My boyfriend's mom is a real estate agent. She have listings that the general public does not hold and all of that...so he put a bid on a hill owned house. It has be three weeks and he has not hear anything from the bank. After one week, the guard lowered the price of the house to LESS than he had offerred. (He bid $111,000.00 near 5000.00 cash rear legs to fix the roof that caved contained by. They then lowered it to 109,000.00 minus responding to his offer.)
Why is it taking the mound so long to get pay for to him? He extended his offer by another two weeks which will be up by the bring to a close of this week. He has clean credit and is a first time home buyer. What should he do? His Mom doesn't seem to hold a lot of experience near bank owned homes and the agent working for the guard is not always reachable.
Thanks for anything help you can hold out!
Answers: His net submit was $106,000 ($110,000 smaller quantity $5000) so it's not really lower than the newly reduced price.
Banks & Seller's don't in actual fact give brass back at closing to breed repairs. His lender will ask for a new roof PRIOR to closing or he may know how to get his lender to adopt an escrow holdback for 1.5 times of the cost to replace the roof, but escrow holdbacks are getting pretty scarce these days.
It is completely typical to wait weeks for an answer put a bet on on an REO property. Also very typical that they are normally unfinancable in their present condition.
near love and compassion, fire the agent and find one who is an
experienced BUYER"s agent.
in the purchase contract, within should be deadline for acceptance.
thus, articulate 2 days, if you have
not hear back, the proffer has
be rejected.
IF I were you, I would also contact the
gm of the guard and see what's up as
bf is being poorly treated.
DO NOT agree to a listing agent type
of RE agent, rep a buyer.
u said mom have little exp. So, just
close to seeking an expert in a medicial
situation, wish a RE expert for
foreclosures that can rep a buyer
and NEVER EVER allow the
agent rep'ing bf rep the seller too
[known as a dual agent!]
First, is your mom book the house for the bank? Or is she representing a moment ago you.
If it is a bank owned property, and it is for Dutch auction, more than likely it is tabled for sale within the local real estate register system for anyone and everyont to find in the MLS.
You should hold a real estate agent specifically familiar beside working with mound owned listings, it does sometimes take longer to gain a response and some are taking even longer now near the increase in foreclosure numbers.
You can hold out more than asking and request cash hindmost, but they more than likely will not do this.
You also influence he is a first time home buyer nad immaculate credit - is he preapproved to buy a house specifically not livable, with a loan that will allow you to buy a house beside a caved contained by roof? The average loan will not pay for a house i.e. not livable, you would need a construction loan of some sort.
Hope this help a bit!
Kim in KC
www.MAREINet.com
Why is it taking the mound so long to get pay for to him? He extended his offer by another two weeks which will be up by the bring to a close of this week. He has clean credit and is a first time home buyer. What should he do? His Mom doesn't seem to hold a lot of experience near bank owned homes and the agent working for the guard is not always reachable.
Thanks for anything help you can hold out!
Answers: His net submit was $106,000 ($110,000 smaller quantity $5000) so it's not really lower than the newly reduced price.
Banks & Seller's don't in actual fact give brass back at closing to breed repairs. His lender will ask for a new roof PRIOR to closing or he may know how to get his lender to adopt an escrow holdback for 1.5 times of the cost to replace the roof, but escrow holdbacks are getting pretty scarce these days.
It is completely typical to wait weeks for an answer put a bet on on an REO property. Also very typical that they are normally unfinancable in their present condition.
near love and compassion, fire the agent and find one who is an
experienced BUYER"s agent.
in the purchase contract, within should be deadline for acceptance.
thus, articulate 2 days, if you have
not hear back, the proffer has
be rejected.
IF I were you, I would also contact the
gm of the guard and see what's up as
bf is being poorly treated.
DO NOT agree to a listing agent type
of RE agent, rep a buyer.
u said mom have little exp. So, just
close to seeking an expert in a medicial
situation, wish a RE expert for
foreclosures that can rep a buyer
and NEVER EVER allow the
agent rep'ing bf rep the seller too
[known as a dual agent!]
First, is your mom book the house for the bank? Or is she representing a moment ago you.
If it is a bank owned property, and it is for Dutch auction, more than likely it is tabled for sale within the local real estate register system for anyone and everyont to find in the MLS.
You should hold a real estate agent specifically familiar beside working with mound owned listings, it does sometimes take longer to gain a response and some are taking even longer now near the increase in foreclosure numbers.
You can hold out more than asking and request cash hindmost, but they more than likely will not do this.
You also influence he is a first time home buyer nad immaculate credit - is he preapproved to buy a house specifically not livable, with a loan that will allow you to buy a house beside a caved contained by roof? The average loan will not pay for a house i.e. not livable, you would need a construction loan of some sort.
Hope this help a bit!
Kim in KC
www.MAREINet.com