This house was scheduled yesterday and is a bank owned home through Wells Fargo surrounded by Riverside County, California. It is listed at $222,000, nearly $33,000 under current marketplace value. We put an propose in at $228,500. It also say in the Agent Remarks that nearby is a $1000 bonus if under contract by 6/30/2008 and escrow closes. We are also pre-approved through FHA!!
I know the bank are overloaded with REO's, but is within any chance they want to unload this house promptly based on the reality they are giving a $1000 bonus if under contract by 6/30/2008??
Any counsel is greatly appreciated! As we have be looking since February. Pretty much all Short Sales except this one.
Thank you contained by advance!
Answers: As a Realtor who have gone through these it depends on the bank. Generally you hear hindmost through the listing agent inside 24 hours and have an approval without mound signature but getting the bank signature can pinch anywhere from a couple of days to several weeks.
With that signature the escrow can be opened. From near on, most things run the usual course but if your lender requires special signatures from the bank, count on it taking more time than usual.
I haven't be able to capture a bank owned mart to close within the regular 30 days. Yes, the bank desires to unload it but they also have hundreds of houses they want to unload and because of this, the creature at the bank beside the file on your adjectives house, may not be able to move hastily.
Patience is a virtue. You involve it when buying a bank owned property.
It is a moderately good bestow, depending on how much of it is cash. A lower bestow will win if the down payment is complex, or all change. As I am sure you know, anything this cheap can easily be bought up near an all lolly offer.
Either agency, you will hear before 6/30, which is nice, much better later waiting for months.
No advise, you will obligation to be patient. Each lender is different within how they handle the offer. First off, in that is no way you'll close escrow by 6/30. Even if the mound agreed to your offer like day you made it, you already have full financing available, and everything else goes ahead at warp speed, escrow still take at least 3 weeks because of adjectives the physical paperwork that has to move around.
Second, I assume you overbid for the house. As you know, the bank will be deperate to win rid of the house. So, why did you bid $6500 over their asking price? Personally, I would have gone near $200k-$215k.
That said, banks tend to move speedily on offers. My parents merely bought a foreclosed house from a bank, and while they be told it would be a week, they got the devout news the daylight after they put in their contribute (they offered full asking price, 10% down up front, and already had financing for the rest.)
Also, try asking for the $1000 bonus anyways. Can't hurt anything.
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I know the bank are overloaded with REO's, but is within any chance they want to unload this house promptly based on the reality they are giving a $1000 bonus if under contract by 6/30/2008??
Any counsel is greatly appreciated! As we have be looking since February. Pretty much all Short Sales except this one.
Thank you contained by advance!
Answers: As a Realtor who have gone through these it depends on the bank. Generally you hear hindmost through the listing agent inside 24 hours and have an approval without mound signature but getting the bank signature can pinch anywhere from a couple of days to several weeks.
With that signature the escrow can be opened. From near on, most things run the usual course but if your lender requires special signatures from the bank, count on it taking more time than usual.
I haven't be able to capture a bank owned mart to close within the regular 30 days. Yes, the bank desires to unload it but they also have hundreds of houses they want to unload and because of this, the creature at the bank beside the file on your adjectives house, may not be able to move hastily.
Patience is a virtue. You involve it when buying a bank owned property.
It is a moderately good bestow, depending on how much of it is cash. A lower bestow will win if the down payment is complex, or all change. As I am sure you know, anything this cheap can easily be bought up near an all lolly offer.
Either agency, you will hear before 6/30, which is nice, much better later waiting for months.
No advise, you will obligation to be patient. Each lender is different within how they handle the offer. First off, in that is no way you'll close escrow by 6/30. Even if the mound agreed to your offer like day you made it, you already have full financing available, and everything else goes ahead at warp speed, escrow still take at least 3 weeks because of adjectives the physical paperwork that has to move around.
Second, I assume you overbid for the house. As you know, the bank will be deperate to win rid of the house. So, why did you bid $6500 over their asking price? Personally, I would have gone near $200k-$215k.
That said, banks tend to move speedily on offers. My parents merely bought a foreclosed house from a bank, and while they be told it would be a week, they got the devout news the daylight after they put in their contribute (they offered full asking price, 10% down up front, and already had financing for the rest.)
Also, try asking for the $1000 bonus anyways. Can't hurt anything.
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