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Question by roxyknox88: Should we offer to rent/lease-to-own or flat out buy my brother’s house? How should I state my approach?
Long story, I ‘ll try to make it short.
My boyfriend and I are in the market for a house. We have been working with a broker for 4 months on a home that the seller has decided to back out of due to a long drawn-out approval process (recent backup of lenders caused by new tax credit). There was a little snag with my boyfriend’s credit as well – too many accounts. The broker has switched “investors” and now says we are now approved up to K. If the current seller does not agree to proceed with sale, we are interested in buying my brother’s house.
Brother’s situation:
He and his wife are looking to spend less on a monthly payment.
He refinanced for k last year; the comparable home we were buying was k (minus k tax credit we would have received).
When I told him we were buying a home he said we should just buy his. He even suggested switching living arrangements with us (he would rent out apt and we would take over his home).
He has also said they want to relocate to a nearby city in the future.
My brother says now he hasn’t “put the house on the market just yet”. He is now unsure about leaving his home. I believe he does not want to lose out on profits from a future sale, but does not think he can afford to stay without a higher paying job. He has applied and will want to wait to hear back before deciding.
Our situation:
The loan will be under my boyfriend’s name alone.
We will both be contributing to monthly payments (he more than I).
We are currently paying 600/mo rent and my brother’s total payment with tax and insurance is 800.
This is a comfortable payment for us, but I would rather buy flat out than rent to own since we are approved now with low interest rate. Never know what could happen with rates in the future.
My conclusion/argument:
If we are able to buy the house:
We cannot go much over the payoff if any. We have just enough for down payment and closing costs.
My bro would probably take a loss or break even on the home, but at least he won’t lose the home completely. (have to check details on his refi..make sure it wouldnt be a short sale)
If we rent to own:
We would have to hire real estate atty for contract.
Rates may go up, employement may change..I do not wish to pay 800/mo and end up with nothing in the end.
If we are unable to purchase the home now, we will still have option to buy when credit or earnings are better.
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Either way my bro would be able to spend less on monthly payment and potentially save for another house.But if he gets a higher paying job, he can hold off and try to sell later.
Lets see…by renting he can save up to 0/mo
in 24 mo@0 he saves 00 toward his new home
I would like to present this argument to him in the near future.
I am unable to sleep so i am asking the YA community for help. lol
What is the best way to approach this situation? Please help 
Thank you for your answers so far.
To clarify, we have been living together for over a year and will be getting married in a few years.
I’m not going to try to force my brother to sell, just wanted to present the case. Thanks!
Best answer:
Answer by Sam
Your whole argument is moot, fact is your brother doesn’t want to sell right now.. Look elsewhere.
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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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Question by Hayden: Made an offer on a house about 3 months ago, still waiting…?
We made an offer on a house about 3 months ago (southern california/riverside county).. It is a preforclosure/short sale and the list price is 419,000. We offered 375,000. The real estate agent said that is would take 6-8 weeks possibly, but it has now been over 3 months of waiting and we are getting pretty impatient.
Every time we call the real estate agent he says there is “no news.” We would like to speak with the mortgage company for the seller as they are reportedly the ones holding up the process, but the real estate agent will not give us their contact info. Is this normal?
What should we do at this point? I have considered giving like a 5 day take-it-or-leave-it ultimatum to see if that “inspires” some type of action. There are no other offers on this house that we are aware of and it has been on the market for about 7 or 8 months.
Please advise!
Yes, a time limit was put on the offer, which has now expired. We do want this house, so if a higher offer is needed then what type of percentage would get the go ahead below the asking price… The cost isn’t really an issue, but we would like to get the best deal possible of course!
Best answer:
Answer by acermill
Whether or not you obtain the contact name of the mortgage holder, they’re not going to speak with you about this situation. When you engage in short sale offers, this response time often occurs. The lender is most probably not thrilled with your offer, and is biding time to see if a better one comes along.
Sending an ultimatum will be ignored. I’d recommend that you withdraw your offer and start looking elsewhere.
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I put an offer in on a house Monday evening, but i have not heard anything back as of yet. This is my first home purchase and i am really nervous. I hate to keep on calling my realtor, he doesn’t seem to care though, but i know if i were him i would turn my phone off.
How long does it usually take to hear a yes or no? The home is in pre-forclosure and in fast sale.
Thanks for answers in advance.
Its been already about 7 months since I have made an offer to buy a house in short sale The selling agent keep saying the lenders are taking time , they dont update me of any status . I have an exclusive buyers contract and Iam the higgest bidder ? I there any way I can push this sale faster or send any kind of court or lawer notice to lenders to tell them to make decesion on the property ? how much time I have to wait ?: is there a limit to wait for answer ?
the house is in california
I still want the house the original price came in the market was 325k i offered 310k
can i send any lawyer notice to bank to speed up process or any other way to speed up process ?
It needs of a lot of work. But in a great neighborhood. The current owner just didn’t take care of. Come to find out I actually know the current owner as we ran into one another when going to view the home. I found out through looking at public records that the house was in the Lis Pendens stage of forclosure in Febuary but as of the end of March I guess it was dimissed so he still owns the home. And he is getting divorced so the home is priced to sell fast. But its needs a new roof,gutters, carpet,pressure washing,paint plus the bathrooms and kitchen needs some updating. And thats just what we saw viewing the home. Who knows what an inspector would find. I found out how much he orginally paid for home which was 115,000, then saw he refi at 129,000 last year. The home is listed at 179,900. Whats a good starting offer point? Or am I am being to pressumptious thinking we can get a decent deal on the home? Any advice appriciated.
According to my agent the short sale was approved, my offer is approved, and waiting for final acceptance. The loan is owned by US Bank and they have been very fast in short sale terms (3 weeks for everything). I just want to know how much longer for final acceptance. Thanks
That is ridiculous. If the BPO is done, offer is accepted, why does the final acceptance take so long. No wonder the housing market is so bad.