Good Day, As the Seller you have more power than you think. If they asked for an extension, it is very likely that the lender requested it for buyers loan. They normally ask for plenty of time in case there are further delays but in some cases they are able to close sooner (Your realtor should have prepared you for that.) Nevertheless, you as the Seller can in fact let the agent and the buyers agent know that you will not be prepared to move until the requested new closing date as described in the Extension Agreement. They cannot force you to move out before that without any other written agreement between all parties. In regards to the walk thru situation, it's unfortunate that they didn't have the common courtesy to give you plenty of notice as reqeusted. If there is an agreement for you to actually close earlier, I would request a extention to close on your end and let your realtor you need a written answer from buyers. Ultimately, it's not in the best interest of the buyer to close and you're still not moved out and they might opt to grant you your desired move out date. Hope that helps. Sorry for your trouble and best of luck to you! Trinidad Ps. Please forgive me for any typos and I miss correcting one of two here and there :)
Options:No cost: Zestimates - Not very reliable but good starting point Realtor - A good realtor can give you a very good Idea (Be considerate of their time if not thinking of selling)Appraisal- Most Accurate but vary based on the need for value (Sale, Refinance, Tax e-assessment etc.)Hope that helps!
Laguna Niguel, These are just estimates and as you witness can change without notice. I wouldn't be to concern with zestimate, a realtor and appraiser would use the most resent sales comparable's to arrive at value. Best wishes, Trinidad
Hello Sarah, There are certain stipulations that a lender would put under the conditions of a short sale approval. It's important that you understand those conditions before deciding if that's the best course of action for you. Trinidad Remax.
I would consult your accountant before making the decision to sell which is of course when capital gains comes into play. Another thing to consider would be re-investing the proceeds and rolling them over into another investment property via a 1031 exchange to avoid the gains, unless you are just looking to cash out.
We realtors normally use standard sales when available when determining value on standard sale listings. When the inventory is not there, we use the foreclosure or short sale comps and make adjustments to determine final suggested value.
Although you are not ready to make a move till Summer of 2014, it is a good idea to have a conversation with both your Lender and a Realtor. Getting some early tips in preparing for sale could only help at this point. The market is always changing and having the correct information in regards to market trends will help you make the best decisions for you and your family. Regard, Trinidad
Although you are selling "as is", you are still obligated to disclose property condition. You may want to express your concern with your agent in writing and let him know you want a written response from buyer as to the items you are disclosing to protect yourself. In regards to extension, I would also have agent submit a notice to perform on your behalf to the buyer and wait for a response. Instead of waiting and starting from scratch with another buyer, assuming you are still interested in selling, you might consider granting an extension either free of charge or add a daily perdium of some kind. Hope that helps. Good luck. Trinidad.
Have you considered renting your property and soliciting the help of a family member to qualify to buy another home? A short sale is designed for a family facing financial challenges that threatens their ability to sustain their mortgage payments. Simply outgrowing your home due to growing family isn't a hardship in the eyes for the lender. Simply stop making payments does not guarantee you short sale approval and it's not recommended. Cash for keys is normally the result of a foreclosure and lender interest in receiving possession of property without any damage to it. In both cases, a hit on your credit score goes without saying. Talk to a local Realtor/Accountant about your best course of action. Good luck and congratulations on your growing family. Trinidad
Oakland, Unless specified in the lease agreement that he is to move out with a 60 day notice, tenant is not obligated to move as he is in compliance with lease agreement. Make sure you're agreement is very clear in your intention otherwise you will have to market property with tenant lease in place. Hope that helps.