All Forum Posts by: Bill Patterson

Mike's right....although the repair costs most likely would be close, the value needs to be checked with current comps. I'd make another short sale offer and submit pictures of the structural damage along with an updated quote for the repairs along with your submission package. Good luck!
Bill

If I liked the property, I'd counter at $150,500 and if that did not work...stick with your plan "B".
Bill

I'd like to see a spell checker on BP, but I can't remember why Josh said it would be a problem. At any rate...as long as a word is spelled correctly, it wouldn't help much in making sure you used the word correctly! As the world's official worst speller, I always paste it to Word for a spell check! When I spell everything correctly, I give myself a :D!
(BTW…this one came back 100% ok! :D )

To take an option fee when the seller is aware of a foreclosure sounds like fraud and a good way to land in jail!
Bill

Hi,
There has been discussion on why agent owned homes sell for more and stay on the market longer. One theory proposed is that the system of paying an agent a percentage of the sale price as the fee for selling the property can cause some agents to advise taking a lower offer rather than the extra time and work involved in squeezing a couple more percent out of the sale. Think of it this way....a $200,000 house with a 3% commission to the listing agent would be a $6,000 fee. To continue to market, show, and all of the other work involved to keep it on the market for another 2 weeks or a month to get $210,000 would net the listing agent only $300 more. If it is their own house, they get $10,000 more! Now, as a Realtor, I would say that my fiduciary relationship with the seller may not cause me to risk advising a seller to look for the last bit of $$$ they may squeeze out of the deal. What if another buyer did not make an offer? If it is my house, I can justify the risk!

The other part of your question speaks to "Distressed" value vs. "Retail" value. We all know the lender doesn't want the house and there are probably deferred maintenance issues (at the very best!). That helps explains why a well kept, retail priced listing with the seller not forced to move may have a higher eventual sale price.
Bill

It looks like she purchased it for $30,000 and took out a loan for $90,000. I see two problems here.....
First, the agent sounds like a bandit! To suggest this is possible for you to do with your purchase is almost criminal!
Second, to get that appraisal for the $90K loan, I would suspect a shady appraiser. Maybe HVCC was needed!
Bill

The lender will want to see a listing and that it is on the MLS. When you get it listed, just submit your offer again and once the home owner accepts it, they can't accept another offer, just like a normal real estate transaction. Some lenders will request any higher offers that come in be submitted, but that is not fair to the buyer that invests their time and effort (and often $$$) with the understanding that their offer has been accepted. The lender is just another contingency that needs to be settled. If they accept the net amount...great! If they counter and the buyer does not want to pay that much, then that offer is cancelled and another offer can be accepted by the seller and the process starts over again. Many real estate agents have a misconception that they are working for the lender and want to submit all offers. This is not the case! They work for the seller, but still are bound by any contract that is in place as well as real estate law and if a Realtor, their Code of Ethics.
Good luck!
Bill

Glad it worked out!

That's what BP's all about!
You are welcome!
Bill

Should be no problem! If it is a bearing wall it will have a header and be solid. In new (and sometimes in old) construction, a header is not required when the wall is not bearing. Enjoy your new door!
Bill