The contract is between the buyer and seller with the condition that the lender approves the contract. So the answer to your questions is YES - a seller can reject a low offer and NOT submit it to the bank.... more
Rob, I do many 203k loans in Long Island and NYC area. I can tell you that I have a deal right now, were the bank is giving the buyer a credit for the damages caused in the storm. Banks will almost never do repairs, they are simply trying to sell the house in as-is condition, not make any repairs. If I were you I would look for some sort of credit, if they're even willing to do that.
On the flip side, you're not obligated to purchase the house being that the condition of it is not as it was when you initially saw it. But you should discuss it with your attorney. Depending on how the contract is drawned, you very well might be able to walk!... more
Check www.mlsli.com for available area rentals; also check local print media for by owner rentals; if you need additional assistance feel free to contact me directly.
A couple of fundamental traits:
1. Buyer agent: local expertise. An agent who can provide up to date market statistics, neighborhood and school information, local activities, and previous referrals.
2. Selling agent: Primarily their marketing plan such as where they will promote your home online (Trulia, Zillow, Personal website, individual website for the home, MLS, and active buyers.) In addition, recent sales, market projection, and previous referrals.
For both above, there is an intangible factor: personal interaction. The agent must be positive in attitude, approachable, available and willing to assist from beginning to end.... more
You can try to have your taxes reassessed through the normal appeal process, sometimes it works, sometimes it doesn't, or, sign up with one of many tax reassessment companies and go from there--you can also check out www.mlsli.com to get an idea as to what your neighbors are paying, under closed or available properties.... more
You purchase a short sale home the same way you would any other home on the market. All the requirements, such as downpayment, will be determined by your mortgage company. Your loan officer would be able to tell you what loan program you qualify for and how much you would need to put down. Can be as low as 3% down for FHA loans. Good luck.... more