Advice

  • (15 Contributions,
  • 0 Best Answers,
  • 3 Helpful)

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Can I back out of a short sale.

Answer

Read the short sale addendum that you should have as part of your contract! I never write my short sale offers with an earnest money deposit for my buyer until it is approved by all the short sale lender's of record. Hopefully your agent works in the same fashion. The other alternative is to go back with a price reduction if the property value is not where it was when you first started. If you can show the value is lower most lenders will work with you. It sounds to me that you can probably back out but check with your broker or real estate attorney to confirm!

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Can I back out of a short sale.

Answer

Read the short sale addendum that you should have as part of your contract! I never write my short sale offers with an earnest money deposit for my buyer until it is approved by all the short sale lender's of record. Hopefully your agent works in the same fashion. The other alternative is to go back with a price reduction if the property value is not where it was when you first started. If you can show the value is lower most lenders will work with you. It sounds to me that you can probably back out but check with your broker or real estate attorney to confirm!

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Can I back out of a short sale.

Answer

Be sure to read the "short sale addendum" as there are many "outs" to a contract involving a short sale. Typically a short sale "due diligence" period does not begin until all applicable lender/lienholders have approved the short payoff terms of the deal. Even after approval, you have conditions that will allow a buyer to back out of the sale. Be sure to hire a real estate broker or real estate attorney! Short sales can be complicated! If you think it's expensive hiring a real estate expert, just wait and see how expensive it can be to hire an amateur. Short sales are not for everyone; but can be tremendous deals if you have an experienced broker/attorney and have the stamina to survive the complications that may arise!Jack

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Can I back out of a short sale.

Answer

Be sure to read the "short sale addendum" as there are many "outs" to a contract involving a short sale. Typically a short sale "due diligence" period does not begin until all applicable lender/lienholders have approved the short payoff terms of the deal. Even after approval, you have conditions that will allow a buyer to back out of the sale. Be sure to hire a real estate broker or real estate attorney! Short sales can be complicated! If you think it's expensive hiring a real estate expert, just wait and see how expensive it can be to hire an amateur. Short sales are not for everyone; but can be tremendous deals if you have an experienced broker/attorney and have the stamina to survive the complications that may arise!Jack

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what if i want to pay cash for home

Answer

You will definitely be able to negotiate a great deal if you are able to move fast with a quick close and a short "due diligence" period.  After the purchase, you may want to refinance the property and take advantage of some of the best interest rates we've had in years.  Rate are likely to increase over the next couple years.  You may be able to invest these funds and have it pay your mortgage, with monies left over to invest or save.Jack 

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Is this a good time to become a real estate agent.

Answer

Anytime is a great time to get into the real estate business! As long as you are able to dedicate much of your time, energy and sacrifice time with you family!  Real estate is like any other business; you need to put in the hours and invest in yourself. It is definitely not a get rich quick business.  To succeed, you need to do the best job possible for your clients. Always keep your clients interest first and you will be rewarded with referrals which make the business extremely rewarding.  If you have been successful in real estate for the past five years or so...the next ten years should be much easier.  Real estate can test your skills, patience and can be extremely difficult at times!  Not only are you dealing with client's valuable property and investments, but you also get involved with their personal gains & sometimes their losses! If you like a challenge and are very persistant...it can be a great career. Jack Dudenhoeffer, Broker

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Two Agents? proper protocol?

Response

Go with an experienced buyer's agent/broker. Find someone who excels in their area of expertise, who is a skilled negotiator.  The listing broker has a fiduciary duty to the seller and one should have good representation as a buyer. Find a good agent and then be loyal as their time is all they have to work with and they work on a commission basis!Good luck!

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