Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/19/2012 list has been posted.
These are Single Family Homes ‘Active’ on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY…ACT NOW….BEFORE IT IS TOO LATE!!!
I hope you have an awesome day, packed with smiles while searching for your active Mobile AL Real Estate Dream.
Certain situations can steer buyers off the recommended course of action when making an offer. One is a multiple-offer competition. Another is stubborn sellers who buyers are trying to soften up enough to agree to sell them their home.
Normally, unless the buyer has all cash and doesn’t need a mortgage, a purchase contract will include a contingency for arranging financing. The contingency is pegged to a deadline, often two to three weeks. In order to approve a loan, the lender needs a copy of a purchase contact signed by the buyers and sellers, a satisfactory search of the title record, an acceptable appraisal of the property and acceptance of the buyers as creditworthy to borrow the amount they are requesting.
If the buyers try in earnest but aren’t able to satisfy the above conditions, their deposit is usually refunded and the house goes back on the market. An offer that doesn’t include this protection for the buyers is attractive to most sellers. Some buyers who are well-qualified to support monthly mortgage payments have been turned down by banks for foolish reasons.
Appraisals pose another set of problems. If the appraisers are unfamiliar with the local market, their appraised value can be way off, usually on the low side. Lenders loan money based on the appraised value of the property, not on the purchase price in the contract. A low appraisal can pose a problem for the buyers if they aren’t protected by a financing contingency.
If you were protected by a contingency, you could withdraw without penalty or try to negotiate a price reduction with the seller. Without a contingency, you could lose your deposit if you back out of the deal based on the low appraisal. A fluctuation in current market value has an effect on comparable sales prices. Last month’s comparables may be out of sync with current pending sale prices, increasing the odds that a listing might not appraise for the contract price.