Profile picture for krh
  • krh
  • 78 contributions

Seller in short sale is...

...trying to make up the short (according to their agent).  We don't have a written offer on this house anymore but here is what happened.  The house was listed Oct '07 for $500k - then with subsequent drops to the now $399k asking price.  We put in an offer for $325k (this was before we know ALL about short sales...and that one should probably avoid them) mid January.  Bank laughed at that time...and we moved on.  Their agent came to ours asking if we would be interested b/c the owners really want out & are working with the bank to "make up the short".  I just assumed that meant they were going to try to pay back the difference or something until I read this article from realtytimes.com:  http://realtytimes.com/rtpages/20080305_realtyviewpoint.htm

 

As of right now, the home had an appraisal & the HUD papers were drawn up...  should I start thinking that this might actually work?  Probably not but its kind of nice that something is happening & we dont even have an active offer written up.  The seller really wants out apparently. 

  • March 05 2008 - 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 (2)

Profile picture for Staresce

It sounds like maybe the seller is ready to walk away from the home... as for whether or not this is a good deal for you? I dont know.

 

Lisa

  • March 05 2008
  • 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.

Profile picture for Peter J Rogers

The point is no sale can take place without the lienholders written permission. There is no reason not to continue discussion but be prepared for a protracted experience. You never know.

  • March 05 2008
  • 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.