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Tristan Smith's Advice

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  • 10 Contributions
  • 1 Best Answers
  • 1 Helpful

Tristan Smith wrote:

Waiting for the buyers loan to be approved,signed off on everything else, once approved can he walk.

Answer
I agree with Nelene, the buyer can walk at anytime during the process. There is, however, a Caveat in cases where financing is required to purchase the property. Bottom line, the seller needs to enforce their contingency period. The listing agent needs to stay on top of this and force the contingency sign off when it is Due. There are occasions when the contingencies need to be extended. The typical reason is because the Lender for the buyer is moving too slow and has not issued an approval in time. I can't stress enough that listing agents need to pay close attention to the buyers pre-approval, example, what lender are they using, the lenders Underwriting turn times, the debt-to-income ratios, the amount of Earnest money deposit offered, these all play into to the strength of the offer. The Sign off of the contingencies releases the Earnest money deposit to the seller. This, at the very least gives the seller some reimbursement for their time off market should the buyer back out. Unfortunately, if the buyer backs out before the release of contingencies, the seller loses. This is the cost of doing business and the risk the seller takes on when accepting an offer. The job of the list agent is to minimize this risk. As the buyer gets deeper into the transaction his investment into the process grows as appraisal and inspections are performed, the costs for these inspections adds skin in the game. As a listing agent and a Loan officer, I pay close attention to the Pre- approvals and will usually counter offer with an increased Earnest money deposit, when appropriate. Keep in mind, all transactions are unique, so its important to have a listing agent that understands the complexities of mortgage lending. If the listing agent is not a loan officer they can still scrutinize their pre-approvals through a trusted affiliated loan officer. Good luck!
October 18 2013
(0)

What are the current VA points to the seller, FHA?

Answer
The seller does not have to pay points in an FHA and VA loan Scenario. Va and FHA Loans do have Non Allowable fees that the buyer cannot pay. These include Loan Closing or settlement fees, Documentation Preparation fees, Interest rate lock fees, Transaction Coordinator fees, Postage and Mailing fees, etc. I recommend negotiating on Price first and then let the Buyers agent and Loan Officer work out how to cover those fees. Once price has been agreed upon, you can always help the veteran by increasing the price to accommodate some closing costs, assuming the house appraises. If you are presented with an offer that includes the Seller paid closing costs, then focus on the Net proceeds for your decision. Always ask for a "Seller Net sheet"so you can estimate final Net Proceeds to you. There are many ways to work out a sale to a Veteran who is using their VA Loan. Don't shy away from VA Offers. Veterans are usually great buyers to work with. The Key to minimizing the risk of choosing a bad offer is to thoroughly scrutinize all your Pre-Approvals. 
September 27 2013
(0)

Hi, I wonder if I can find housing prices information going back to history (back to like 2000)?

Answer
Absolutely, I would be  happy to send you listing history on any house you are interested in. I can have this information for you in few minutes.
September 03 2013
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Will it affect my home value (in Pacific Beach) to have no bath?

Answer
Its a Judgement call, Shower always wins over bath, if you have to choose. I think you are making the right call, sacrificing the bath for a roomy shower. The PB area will provide enough buyers for a shower only bathroom.  
October 15 2011
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Zillow shows my house as a 3 bed 2 bath but I have a 4 bed 2 bath, can I get my zestimate corrected?

Answer
Try this link, for automated evaluations. [link removed by moderator]Much better than Zillow and you can make adjustments for bed, bath, year built on the spot. This will automatically recalculate your value. 
May 13 2010
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I am getting email from you about my house, but I also have two condos that I'd like to get updates.

Answer
If your condos are in San Diego, send me the addresses and lets get to work.
April 19 2010
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How do I use Zillow to find comps?

Answer
I can help you with comps. Email me the property address and I'll do a CMA for you same day. tsmith.sdhomes@gmail.com. Or you can go to www.sdhomes.biz and use the property value button. This is an Automated valuation module that lenders use to verify appraisals. Its a great starting point.
February 26 2010
(1)

I need to up date the home information. Can you help me. Lillow won't recognize my e-mail. Richard

Best Answer
Richard, email the information you would like updated and I'll have it for you same day. tsmith.sdhomes@gmail.com
February 26 2010
(0)

What is the price of the resently sold 1356 sq ft unit from Giani (4 s ranch, 92127)?

Answer
The listing that fits your criteria is 17071 Calle Trevino # 12, 92127.Close of escrow was 12/15/09. Sale price was 360,000 Let me know how I can help.
February 24 2010
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I need to know the current value of my other property in San diego, how do I go about that?

Answer
Hello Bejon,Short of an appraisal, your best bet is using a local agent to run a CMA for you. When searching for an agent to run values for you, ask them if they have any experience in doing BPO's( Broker price opinions). These are more involved than CMA's and provide greater accuracy. I offer this as a way of refining the CMA. One thing to keep in mind, appraisals are driving the final sales prices these days. Since most of the buyers out there are financing a portion of the cost, it's important to look at these values through the eyes of the lender. I usually lean toward the conservative end of the value range for accuracy because this is what the bank is going to use when approving loan. There are many things to consider in the sale of a property, accurately assessing the value, and considering how the potential buyer will finance the purchase is one of the most important. Please feel free to contact me for any questions you have, [content removed by moderator for being self promotional]
September 01 2009
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