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Answers (8)
- dmzlasvegas
- Contributions:4
No we have been waiting 9 months and are ready to pull offer....I think bank is waiting us out and to put it into foreclosure status for a cash offer....I just dont get it?
- Jessica Reed, "jessica.reed"
- Contributions:151
Our main business is distressed properties. Sometimes a house will come up on the market for lets say 200k as a Short Sale. But then later down the road when the foreclosure date is here, the bank will put out an opening bid of 85k and some change. Sounds great right? But you will have to come up with the cash in the form of a cashiers check to bid on the property, and compete with others who are hot to trot on the property looking to flip it for profit.
- Pum211
- Contributions:20
I think it depends on the buyer. My husband and I are currently waiting on a short sale. It has been stressful but we have the time to wait it out and we continue looking at other properties in the meantime. Right now we haven't seen anything else we like for the price so we continue to wait and hope that the bank approves.
If the bank denies I guess we'll just have to wait it out until the right property comes along or try to get it once it goes into forclosure.
We weren't looking at short sales to "get a deal" it just so happens that the home we love is a short sale. I believe our offer is in line with the value of the property (in todays market) but I guess it's up to the bank to decide if they want to take that loss.
Time will tell I guess. So far it has been 88 days of waiting!
If the bank denies I guess we'll just have to wait it out until the right property comes along or try to get it once it goes into forclosure.
We weren't looking at short sales to "get a deal" it just so happens that the home we love is a short sale. I believe our offer is in line with the value of the property (in todays market) but I guess it's up to the bank to decide if they want to take that loss.
Time will tell I guess. So far it has been 88 days of waiting!
- Pasadenan
- Contributions:21397
If not, they would always end up in foreclosure, right?
So of course it is worth waiting as the short sells are occuring.
But maybe it is worth even more waiting for normal prices to come down to the short sell prices?
All depends on a parties' patience level.
So of course it is worth waiting as the short sells are occuring.
But maybe it is worth even more waiting for normal prices to come down to the short sell prices?
All depends on a parties' patience level.
- Terry Osburn, "PawsitiveRealEstate"
- Contributions:106
Well it really is a personal choice for the buyer. If it is a home n the area you are seeking and meets your expectations then yes.
Many buyers are very happy waiting Others are not.
There is always a risk that the short sale will not materialize.
Many buyers are very happy waiting Others are not.
There is always a risk that the short sale will not materialize.
- Pat & Steve Pribisko, "TeamPribisko"
- Contributions:5
Dinah:
The answer depends on your buyer's time requirements, the identity of the institution that currently owns the mortgage, etc, etc, etc, etc.
I inserted a lot of etc's in the first paragraph, because each home short sale situation is different. There is no "cookie cutter" short sale. There are some lenders who do not respond to short sale requests&some do, but it may take a long time (long time can be months) & the lender may say no,etc,etc,etc,etc.
Pat Pribisko
TEAM PRIBISKO
Northeast OH
Keller williams Greater Cleveland West
- Angelique01
- Contributions:2031
Maybe. Maybe not.
- Angelique01
- Contributions:2031
Maybe. Maybe not.
Is it worth the wait for Lender approval on a short sale property.
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- 0.0/5.0
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