Short Sales

[FATHERFORD]

Anyone dealt with a short sale? I'm seeing these pop up time to time, but I keep hearing they are a pain in the ass to deal with.

[VaderTT]

Selling or buying? lol

[SVT Lurch]

Run far, far away unless you have patience and no need to move quickly. I tried to buy one from Bank of America for 5% over their asking price (unheard of because you almost always go in lower). They passed me from asset manager to asset manager for 191 days before they finally decided to take an offer that was about 80% of their asking price. Both included financing, no cash offer was accepted.

[FATHERFORD]

buying...

[FATHERFORD]

Run far, far away unless you have patience and no need to move quickly. I tried to buy one from Bank of America for 5% over their asking price (unheard of because you almost always go in lower). They passed me from asset manager to asset manager for 191 days before they finally decided to take an offer that was about 80% of their asking price. Both included financing, no cash offer was accepted.

I'm in no big hurry to move. Just trying to find something where I can have a 30x50 or larger garage for a decent price.

[SVT Lurch]

It doesn't cost anything but the option money and earnest check to make an offer. I just wouldn't get your heart set on it until you have an approved/fully exectued contract.

[dville_gt]

we got an insane deal on a short sale. took about 90 days and def. had it's share of stressful moments.

as a matter of fact we looked for 8 months straight, put offers in on a few short sales (one house we actually put a big on twice and lost it both times). then we found this short sale that went up on a friday, our offer was in on monday and there was already another offer on the table. both offers were at asking price. they chose ours and the ball started rolling.

i am incredibly happy that we took the time and went through the hoops because we got a great house for a great price, but be prepared to be let down a few times. the banks are very sloppy with how they handle these.

[jakesford]

Nearly bought one, but it was a little different than mentioned. In this case the bank was in a rush to dump the house and a few days after making an offer the bank came back asking for best and final offer (2 other people in the mix). I had the best final offer and had a contract a couple of days later.

In the end, issues came up during inspection and I walked.

[03mustangdude]

how are short sales different than forclosures?

[Z06killinsbf]

Short sell means the bank accepts a diminished value for the home. Foreclosure means someone stopped paying and moved out.

I short sold my house in Georgia last year. What a pain.

[SVT Lurch]

how are short sales different than forclosures?

Z06killinsbf is right, but just FYI if you're applying for a mortgage there is no difference. Short sales are viewed as foreclosures in underwriting.

[Z06killinsbf]

Short sales are viewed as foreclosures in underwriting.

Same view from the creditors. UGH!!!

Fortunate for me, my company card goes on my credit report and it gets thousands put on it a month and gets quickly paid off. I hope it helps me out.

[AdamLX]

Unless you have an inside contact in the short sale / REO department that actually has some pull, don't do it.

Purchasing a short sale situation is a complete cluster fuck and 95% of the time will be a huge headache with no positive outcome.

[AdamLX]

Same view from the creditors. UGH!!!

Fortunate for me, my company card goes on my credit report and it gets thousands put on it a month and gets quickly paid off. I hope it helps me out.

Short sales and foreclosures are a no-go for lending within 5-7 years of date on credit report. Just FYI.

You can try in about 3 years if you had extenuating circumstances for the short sale/foreclosure, just be prepared to fight for it.

[Real Estate Nate]

we got an insane deal on a short sale. took about 90 days and def. had it's share of stressful moments.

as a matter of fact we looked for 8 months straight, put offers in on a few short sales (one house we actually put a big on twice and lost it both times). then we found this short sale that went up on a friday, our offer was in on monday and there was already another offer on the table. both offers were at asking price. they chose ours and the ball started rolling.

i am incredibly happy that we took the time and went through the hoops because we got a great house for a great price, but be prepared to be let down a few times. the banks are very sloppy with how they handle these.

You are welcome sir!