Buying or Selling a Home/Purchasing a home

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Expert: John Hendricks - 6/11/2009


Question
I am in the process of purchasing a home in the Sacramento area of California.  This property was a short sale and my offer has finally been approved.  My question is, why haven't we been advised of the start or close date of escrow.  I have been told that it hasn't started yet, but it will.  Why would this be held up.  We paid for the well inspection, and will be paying for pest and septic tomorrow.  I don't understand why we are paying this if escrow hasn't started.  Any advice?

Answer
Dear Rozalyn;

Thank you for your question...

When dealing with a short sale the investor may request a certain title company to work with...It may take a day or so after the acceptance of your offer. If that is not the case, your Realtor will open escrow with the title company identified on the your purchase contract.

That is the key, the acceptance of your offer. If you have a ratified contract with your signatures, the seller's signatures and the investors signature, you have a deal. Contact your Realtor to confirm that you have a ratified contract... If you do, the opening of escrow does not matter at this point.

Beware though... Ask your Realtor what happens if another offer is accepted by the selling parties during your escrow time period which maybe better than your price, terms and conditions. If the offer is accepted, can you be bumped from primary position? If so, you are in jeopardy of loosing your future home, your money spent on inspections plus other costs that are not refundable, and alot of disappointment. There should have been a disclosure given to you to sign explaining the terms and conditions of a short sale. If you don't have one, ask your Realtor about it. Under these circumstances, you probably would want to close escrow as soon as possible to protect your position in this escrow.

I do not know the actual terms and conditions of your accepted offer. I would recommend you contact your Realtor for all detailed information regarding a Short Sale and specifically your transaction. If you are not satisfied, ask to meet with his/her broker manager for a further explanation of a short sale. Ask the same questions and you should have complete answers to all your concerns.

Good Luck!

Warmest Regards;
John Hendricks

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John Hendricks

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As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com

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