Profile picture for Vlaville

I got preapproved for 120000 home loan in NJ but cant find a decent 2 fam home thats not a short sal

Is it safe to say I should just wait or should I gamble with a short sale because the bank owned homes that are on the market are either filled with mold or misrepresented when seen in person
  • May 15 2011 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (1)

Why not do both? Keep you options open.Keep looking.I sell short sales and at least with a seller somewhat attached to the transaction you can get some information or history on a home.Since many ,not all,of the homes in short sale today or bank owned where purchased in the 2000's there should be an OLD listing view of the home on MLS Realtor system and and old listing agent that has a file on it.If you like a Bank Owned home and need more investigation fnd out who was the listing or buying agent when it last sold.Which is why you need a Buyer's agent that doesnot mind doing research for you.I have found MANY mysteries in checking into old disclosures,home inspection reports and disclosure information that the past Realtor knew and could disclose.
NOT all have mold or issues.It may depend on what you feel "misrepresented" means. YOU and YOUR agent can do some leg work to help put some puzzle pieces together.If it was not ever listed,there is not much you can do.If you get an accepted offer,do as many inspections as possible.You can call local Termite,or mold companies and see if they have reports or mediation work on a home if you are not sure.If it is bank owned they may have less concerns about giving out information,as I am ot sure what privacy rules could apply.

This is a FANTASTIC time to buy.YES the short sales take time...only IF you knew the house would be 30% more and rates would be at 7-8% would you be sorry you did not invest the time now?

TRUST me ...that day will come.History always repeats itself...it just takes time.
  • May 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.