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Answers (6)
- datruth41
- Contributions:76
how is it i see a short sale listed...then on the internet i find foreclosure filings on the same property just 2mos prior?
- Robin Willis Siddle, "Tucson Realtor"
- Contributions:441
Short sales are my specialty right now and they can be a great bargain. However, they take someone knowledgeable about the process to represent you through the transaction. Rather than give you everything I know about short sales here, I'd like to direct you to my website which has a lot of short sale information on it. Please follow this link: http://www.tucsonexpertagent.com/505495.html.
- wetdawgs
- Contributions:26722
Short sales are far less likely to be trashed than foreclosures, because the owner still wants to get the best price possible as they still may be responsible for the deficiency (i.e. amount they owe beyond sales price).
Make sure there is an inspection contingency.
Make sure there is an inspection contingency.
- datruth41
- Contributions:76
so how do you protect yourself from homeowner destruction....the home is okay today while the sellers are still occupying....then thrash before they move out...cut a wire here...there..etc..
- Michael Emery, "MikeEmery"
- Contributions:7281
A "short sale" is where the homeowner still owns the property but owes more to the bank than the current value of the home (or the current value that anyone is willing to pay). When you make an offer on a short sale, BOTH the homeowner AND the bank have to agree to the sale.
A 'foreclosed' property is a home where the homeowner has defaulted on the mortgage and the bank the guaranteed the loan has taken the home back from the homeowner. In this case you will need only the approval of the bank to purchase the home.
What is similar about both a short sale and foreclosed home is they are almost always sold "as is where is" with no guarantees. Additionally, appliances, window treatments etc are not included in the purchase agreement but if they are there on day of closing, that's a bonus to the buyer.
Foreclosed homes are often less expensive and less hassle than a short sale, but both are tedious routes to take when buying a home.
No matter what you do, make sure the home is inspected by a certified building inspector (because you are buying it as is and foreclosed and short sale homes can have a ton of neglected maintenance)
A 'foreclosed' property is a home where the homeowner has defaulted on the mortgage and the bank the guaranteed the loan has taken the home back from the homeowner. In this case you will need only the approval of the bank to purchase the home.
What is similar about both a short sale and foreclosed home is they are almost always sold "as is where is" with no guarantees. Additionally, appliances, window treatments etc are not included in the purchase agreement but if they are there on day of closing, that's a bonus to the buyer.
Foreclosed homes are often less expensive and less hassle than a short sale, but both are tedious routes to take when buying a home.
No matter what you do, make sure the home is inspected by a certified building inspector (because you are buying it as is and foreclosed and short sale homes can have a ton of neglected maintenance)
- Tom Ashworth, "tomashworth"
- Contributions:189
Short Sales take patience. Basically, the bank that owns the note(s) and seller both have to approve the sale, instead of just the seller. Typically, I would get your Realtor to pull comparables for the area and start making your short sale offers at 10%~20% below the comparables. Banks do not want to foreclose, so this works in your favor. Also, make sure your agent has pulled all of the information from title companies and that the seller agent has done the same, before you even consider making an offer.
The main reason short sales are popular is that the buyer can save lots of money and the seller can get out of a house that is "underwater".
Patience is the keey word. I have seen short sale deals take up to 9 months, but I have never seen one close in less than two months.
The main reason short sales are popular is that the buyer can save lots of money and the seller can get out of a house that is "underwater".
Patience is the keey word. I have seen short sale deals take up to 9 months, but I have never seen one close in less than two months.
Anyone familiar with "short sell" out there? I'm planning to buy and 175K house in Washington?
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