Roseville, CA

Who Pays the Fees for Roseville Short Sales?

This is a questions I often get from Roseville short sale sellers. Most people who short sale are in a tough financial situation. At the very least, they owe more on their home than it's currently worth. They don't want to pay any money to short sale their home. Roseville short sale sellers don't have the means to pay transfer fees, closing costs, or agent commissions. So, who pays the fees and costs for a Roseville short sale?

Technically, the sellers do pay the fees associated with a Roseville short sale. However, these fees do not come out of pocket. They are paid out of the sales proceeds from the buyer. Let's say you get an offer on your home for $300,000 and short sale fees total $22,500. The job of your Roseville short sale agent is to submit the offer to the bank and break down the total cost of the short sale. If the bank approves the Roseville short sale, they are agreeing to accept $300,000-$22,500 or $277,500. All fees are paid in escrow and the seller doesn't have to pay anything up front or out of pocket.

Roseville short sales are very different from traditional sales. In a short sale, your agent will submit a complete offer package to the bank, negotiate on your behalf, and consistantly follow-up. Real estate agents without short sale experience do not understand how to do this and often jeporsize the short sale. Talk to a Roseville short sale agent with experience if you are considering a short sale.

See if you qualify to sell your Roseville home as a short sale.

Who Pays the Fees for Roseville Short Sales?

Roseville, CA - Foreclosures / Bank Owned Homes / REO Properties (March 5-9, 2012)

Here is a list of foreclosures in Roseville, California (Placer County) that became bank owned during the week of March 5-9, 2012:

1. 1982 Ajay Drive, Roseville, CA 95678 (3/2, 1211 sq. ft. built in 1998)
2. 720 Sunrise Avenue, Roseville, CA 95661 (2/2, 1076 sq. ft. built in 1983)
3. 2248 Longview Drive, Roseville, CA 95747 (3/3, 2003 sq. ft. built in 1990)

In comparison, there were 7 properties in Roseville, California that went back to the bank last week.

Some of these REO properties may soon be listed on the market, so consider this a sneak preview of future foreclosure listings in Roseville, California!

Please contact Bob Souza at (925) 513-3400 or Leilani Souza at (916) 408-5500 if you are interested in buying foreclosures through Souza Realty and would like to be notified when a particular foreclosed property becomes available for sale.

WEEKLY POSTINGS OF FORECLOSURES IN ROSEVILLE, CA

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A termite report is a tool like any other tool there is a time and a place for it. As an investor I always got a termite report as I think it is just good common sense to have eyes on the purchase. The cost of a termite report makes it a "no brain-er".

There seems to be a consensus among lenders that the streamlined k may not need a termite report provided there are no outwardly signs of termite damage or dry rot that no termite is necessary. I like them on all 203k projects frankly but are they required?

How about the Full 203k. If you look at the Borrower's Acknowledgment you will see that a clearance is a requirement of the Full 203k. If a clearance is "required" is a termite report required. Not by HUD but most lenders are in agreement that if a clearance is required at the end of the project then a report is mandated by the lender. This seems universal. Again it is just good common sense to order a termite or structural pest report.

There are many lenders who only do the streamlined k loan and if they see that a termite report has been ordered their guideline internally says "this is now a Full 203k" as someone must have seen something that was structural damage. That isn't actually true, I would order one in any case, even if there were no outward signs of damage. It is the best inspection you can get for the price they charge.

FHA also wants a report on "all structures on the site" and people miss this all the time. They get one on the house and forget the outbuilding that is just as large in many cases and is located in close proximity, even 30 feet away is close proximity. So you fail to include the out building and it has live termite infestation or beetles and you clear the house, as you are driving away the house is reinfected from your own property. Order a "supplemental report" on the out buildings. Your buyer needs to know if there is "active infestation" in those other buildings on the site. In most cases it is the active infestation that needs to be cured along with health and safety issues to satisfy the loan requirements. No major renovation may be required though they may want some repairs.

If you are a termite or structural pest inspector you may incrase your revenue simply by knowing this requirement and offering the suplimental report when you find out it is an FHA sale. You will actually be doing all a favor and possbily helping them clsoe faster by not having to have you back out later.