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It means the bank has to "approve" the selling price before the property can be sold. The bank reserves the right to say no to any contract for purchase - even after the seller has accepted an offer. Usually means the property is a short sale or a foreclosure.
Example, Mr. Buyer offers $500,000 for a house that is for sale. Mr. Seller agrees to the price and signs the contract. That contract goes to the bank for approval. The bank says No, we will not accept $500,000, we want more. Mr. Buyer and Mr. Seller now cannot go through with the sale of the house at the price of $500,000. Mr. Buyer can up his offer and try again, but the bank has to "approve" the selling price before the house can be sold. No bank approval, no sale.
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What does rehabbed mean in real estate listings?
A home that was foreclosed or bank owned (REO) and has been purchased and renovated to like new condition.
Where can one find bank foreclosure listings?
There are many companies and websites that offer bank foreclosure listings. Some of these companies that offer bank foreclosures are Bank Foreclosures and Zillow.
Can a bank foreclose on a mortgage before the estate is settled?
Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.
What happens if the bank backs out of the approval after the contract has been signed?
You need to read the small print in the contract. I imagine it will cover this eventuality - and the bank will be acting within the terms of their part of the finance agreement. You will most likely have signed an agreement whcih was "subject to approval".
Who is responsible for your debt after your death if you own property that is upside down?
The estate will be responsible for the debt. If there are not enough assets in the estate to cover the difference, someone will not get paid. The executor will have to figure out how to satisfy as many of the creditors as possible and get the approval of the court. The bank may lose out.
Where would one find location listings for Home Savings Bank?
One can find location listings for Home Savings Bank in very few places. The listings of the locations for Home Savings Bank can be found on homesavings, and also may be found on blogs.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
Can you take over another persons mortgage?
It is possible in some cases but must be done with the bank's approval. The bank would require you to sign an assumption agreement.It is possible in some cases but must be done with the bank's approval. The bank would require you to sign an assumption agreement.It is possible in some cases but must be done with the bank's approval. The bank would require you to sign an assumption agreement.It is possible in some cases but must be done with the bank's approval. The bank would require you to sign an assumption agreement.
Is a pension considered part of the deceased estate when money is owed to bank?
Only if the beneficiary to the plan is the estate. If the beneficiary is a person and not the estate, the asset passes to the person. It may still be subject to the decedent's debts, however, unless it is exempt such as in Texas. Of course, the bank would have to know about it to pursue collection.
Where can I find information on estate taxes?
A helpful website to visit would be AGTax Services, as they specialize in taxes. Another option would be to check the local listings for a financial consultant or visit a local bank for further assistance.
What banks offers instant credit card approval?
There are a good handful of banks that offer instant credit card approval. Examples would include Bank of America, Chase, Nationwide, US Bank and TD Bank.
Where is best to buy foreclosure?
Browse foreclosure listings at the Bank of America Real Estate Center and find a property that may suit your budget and lifestyle. Bank of America also offers loans special to foreclosures in addition to mortgages for traditional properties. Use our calculators and resources to help you shop with confidence for a foreclosure home. Start browsing through our foreclosure listings now to find a home you can comfortably afford.
