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Real Estate Short Sale Questions and Answers |
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Question: short sale? Buying a house?
Im looking to buy a house I hve come across many houses that say "not a short sale" what does that mean im totaly lost!!Answer: Basically it means they will not be selling short to what ...
Basically it means they will not be selling short to what they owe on the property.
When you have a short sale you need to get approval from the bank that lent the money to buy the house. If it is not a short sale the owner makes the approval on the offer.Answer: A short sale is when they are willing to sale the home below ...
A short sale is when they are willing to sale the home below what is owed to the bank. All of the terms of the contract are subject to "third party approval" -- the bank.Answer: short sales are when a house is sold for less than what is ...
short sales are when a house is sold for less than what is owed on it. this usually occurs when people are in foreclosure and market values have dropped. the bank will take less money for the house and may hold the original owner responsible for maying the difference.Answer: Property investors are hungry to find distressed properties ...
Property investors are hungry to find distressed properties and home that are for sale by owner are getting heavily solicited. I recently bought a home 100% commission free and the website was free to use, highly recommend: www.TurboMLSonline.comQuestion: Has anyone dealt with a house that is a "short sale"?
I put a bid in on a house listed for short sale - it's in pre foreclosure. Our bid is only $5k below asking price. It's been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I'm already approved for financing. It seems like every house I look at is in foreclosureAnswer: The company holding the mortgage has to agree to the short ...
The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.Answer: I put a bid on a home that was a short sale. My bid was ...
I put a bid on a home that was a short sale. My bid was only 4000 less then the asking price(but the asking price does not mean anything). The owner of the home is the one who puts their home on the market hoping that they can find a buyer and then hoping that the bank will allow them to sell the home for less then what they owe. It took us two months and the offer was not accepted. The bank thought that they could get more out of the home then what we offered. The bank ended up listing the house for less then we offered. In the end, I was so glad that the deal fell through, because I got a great house that I love.Answer: I do short sales for a living, If you put in a bid of 5,000 ...
I do short sales for a living, If you put in a bid of 5,000 less I can say with certain assurity that the bank will approve the sale. The bad news is that with the number of foreclosures on the market, banks are backed up and the normal process for getting short sale approved is 3 months, if you have a good Realtor who know how to work with banks.
I am an investor in Texas and would be more than willing to explain the process to you. The process is the same regardless of what state you are buying in. Good luck on your purchase.
www.findyourhomedeal.comQuestion: short sale problem?
I have two properties in Illinois .first one I am selling short sale.second one I have under LLC.can the lender from 1st house go after the equity I have at the second house or LLC protects me?If YES what about if I quit claim the property?
Thank you Steven for your fast respond.I am worried because the bank wants itemized Financial Statement .I have my own business and property which I don't want to lose.Dont you think that they will go after both so they could collect the ballance which is 320 000?
The truth is that I helped a friend to get the house(I use my credit score ,he was paying the loan..till now...)Answer: 1) No.
2) not relivent.
1) No.
2) not relivent.Answer: sounds like your house flipping scheme between yourself and ...
sounds like your house flipping scheme between yourself and your self created LLC blew up on you. It does not work in real life as it does in the real estate investing courses you bought from late night tv.Question: I want to back out of contract on a short sale days before closing due to issues with house structure.?
Over the last couple of weeks, I noticed that the sunroom of the house I am purchasing has been developing alot of condensation; then twice last week - ice had formed on all the windows. Carpet inside is damp and room is musty. I also discovered that the heating bills in this house were $350 per month which meant that they were heating not only their house, but the sunroom in order to keep the condensation/ice from forming. I was told by my agent that the heat for the home would only run me around $150.00 dollars. This creates alot of problems for me: I was not budgeting for a $350 heating bill; this room needs serious renovation to make it a livable room - another unplanned expense. I investigated sunrooms and they should not have condensation/ice. The room defects were not apparent at the time of the inspection nor were any problems with the room disclosed in the contract. I want to back out of this contract. What am I looking at here? Deposit loss; being sued; forced to buy?Answer: you can back out but you will lose your earnest money ...
you can back out but you will lose your earnest money deposit. Sounds like the house has a insulation problem maybe it could be fixed for a reasonable price.Answer: What does your Lawyer say?
What does your Lawyer say?Answer: If you back out now, you stand to lose any money you put ...
If you back out now, you stand to lose any money you put down and being sued to perform. If you refused to have the home inspected as part of the contract, then shame on you.
I am not happy that your agent told you a specific amount for heating this home, maybe they should pay you the difference until you can have the problem resolved.Answer: Are you sure this is YOUR AGENT? Did you sign a contract ...
Are you sure this is YOUR AGENT? Did you sign a contract with this agent to REPRESENT YOU? You could be relying on the Seller's Agent to give you advice, and this would be the SELLER'S AGENT if you don't have a specific Buyer's Agency Agreement with him/her.
Can you 'get out of the contract'? It depends on how the contract reads. What state are you in? Reread your sales contract and look for wording such as, "Inspections" (did you have a professional inspection? If so, have your inspector 'reinspect' and give you a report regarding the condensation/ice); generally, you have a certain time period in which to conduct these inspections and to object to any findings. Also, look for "Disposition of Earnest Money and other Escrowed Funds and Documents" to see if the wording indicates if you will loose your earnest money. (if you have gone past your inspection/objection period, you most likely WILL loose your Earnest money); DEFAULT/REMEDIES clause in contract? Read what is states about 'Buyer Default".
If you received a 'disclosure statement', IMMEDIATELY ask IN WRITING about the HIGH HEATING BILLS, and condensation/ice in sunroom and WHY this was NOT DISCLOSED. This should give you an opening to possibly void the contract.
However, if you close in a few days, anything you do has to be done ASAP.
Please be aware that these are ONLY suggestions and are not meant to take the place of LEGAL ADVICE from a practicing attorney. Anything that you choose to do could lead to forfeiture of your earnest money; at the very least, it could take an attorney to help you retrieve your earnest money if the seller's do not agree to release you from the contract.Answer: if you have had your inspection and no items were noted than ...
if you have had your inspection and no items were noted than you probably will loose you depositQuestion: We put an offer in a House that is listed as Short Sale now what?
What happens now and why short sales take so long what is the process also if anybody has any tips on how to negotiate this sales let me know please?Answer: They take longer because you are dealing with a company, not ...
They take longer because you are dealing with a company, not a person...so for them it is a business deal. The bank has to agree to take less money. So they have to work the numbers. Also many short sales today may involve 2 different mortgages and then you dealing with 2 banks.
If you make an offer and they decline it, I would just ask them what the lowest amount is that they will take. Cut to the chase..then offer 1% lower and see if they will take it. It is a great time for buyers. Many companies will take a lower amount...because they know they may be losing money if they have to hold it another couple of months and then the owner may go into foreclosure. If a house is foreclosed, it can be another couple of months before they can sell it.
Good luck I hope this helped. |
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