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Question by K21: What constitutes a breach of real estate “contract for purchase”.?
Entered into a contract for deed/purchase. The contract clearly read that there were to be no further appraisals conducted on the property. When the property was upgraded at my expense, the lender immediately sent an appraiser to the residence on two different occasions. Now I’ve just found out that there is a lien on the property. More than likely a refinance as a result of the additional appraisals. What are my options concerning this issue? Any assistance would be appreciated.

Thanks…

Best answer:

Answer by George
get SOLUTION at

http://www.themortgagerefinancingrates.blogspot.com

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Question by downshiftmagazine: I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?
We put in an offer (1 of 5) for a home in Tampa, FL and it is in the early stages of Lis Pendens. It is a Short Sale, but the current owner signed off on our offer contract, and were informed that the Title Company has said we have the best offer, but the owner’s lender has to approve this. Our Realtor says that this may take up as much as 45 days. Should we keep looking, or are we almost there? Can someone else still make a better offer, even though we have a signed offer contract? I have my apartment lease until July 31st.
We did put a time limit, and it was last Sunday. We have that signed..but it probably does not hold much water anymore.

Wish there was a way to convince the bank to make a decision.

Thanks for the input, I’ll have to either do some legal sluthing or hire a real estate lawyer myself.

Best answer:

Answer by Wango138
If you have made an offer, you need to stop making offers on other properties. Otherwise, you could have two accepted offers, and you would be in trouble.

Short sales take a LONG time to get approved. Your agent should have prepared you for this. From everything you have said, you are in good shape. Relax.

You may want to see about extending your current apartment lease if need be.

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Traditionally, buyers’ agents get paid a percent of the sale price of a home. Therefore, just like sellers’ agents, they have intrinsic incentive to ensure a high sale price. Also just like sellers’ agents, buyers’ agents make more money the faster they sell homes (because then they can sell more homes & earn more commissions per any given unit of time). Since homes with many weaknesses don’t sell as high or as fast as homes with fewer, buyers’ agents (like sellers’) have intrinsic incentive to withhold negative information about the homes they show to potential buyers. Real estate professionals promise to honor a “fiduciary duty” to their clients that requires them to put their clients’ interests even above their own interests, but (call me a cynic!) I’ll bet that in practice, a fair percentage of real estate professionals adhere to that pledge rather loosely at best. How can I retain a buyer’s agent on an untraditional contract that aligns his/her interests with mine as a buyer?

What are the stats on this type transaction? Need +equity n sale 4 new home buy. Cannot afford 2 mortgages! Builder suggested qualifying w/current home as rental income until it sells. The time push here is a fast approaching specific lot release and build order.