- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (10)
- Ronald Escobar, "Ron Escobar"
- Contributions:305
The banks is not the owner of the property so they have no say other than to accept or decline an offer to pay what is owed to them by the seller. You may be unaware of any other liens and expenses related to the transaction... often times there are:
(1) Junior Mortgages
(2) Property Taxes
(3) Judgements
(4) Mechanic Liens
(5) Real Estate Commissions
Wanting a house to your economic detriment is probably a very emotional response... give it a few days and think it over... there is plenty of inventory of houses out there and with a little effort and luck you may find a better property... Additionally if you are getting a mortgage, the new lender may not be OK with you paying over market value for the property...
Best of luck! ***If you find my answer useful please give it a thumbs up!
(1) Junior Mortgages
(2) Property Taxes
(3) Judgements
(4) Mechanic Liens
(5) Real Estate Commissions
Wanting a house to your economic detriment is probably a very emotional response... give it a few days and think it over... there is plenty of inventory of houses out there and with a little effort and luck you may find a better property... Additionally if you are getting a mortgage, the new lender may not be OK with you paying over market value for the property...
Best of luck! ***If you find my answer useful please give it a thumbs up!
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Try simply asking the bank if you can purchase the home for what they owe. Be certain you aren't buying a home that will continue to lose value though. You don't want to end up being the one in a short sale a few years down the road. I would just ask. It seems reasonable that they would do it but with all the red tape these days God only knows. These banks could get us all out of this mess if they only had a brain. Good Luck!
- user79588
- Contributions:2
Thanks All....I now understand better just what it is, and it's as I thought though I hadn't considered the fact that there may be (will be) seller's expenses that we'd maybe be expected to pay. We must move pronto as we've sold ours with a possession date of Mar 15....don't like to think of storing furniture, renting, etc. But we just can't find anything like the one house we finally found, only to find out that it went into short sale a couple days before we offered.
I'm hoping we can get the short sale withdrawn and that the mortgage balance is less than the value of the home; dunno how it got out of line, assuming it is, since the owners paid a reasonable price when they bought it in 2004. Guess they've borrowed more on it in the meantime. Can't find out much until the bank opens on Tue.
Thanks MUCH for your troubles of responding....I do appreciate it.
I'm hoping we can get the short sale withdrawn and that the mortgage balance is less than the value of the home; dunno how it got out of line, assuming it is, since the owners paid a reasonable price when they bought it in 2004. Guess they've borrowed more on it in the meantime. Can't find out much until the bank opens on Tue.
Thanks MUCH for your troubles of responding....I do appreciate it.
- Shawn Rogers, "Mister Rogers Homes"
- Contributions:912
All great answers. I'm wondering if there are any "like" homes in said area, that aren't short sales, maybe that's a better way to go, as opposed to paying more for a house.
In many market areas short sales are moving fast, you can always put an offer in and just make sure the agents stay on top of the file.
In many market areas short sales are moving fast, you can always put an offer in and just make sure the agents stay on top of the file.
- Kelly Erickson, "Kelly M. Erickson"
- Contributions:32
Mr. Emery answered that question well. A short sale mortgage payoff can be any amount and does not reflect the value of the home. Most obviously it is above the market value (what a buyer will pay) for the home. If a seller had equity in the home and was able to sell it with out damaging their credit, they most likely would do so and collect any proceeds.
In recent, the seller's bank is paying for the attorney (at a discount) if the attorney request their fees in the preliminary HUD statement, and the abstract/title searches. They have not been paying for surveys or updates to surveys. ...this is in my experience, in my area. I realize everyone seems to be having a different experience.
In recent, the seller's bank is paying for the attorney (at a discount) if the attorney request their fees in the preliminary HUD statement, and the abstract/title searches. They have not been paying for surveys or updates to surveys. ...this is in my experience, in my area. I realize everyone seems to be having a different experience.
- Kathy Manoogian, "KMANOOGIAN"
- Contributions:46
Short Sales have become easier to do lately, as the banks have been much more cooperative. I have seen short sales approved by the lender in as little as 30 days.
- Joseph Domino, "ScottsdaleAZHomes"
- Contributions:176
Why would you be willing to pay more for a house than it is worth?
The minute you sign the papers you will be upside down.
The minute you sign the papers you will be upside down.
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
Hi-
Your comment "we are probably willing to pay the mortgage balance," opens up a lot of questions. Do you know what that balance is? It can be $100K or more in some markets. Also, chances are that the seller doesn't hhave too much cash on hand so you would have to take into consideration all the costs of the sale as well, in addition to any taxes or homeowners dues not paid.
There is a lot of research to be done and it may be worth going through the short sale proceess to save some money.
Good Luck!
Your comment "we are probably willing to pay the mortgage balance," opens up a lot of questions. Do you know what that balance is? It can be $100K or more in some markets. Also, chances are that the seller doesn't hhave too much cash on hand so you would have to take into consideration all the costs of the sale as well, in addition to any taxes or homeowners dues not paid.
There is a lot of research to be done and it may be worth going through the short sale proceess to save some money.
Good Luck!
- Michael Emery, "MikeEmery"
- Contributions:7298
If the homeowner has requested a short sale, that generally means that the value of the home is less than the underlying mortgage(s). And unless you were either willing to pay cash (and potentially overpay), your bank wouldn't lend you the money to buy a home that is worth less than the purchase price.
- sunnyview
- Contributions:25139
You can make an offer for the balance, but you need to know that there may be second mortgages, credit lines or other liens that are not included in the original mortgage balance. Often those secondary balances are why the house is going the way of short sale.
Ask your agent or the listing agent if buying the house for the mortgage balance is a possibility. Then you will know how likely it is that your offer might be accepted.
Ask your agent or the listing agent if buying the house for the mortgage balance is a possibility. Then you will know how likely it is that your offer might be accepted.
How to stop a short sale?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.