to ignore the terms of the agreement.Have you asked the SELLER to pay for the inspections and reimburse him once the contract is ratified?I hope this helped.
July 21 2009
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where can I get pre-foreclosure listings for national city

Answer
Many realtors have access to that kind of data, it is a little more difficult to find a website to provide it.  Most sites that provide it are pay sites.  I do have limited access to this data on my site as I am sure other Realtors do as well.  If you can't find a local source contact me.
July 19 2009
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Blocking the information

Answer
What do you mean?  Block the information where?  From the tax records or MLS - no.  From other data banks I would hve to know which ones you are talking about.
July 17 2009
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If your name is not on the loan but on the Title, can you share part of a tax credit($8,000)?

Answer
Great question! You probably can.  The tax credit is tied to ownership not debt.  If you paid for the home in cash you would still qualify for the credit.  Check with the IRS to be sure:http://www.irs.gov/newsroom/article/0,,id=206294,00.html
July 17 2009
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Status Questions

Best Answer
Active - house is for sale, no accepted offersBack up - accepted offer but looking for other offers incase the 1st falls out (usually a weak buyer)In Escrow = pending.  House is under contract but not closed.Closed- sale is over and ownersgip has transferred.You missed expired, cancelled, withdrawn - all are self explanatory.
July 16 2009
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Biest against FHA loans

Best Answer
This is changing as we speak.  Conventional lenders are now conforming to FHA appraisal standards and in some instances higher than FHA standards.  So while there IS a current bias, it is changing rapidly.  As I mentioned in an earlier post.  If the seller (bank) won't do all the repairs, you may have to do them yourself - prior to closing the escrow.  That is avery scary thing.
July 16 2009
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Fastest buyer vs highest bidder?

Answer
Right now we are in a SELLER"S market.  Hard to believe but true.  We are down to about 5 months of inventory homes so a lot of homes have multiple offers.  The thing holding the brakes on pricing (and acceptance of the highest bid) is the appraisal.  Most Seller's (under the guidance of their Realtor) are accepting the offer that has the best chances to close at the highest price.  Over bidding doesn't always work unless you can pay the difference between appraisal value and your offer price.
July 16 2009
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Earnest deposit in jeopardy

Best Answer
Good answer's already, but incase it was a liitle unclear I'll give it a shot.  You can recind the offer anytime before it is accepted and returned to you.  After that you can cancel per the terms of the contract.Most CAR contracts specify 17 days for inspections, you can alter this if you wish.  This means you can withdraw for ANY reason during this period with no harm.  However, once BOTH parties have agreed in writing (another CAR form) that the there are no issues that are impeding the transaction your options for cancelling become much tougher.Hope this helped.
July 16 2009
(0)

Easy Question

Answer
The simple answer is; you can write on offer anytime.  However, if you want to be successful- call you agent and he will help walk you through it.  That's his job.There are a few things you can do to make your offer more successful.1) Pre Approval - make sure you have APPLIED for a loan.  Giving some general information to a broker and getting a form letter back is not very effective.  A valid pre approval will be based on you submitting you documentation, w-2's, tax returns, paystubs and bank statements.2) Proof of funds - You should submit proof that you have the wherewithall to consummate the deal.3) Find out if this is a multi offer situation.  You need to know if you are competing against other buyers or if the Seller is competing against other sellers.4)  What type of sale is it?  Bank owned, Short sale, or normal sale.  The highest offer is not always the best offer, especially when financing is involved.5) Your Realtor will schedule inpsections for you, odn't worry about that until you have a deal.6) There are a gazillion other things that need to be thought of as well.  Does the home need work?  If the owner won't do the work, you may have to do it BEFORE escrow can close.  Are you ready for that?Talk to your agent, he should prep you for all of this.
July 16 2009
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Probate sale

Best Answer
It's the sale of a deceaseds assets under the direction of a court.  Are you looking at a particular property that is under probate?
July 16 2009
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