Profile picture for Sebastian Stofenmacher

Sebastian Stofenmacher

Agent

Real Estate Professional, CA Brokers License (13 years experience)

13 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (159 Contributions,
  • 1 Best Answers,
  • 18 Helpful)

Contributions are sorted newest to oldest.

Mortgage Contingency Clause

Answer

The first question is why are you extending the close until October? Usually as a Listing Broker I like to see no more than 17 days loan contingency. However we also expect to close the transaction within 30 to 45 days depending on the loan type.  I think if you are extending the sale, you should ask for a longer loan contingency period mostly because you don't know if guidelines will change in the next couple of months, rates may increase, etc...

  (0)
How long does it take for HomePath to officially approve an offer?

Answer

Once you have the "acknowledgement date" even though you don't have a fully executed contract, Fannie Mae does view it as an accepted deal and will not look at other offers.  If you haven't received the acknowledgement date, then you are at the mercy of the listing agent letting Fannie Mae know that you have accepted the counter, and then them internally accepting it. There is no set time frame.

  (1)
Home Inspection: What if you can't afford the Repairs?

Response

The simple answer is Back Out.First ask the seller if they are willing to do the repairs.  If they say no, I would back out of the deal.You should have an inspection contingency and thus not have any issues recuperating your deposit.

  (0)
Do we have to include appliances in the multi-family rented home we are selling?

Answer

The truth is that anything can be negotiated.  However, when selling a rented property, I would think your target buyer is an investor and likely they want a smooth transition. Therefore, you are more likely to benefit from including all the appliances because it makes it an easier sale.Furthermore, the buyer is already putting a large down payment on the property and likely would not want to also add to their capital investment by spending more money; they would likely rather pay you a little more in the purchase price and have a property with all the appliances and happy tenants.

  (0)
How much to list our house for?

Answer

Hello Mike,The truth is that todays market is very hot, and even from the numbers you posted you can see an upward trend in sales price. It still depends on the location, shape of the house, and other dynamics.  As a general rule of thumb, I would list on the lower spectrum with hopes of getting more potential buyers to come see your home. Remember that lots of agents when searching for homes put a cap on what they are showing their clients and you do not want to be over that cap.  Usually the buyer can afford more, but would rather not.  Then when you get multiple parties interested in your home, you will create the bidding war that will end up getting you more value out of your home.In the end, my biggest concern would be what the appraisers will think about the value once you get it into escrow. That is where the largest issues arise in todays market. Offers you should be receiving within days of listing at any reasonable price.

  (0)