Short Sales...

[RTom]

Do any of you guys have any experience with short sales?

One of the houses my wife and I are looking at is a short sale. I know that it means that the asking price is less than what is owed on it, and that the owner and lender have to agree on the price. I heard that they can be a huge pain, is that true?

This would be the first home purchase for us, and we aren't exactly sure what all goes into it.... Any info or input would be great! :hello1:

Thanks guys!!

 

[1968FormulaS340]

Yes they can be a huge pain in the butt and the "asking" price doesn't mean much.

Problem is....... You could offer the asking price, wait 2 months for a reply only to have them say "no".


If you have time and patients, go for it. If you don't, just avoid the frustration and look for a foreclosure or a more conventional sale.

 

[BrianT]

The best advice I can give you is to get a real estate agent that you trust. I have a doctor for when I'm sick, a lawyer when I need legal advice, and a realtor for when I need advice on home purchases.

Buying a home should not be a snap decision or an impulse buy. Put in the time and effort along with some help and you will be a lot happier with your purchase in the long run. Good luck!

 

[chryslerfat]

I have been told by my realtor that a short sale can take as long as 6 months to close. So the question comes back to you are you willing to be tied up that long and possibly not be able to make the purchase anyway.

 

[zhandfull]

All very good advice. I personally would look for a foreclosure or more conventional sale like 1968FormulaS340 suggested . Good real estate agent with 20+ years in the business would be also be highly recommended by me to.

Could end up being a really good time to buy with rates low and home prices possibly near lows Get yourself a fixed rate loan, rates may not stay low in the long term.

 

[RTom]

Thanks for the advice guys! We've seen several houses that we really liked, but everytime we contact someone about them, they have already sold ( a lot of them were auctions ). I contacted an agent yesterday who was very helpful sorting some of them out.

 

[superbee79]

All very good advice. I personally would look for a foreclosure or more conventional sale like 1968FormulaS340 suggested . Good real estate agent with 20+ years in the business would be also be highly recommended by me to. why 20+ years? my mother has been an agent for ten and all she does is foreclosures and shortsales. only reason for a short sale is to prevent a foreclosure(more paperwork) 6 or 7 yrs of an empty house. depends on the asset manager who has control of the house how long it's gonna take. i could be in the business for 1 year and be better than someone there 20 all depends on how well you apply what you learn and how well you work with people.

 

[oneway71]

I purchased two houses last year; neither one a short sale.
One at a tax auction and one foreclosure through HUD.

They were both easy to do; I think they are easier and faster than dealing with a short sale. For example at the auction I paid for the house, the day after the auction, and received the deed within a month. With HUD it was just like a regular purchase - we closed within a month.

I would check your county for auctions and also HUD for foreclosure listings. On some HUD homes you can get several offers and the selling price can actually be more than the asking price.

Good luck!