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Real Estate Short Sale Questions and Answers |
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Question: Has anyone purchased a house that was in a short sale? What was the process?
Answer: Tedious and frustrating.
I never bought one, but I avoid ...
Tedious and frustrating.
I never bought one, but I avoid dealing in short sales because the buyers want answers and I am at the mercy of the lender.Answer: It is a long process and be prepared to be disappointed. I ...
It is a long process and be prepared to be disappointed. I had a home I was selling as a short sale and someone put a reasonable offer on the home but another agent came in and told the bank it was worth more so the bank said no deal! Everything in the contract is subject to lien holders approval so they can back out on just about anything.Answer: Short sales are pipe dreams. Only one of every fifteen ...
Short sales are pipe dreams. Only one of every fifteen short sales that go into escrow actually close. Look for bank REO's they are very reasonably priced and realistic options that will not discourage you.Answer: Yes. I have purchased multiple homes via a short sale. The ...
Yes. I have purchased multiple homes via a short sale. The main thing I have to say, is be patient. You are at the mercy of the bank, and not yours as the buyer but at the sellers. That being said, I was able to get a good deal on the homes I purchased through a short sale. The house needed some work as there was some deferred maintance (read paint, carpeting and some minor fixes) but in the end it was well worth it.
The process is more on the sellers side than on yours as the buyer, but you have to be pateint as the buyer. If the "deal" is worth it from your standpoint, than being patient might be very rewarding but if the numbers don't work, then don't waste your time. Again, look at the numbers and make that drive your decision.Question: How long do I need to wait to get an answer from the bank on a short-sale offer?
I put in an offer on a short sale almost 4 weeks ago. The last I heard was that the bank ordered an appraisal on the property on Friday. How long will I have to wait for a response and for the bank to say yes or no to my offer???Answer: Maybe a week at most.
Maybe a week at most.Answer: Check Your Contacts at The Bank
Check Your Contacts at The Bank Answer: I have a friend that specializes in REO's and short ...
I have a friend that specializes in REO's and short sales. Lenders hold out for a bunch of offers, disregard any deadlines you put in and take their time.
It can take awhile, especially if offers are trickling in.Question: what is a short sale and how does it work?
We have a house for short sale but the house market is so bad now, the asking price is 1,300,000,how long do you think it will remain unsold? will the house sell faster if we do a short sale.Answer: With a short sale, you must have the cooperation of the ...
With a short sale, you must have the cooperation of the mortgage holder. An example of a short sale would be if you owed 300,000 on your house and you were only able to sell the house for 250,000. The lender would have to be willing to accept the 250,000 as payment in full. Otherwise you would still owe them the additional 50,000. With the housing market the way it is, lenders are getting more choosy on which houses they're willing to do this with.Answer: The house will remain unsold until a buyer comes up who ...
The house will remain unsold until a buyer comes up who wants to buy it. In real estate, a short sale if the sale of a house for less than is owed on it. If your house has a $1 mortgage and you put it on the market at $900,000, you will be making a short sale. If the mortgage holder agrees to the short sale, the selling price will pay off the mortgage and you will have no further obligation. If the mortgage holder does not agree, you will be liable for the difference between the selling price and the amount of the mortgage. |
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