Rama Mehra
San Ramon Real Estate Specialist
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I can get a Short Sale at a low price- True or False? False. Short Sales are now getting streamlined and the bank is already losing a lot of money. The sales price will be close to fair market value.
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My offer has been with the bank for months- Here are the reasons-
a) Your offer was too low and landed in a pile of garbage
b) The Seller did not submit all their paper work, and things are getting
delayed.
c) The Seller filed for Banktruptcy while Short sale was submitted and
nothing will move forward till the bankruptcy is discharged.
d) Bank will make more money auctioning the home than accept your
offer.
3. The Seller wants me to pay for his broken table and chair- There
are many cases happening out there. Listing agents are telling buyers,if
they want the house then they have to pay X amount of dollars to the
seller. DO NOT GET INVOLVED. A Short sale has to be an Arms Length
transaction and the seller CANNOT get any proceeds from it. Such sales
are fraudulent and can get everyone behind by bars, so watch out.
4. Can I get Closing Costs- Sometimes the banks will allow closing costs
credit. But most of the time they don’t and there is no harm trying to ask.
5. The Banks will pay delinquent HOA dues: The banks in most cases, do
not pay the delinquent HOA dues. Either the seller has to agree to pay
or the buyer has to pay. The transaction cannot close without the HOA
dues cleared.
If you are looking to buy or sell a Short Sale contact Rama Mehra: Call 925.698.1815 or Email Rama for a consultation.
