We had just come off a failed short sale when we made the offer on this property. We were so wiped out/pissed off over the short sale that we pretty much because ruthless as we looked for the next property. Our attitude was to “take no prisoners”, and since it was a buyer’s market, we knew we had the upper hand.
It’s totally opposite that around here now. Places that are priced fairly are sold the first few days they’re on the market. To make things worse, there are a lot of institutional investors still in our market, buying up homes to turn them into rentals. They’re paying market prices and in cash, so “regular” buyers get shut out of the market in short order. It really sucks for the average homeowner, as the range where the majority of people would buy in is getting vacuumed up by institutional investors and people can’t buy homes. If you want to buy a home in the $250k or lower range, you’re going to have a really tough time. Dan > On Jun 4, 2016, at 9:44 AM, Kaleb C. Striplin via Mercedes > <mercedes@okiebenz.com> wrote: > > Yep, once you have a fully executed contract the seller can't just walk away. > At that point the only thing that could kill the deal is if it was being > financed and the loan fell thru. The seller has no right to the buyers > appraisal and not being able to see it is not a reason to breach the contract > and back out. The deal could also fall at least here the buyers have 10 days > to do inspections, and if any repairs are needed they can either take it as > is, or ask the seller to repair and the seller could then say yes or no. If > they say no then the deal could fall. Usually when a buyer writes a contract > they usually put in x amount of dollars for repairs, usually anywhere from > 1-2k. So then if seller accepts offer with that amount of repairs and when > inspections come up with something that needs to be repaired, seller is on > the hook to pay for it up to that point. If repairs exceed that amount then > seller can go ahead and pay it to save the deal, or buyers can pay for the > difference above the repair amount, or let the deal fall. As far as > appraisals go, they always appraise for about 10-20k above contract price, at > least around here. The appraisal companies do that for financing purposes. So > if you bought a house and the appraisal came in 20k over, I guess at least on > paper you have an instant 20k in equity, but in the real world no way would > you be able to instantly put the house back up for sale and sell it for 20k > more. > > > For my next house I would like to buy a foreclosure. I have seen several I > would have loved to buy but when we bought this house since we were also > keeping our old house we had to go fha. These houses would not pass fha > standards because they were usually missing things like the appliances, > bathroom fixtures, kitchen counters sometimes, mainly cosmetic stuff. There > was this one house for sale that was like this that was about a 6k sqft house > on 10 acres for something like a little over 100k. Wow. It may have needed a > ton of money though replacing all that stuff. There was another house we > liked that was not a foreclosure but the owner was about to be foreclosed on. > It needed some deferred maintenance and exterior paint but would not have > passed fha because of that. It was around 3500 ft, had shops, a huge in > ground pool, and was cheap. > > > Sent from my iPhone _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
