Real Estate Professional (11 years experience)

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

Advice

  • (43 Contributions,
  • 0 Best Answers,
  • 10 Helpful)

Contributions are sorted newest to oldest.

2903 Frontera Pl Fayetteville, NC says preforeclosure, but can't find it on MLS?

Answer

Preforeclosure can mean a variety of things. It could mean that the owners have missed enough payments for foreclosure to proceed but they may be working out a deal with the bank to forgo formal foreclosure or to save their home. You can call the local clerk of court to see if foreclosure has been filed on the property, when a hearing date is scheduled and if it has, when the sale on the court house steps will be held. Usually if it does not sell at the courthouse steps, it will come on the market (MLS) with a realtor or at an auction. The sellers could also be working out a Deed in Lieu of foreclosure where the owner gives the house back to the bank without going through a formal foreclosure process. In that case, it will be listed directly without the courthouse sale. Since many banks have a back log of properties for sale, it may take months for this house to come on the market. 

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Fully Attached vs single family

Answer

You could ask your buyers agent to get a copy of the current homeowner's utility and maint. bills to compare with a single family of the same square footage. Owning a home costs money no matter if it is attached or detached. Check to see if there is a maint. agreement on file for the attached home to see who is responsible for what and how much it will cost.Good luck.

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What are the status and how are they changed for a home? For example, I am interested in a house tha

Answer

If the listing has been claimed by the listing Realtor, that Realtor can update the status of their property to indicate if it is "off the market".Otherwise, I am not sure how or if the properties are updated in accordance with the local MLS.If you contact a buyer's agent in your area, they should be able to connect you to a local MLS server that will send you listings in your area that conform to your specifications. That way you don't need to hunt and peck through listings that may be under contract or sold before you see them.

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seller want me to close and let her stay a week, she willing to deposit 5,000 escrow money

Answer

If at all possible, just postpone the closing until she can get out. The eviction process is not fast no matter if the attorney's are involved or not. The insurance issues can become a nightmare and there could be damage after closing with no real recourse for you. Sure the seller wants you to close because then they will have their money and can move on while you wait. Kindly tell them no, you will close when they can get out and just see how fast they can move.Good luck.

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My realtor tells me not to get new survey

Answer

I would suggest you "waste the money' and get a new survey. The surveyor can clearly mark the corners of your new property so that there is no question between you and the neighbor and it will all be clear prior to closing. Better to know now than down the road when trouble starts. Good luck.

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Are forclosures negotiable with the price?

Answer

Yes and no. In our market, we usually don't see the foreclosure banks come much off their price ($5000 max) but we do see them lower the price of the house until they have someone willing to make a full price offer. It doesn't seem to make any sense but.... these are corporate entities making the decisions. Just be prepared to wait it out if they won't negotiate now.

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home contingent now back on market, listed as bank approved price... too good to be true?

Response

Hi Hopeful in Michigan,You could just be lucky. There are some new programs coming into play on short sales that are supposed to make the process faster. That being said, there is usually nothing short about a short sale. As long as the bank will use the current BPO on file, you should have an answer faster than if it were started all over. I hope it all works out for you but don't be surprised if it takes longer than your deadline. If it truly is a good deal, don't walk, just wait it out.Good luck.Suzie

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FSBO - Buyer's agent commission

Response

A Realtor has the obligation to find the best house for their client regardless of the benefit to the agent. A real estate agent is not held to the higher standard which is why it benefits everyone to use a Realtor and not just a real estate agent. That being said, even Realtors do not work for free. The agent could have asked the buyer to share in the commission and if the buyer truly wanted to see or buy the house, they would most likely agree. I agree with a previous post that you should agree to pay what is usual and customary in your area if an agent brings a buyer to your door. You will not have to deal with all the issues that the buyer's agent will encounter while working their buyer through the process. Good luck with the sale of your property.

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Why would an agent advise not to paint or refloor a home before putting it on the market?

Answer

I can see both sides of this issue. If those small things are not really going to sell a house that is in real need of structural repair, why bother with spending the money.If the whole house is in good shape but needs some cosmetic updating, there would be some value in changing out the ugly to a neutral decor. It sounds as if this home has more issues than just the cosmetic if the other homes in the area are selling for twice the value. In our market, the only thing that gets a client through the door is price. It doesn't matter if it is the nicest house on the street, if it doesn't price out with the comps in the neighborhood, it doesn't get traffic. Folks looking in your price point in a higher priced neighborhood already know they are going to need to do some work. Those minor changes are like putting perfume on a pig. You may just want to save your money and sell for a reasonable price.

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