Sherry Hayward, Realtor and residential real estate specialist has just sold a foreclosed home located at 1022 Grove Street in the city of Charlottesville. Just steps away from UVA hospital this home was perfect for her buyer clients who never dreamed it was possible for them to own a home in the city of Charlottesville much less this particular location. There were however some challenges to over come in getting this contract accepted by the bank. There were also some even greater obstacles to get past to obtain financing on a foreclosed home. Both the seller and the buyer had to come to terms and agree on not only the price but the terms, contingencies and the type of loan.
Many offers were made to purchase this Charlottesville foreclosed home by other potential buyers. Sherry Hayward's expertise and strong negotiating skills made her buyer's dream almost come true. After much back and forth of offering, negotiating and counter offering on price, closing dates, terms and the loan type the buyer was obtaining she was successful in getting her buyer's offer to purchase accepted and ratified. This Charlottesville foreclosed home is scheduled for settlement towards the end of May.
You may be asking, why would the bank care what type of loan the buyer is obtaining as long as they're getting the price want for the foreclosed home. Often times the foreclosed home will not be in the best condition and sometimes aren't even habitable. Many lenders are not permitted to lend with a particular loan program for a home in need of major repair. For example, the popular FHA mortgage loan, popular among buyers because of the flexible guidelines it offers regarding the buyers income and credit requirements, will not lend on a home that is need of major repairs such as a roof, structural problems or anything that may pose a safety threat or be considered hazardous. The home must be habitable with plumbing, a heat source and working kitchen and bathrooms. The appraiser will take notice to and document any defects discovered on the appraisal. Once the appraisal is reviewed by an underwriter and the defects were noted the purchaser would not get the loan until the defects were corrected. In this particular Charlottesville foreclosed home like most other foreclosures the seller (bank) made all parties aware they would not be making any repairs to the property and that the property would be sold as-is. This is common among foreclosed homes. So now the bank seller has lost precious time while the buyer is unable to obtain the desired the financing and the transaction is in now in jeopardy of not closing. To avoid these problems down the road and well into the process the seller bank wished to negotiate and come to terms on the financing and loan type before proceeding to ratifying the contract. So the popular FHA loan with flexible buyer guidelines is not as flexible when it comes to the house being purchased. The buyers and seller did come to terms regarding the type of loan being obtained but since the loan agreed upon would cost the buyer more money Sherry Hayward was able to negotiate a lower price and a closing date farther out giving the buyer extra time to come up with additional funds. Problem solved! A Win - Win for both sides in the transaction!
Whether you are considering purchasing real estate in the Charlottesville area or are selling a home in the Charlottesville area be sure you're hiring a residential real estate specialist with strong negotiation skills. Sherry Hayward possesses and exercises the skills necessary to ensure you're purchasing the best home at the lowest price possible and selling at the highest possible. Contact Sherry today to learn what she does differently!
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Contact Sherry Hayward, Residential real estate specialist (434) 515-1592 - Listing Line (703) 655-2223 Direct firstname.lastname@example.org