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#424109 - 05/22/13 01:02 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7588
Loc: Vermont's North-East Kingdom
You just now mentioned VA (Veterans Administration) . . . . but I thought you were planning on using an FHA Loan Guarantee.
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Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#424370 - 05/28/13 08:17 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
12 step 4 BPOs? Offline
Veteran Member

Registered: 06/28/10
Posts: 1288
Loc: Land of Tree Huggers
Originally Posted By: Artiste
The seller is the bank -- the guy living in the house has no authority to accept your offer and close the deal.


This was a short sale...so this is not accurate.

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#424463 - 05/30/13 12:59 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Mapper]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2302
Loc: US
Originally Posted By: Mapper
But if we would have waited until the lender approved this, we might have been waiting 2 months to do an inspection and the whole while not looking at anything else and then get screwed over and be 2 months closer to our lease ending and not having anywhere to live. We were only out $100 and I'd rather do that than wait for lender approval only to end up terminating the contract due to major problems.


The bottom line is you're lucky it was only a $100 loss. Around here I would not let my buyers do an inspection without lender approval first. The buyers can back out of a deal for any reason on a short sale, including a better house coming on the market. Short sales come with risk, and you need to figure out if you want to take on the risk or not.

I just noticed all of these threads you started. Maybe you should find a new agent if you are not getting answers to all of your questions? You are asking agents who do not represent you for legal advice. Go find yourself a bank owned house or a normal retail property and forget about short sales. There will be much less stress on everyone.


Edited by BpoBill (05/30/13 01:04 PM)

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#426528 - 07/30/13 04:35 PM Re: Neither the listing agent or the seller knows about this? C'mon!! [Re: Artiste]
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
Originally Posted By: Artiste

Shotgun offers on every potential home you want and wait for the LENDER approval. THEN inspect and decide which home is best.


Please tell me that this is a joke, and you aren't suggesting this as something for buyers/agents to do.

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