my loan it will be 140k….with 35,000 down payment “silent loan” assistance from the county….they are saying my payment will be around 1094.00 a month with tax and insurance.what other expenses should i consider?with a 30 yr fixed rated of 6.25 (good faith estimate) only. house it will be 25 minutes away from my work….. should i reconsider…i have no other debt like car payment or credit cars…please advice me…no pmi insurance or flood zone c. its a short sale bank approved “must” (in california) price 175.000 dlls
and we got about 13 thousand in savings we are asking for 8300 for closing cost?no car payment no credit cards..payment is 1049.00 a month with tax and ins..

My family was house hunting and we saw this house that we would like to buy becuase it was such a deal. But the thing is, it’s a home that is a short sale. From my understanding the bank hasn’t even approve the selling price. Is buying a short sale even worth my time?

The home as a mortgage balance of 550,000 and the listed price is 350,000 subject to lender to approve.

What’s the real deal with these short sales?

Put an offer to the seller and they accepted it.The realtor wants me to pay the ernst money and get a home inspection before the bank even approves the offer.I would be out the money from the inspection if the bank doesnt approve the offer.Does this sound like the way short sales are done?I feel the bank should approve the offer first before going any further.

Our offer was accepted almost a week ago, now Im just waiting. My Lender is bank of america once the owner accepted our offer on 4/16/10 BOA said they would not due the appraisal until the bank accepted the offer. On 4/29/10 $530.00 came out of my checkings, I called for the report several times and the loan processor has not called me back. My realtor just called me on sun 5/16/10 stating the bank finally approved the loan. This is a short sale home and Im so lost and stressed. How much longer anyone?

Here is all the information about this house:

its Bank-Owned (REO)
Transfer Value: $1,000
Est. Market Value: $98,523
Est. Market Range: $92,119 - $111,330
Est. Cost to Restore: $1,494

We really like this house but we have no idea what any of this means. We are new to buying a house. Can someone explain all this information to me?

I offered 13% less then the asking price which I was told by my agent the bank had been previously approved. I hadn’t heard that the bank had accepted my offer, but does this mean the bank has accepted my offer, or does the listing agent think they will? Does it mean that someone else made a higher offer? Or does it just mean diddly?

A bank has approved our offer for a short sale of a home in pre-foreclosure. The current owner of the property has told us he will only move forward with settlement if he can have two months free rent back while he finds someplace to go. If it came down to it, and I accepted this offer, to what lengths could the current owner extend his stay beyond those two months–through filing bankruptcies, or other legal means that could prevent me from moving forward with an eviction? Clearly, I am not going to move forward unless I KNOW that I can control when he vacates the property. How long could he potentially “squat”, once I settle on the house, before I could have him evicted? Again–for you legal experts out there–this is in the state of Virginia.

Thanks!

1. This REO bank owned house, listing $350K and the bank would propably go for $300K after the negotiation. There maybe a way to push the price to as low as $280K.

2.There are a lot of interiors to be repaired or upgraded. The observed areas to be worked are: Kitchen, Bathroom, Air condition, Floor, Fences, Windows/doors, and paint. The total estimated costs of all would go somewhere from $35K to $50K. However, there might be some hidden costs after inspection (not certain). There is a chance that final repair costs could be more.

3. This house has been listed in the market since Sep’07 (4 months by now).

4. The prices of Comps in the area range from $320K to $450K.

5. It’s a Single Family Resident house.
I’m planing to live in it, not flipping or renting it out.

It is my understanding that the bank has to approve a dollar amount that it will accept for a short sale. I f I offer less than this amount, will they even consider it? Ex. I want to buy a house that is listed at 79,900, and I am approved for a purchase price of 75,000. After the real estate agents get there share the bank may only get 69,000(just a guess). I dont know what amount or if the bank has approved an amount for the short sale, but with a list price at 79,900 do I stand any chance at getting this house???

1. This REO bank owned house, listing $350K and the bank would propably go for $300K after the negotiation. There maybe a way to push the price to as low as $280K.

2.There are a lot of interiors to be repaired or upgraded. The observed areas to be worked are: Kitchen, Bathroom, Air condition, Floor, Fences, Windows/doors, and paint. The total estimated costs of all would go somewhere from $35K to $50K. However, there might be some hidden costs after inspection (not certain). There is a chance that final repair costs could be more.

3. This house has been listed in the market since Sep’07 (4 months by now).

4. The prices of Comps in the area range from $320K to $450K.

5. It’s a Single Family Resident house.