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#423786 - 05/14/13 08:33 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Bigtoe]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
I emailed our agent with our concerns about why did the sellers agent change the price down to 199K unbeknownst to us until we saw the sellers signed off on it and he responded with

"Yes, I believe that she lowered the price to reflect the previously approved price. She’s definitely a little odd, however we will do our part and keep on course with the home inspection, inquiries about what the seller knows about the property, and the financing process".

He doesn't seem concerned at all that anything is fishy. I'm starting to feel like I know more about this process than anybody else in this mess!

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#423796 - 05/14/13 11:15 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/14/11
Posts: 339
Loc: Georgia
I can see why the seller's agent countered back at 199k, he/she is concerned that if a higher offer comes in the lender may think that the market values are rising in that market and may order another BPo and start the process all over again. At 199k they will use the current bpo and move quicker to have the documents reviewed and issue a clear to close. I have an issue with you paying the 3rd party negotiators fee. I would have never suggested that you sign off on that. I would have countered the counter by striking through that provision.

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#423801 - 05/14/13 12:12 PM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: HomeTeamGA]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But even though it was pre-approved at 199K, the bank still can have the option to up the price once they get the paperwork right? Since using the pre-approved price, how long do you think it will take until we get an answer from the bank? Then is it just 30 days after that that we can close? I realize that a gazillion things can go wrong during this time.

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#423812 - 05/14/13 03:00 PM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Jump of the ship it sounds like you are on the Titanic. Maybe you should look at REO's and standard sales. If you stick with this you are in for one hell of a ride.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#423831 - 05/15/13 01:50 AM Re: Isn't there only 10 days from mutual agreement to do an inspection? [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7866
Loc: Vermont's North-East Kingdom
Originally Posted By: Mapper
". . . But even though it was pre-approved at 199K, the bank still can have the option to up the price once they get the paperwork right? . . ."

Just as every house is a bit different, every loan is unique, and so is every sale.

Just because the Short Sale of this house was previously approved for some other, now anonymous Buyer, we don't know if it will be approved for you.

Price is not the only factor.

Was the previous "approved" Short Sale going to be an FHA guaranteed deal ?

Did that prior Buyer want the current Mortgagee to pay his Closing Costs like you do ?

We have no idea how far along in this process the prior attempt got before it was derailed.
_________________________
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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