@Brad, you've got it right. How much will you leave on the table Fluffchick? Most people think about saving money, but don't understand the way professionals negotiate in their favor. Why do professional athletes have agents? Why do they have coaches? Because they understand their own limitations even though they're the best of the best. They focus on what they do best and follow the direction of those that know a little more in the fields that benefit their performance. In your case, that field is providing you with the most money in the shortest period of time with the least amount of complications. So, listing your home FSBO is free, but the likely-hood of selling it on your own is slim and if you choose to list with someone at a reduced commission (should you chose a poor negotiator), you'll likely find poor results.
The interesting thing about this entire thread and we learned this in real estate school, "I'm sorry, but I can't provide any legal advice as I am not a professional in that field." The unfortunate part about this he said she said is that it will all come out through the appropriate channels. Sorry Catspack, but someone will need to look at the finer details of the progression and provide you with an answer that shouldn't be answered in this thread. Best of luck.Steven
The interesting thing about wanting to save money is, it reminds me of buying cheap shoes, they cost a lot less, but I have to replace them much more often. I have been a realtor for over 20 years and the State of California is not shy when it comes to litigation. You have no idea about arbitration or mediation and how a purchaser and seller give up the right to a law-suit by initialing p7 of the purchase agreement do you? Are you aware of passive and active contingency removals? Are you aware of disclosing all known material facts, regardless of if you think they're appropriate or not do disclose? We all want something for nothing, or very little, I know I'm guilty of it, but this isn't about buying a pair of shoes. Real estate is typically the largest investment or sale you will ever be a part of. Paying a professional for their services may seem like a big deal at the time, but if something comes back to bite you in the A#@, would it have been money well spent? I hope you don't have to find out.
The question is do you wish to refi or look into a short sale. The reason I'm asking is because at the end of 2012 the "mortgage Forgiveness Debt Relief Act and Debt Cancellation" expires. (http://www.irs.gov/individuals/article/0,,id=179414,00.html)What does that mean to you? Well, if you QUALIFY for a short sale (hardship through loss of job, medical, or other...), you will be forgiven for the loss and the bank will pay for all selling expenses such as commission, escrow, title and other miscellaneous fees. If you are in love with your home and want to live there for years to come, then you can speak to your lender about your financing options. I just let all of my clients know that you still have the magic eraser to void out any tax liability through the relief act. Of-course I advise you to speak with a tax professional to understand the full effect of how this would affect you, but time is ticking and once that ACT expires, people will owe the GOVT a lot of money in taxes should they choose to short sell.Please consider your options wisely.Best,Steven
Contacting the seller is due to your being frustrated. If you look at today's current market, it's heating up beyond control. Inventory is down and people are clawing at getting an accepted offer. There is a totem pole of hierarchy and it's Cash, Conventional, FHA and then VA. In my opinion, the reason VA is at the bottom (or can shuffle between FHA and VA) is due to the time it takes to get a VA loan done VS all other loans. They are very strict and call out anything they feel warrants mentioning. I have an accepted offer right now where the property should have appraised at accepted value, but the appraisal came in 21K low. We requested an appraisal review and that will take 2 weeks. There are also the mandatory paid seller items that VA won't allow the veteran to pay for such as section 1 and 2 termite, termite report, escrow portion and more. So, when you wonder why VA may be overlooked in a hot market, it's because there are easier loans to do and less money charged to the seller to get the deal done. Hope this helps.Steve
San Diego inventory is drying up among many other major cities across the Nation! Investors aren't just your fix and flip anymore, now mom and pop are back in the game as local values have jumped about 10% in the past 90 days. Some of my clients are having to write 4 or 5+ offers before getting an accepted offer on a property; this is taking some getting used to. Not so long ago the mindset didn't have urgency programmed into it. Now I find myself briefing my buyers before they get into the trenches. We have a full blown strategy in order to have a shot at being victorious. I recently lost one of these battles as a young couple with a newborn baby got priced out of the market. How can conventional financing trump cash without contingencies? Stay away from North Park if you're not paying cash under 400K. For any buyers out there looking to find the right home, make sure you formulate a plan with your real estate agent and be realistic. Your agent will provide you with the latest inventory based on your criteria and they should be able to explain the best way to get you into a home in this extremely competitive market. Happy house hunting!
Thanks Cory, my apologies.
Please contact me for details and the great deals available.Steven WenerWhissel RealtyDRE 01874599cell 760 300 9166