Profile picture for lnpangelstar

Short Sale Information

I found a nice house that is a short sale with a listed price in our budget. I am a little weary of a short sale? What is involved in a short sale? What do I need to keep in mind if we decide to pursue a short sale?

Also, how can I find a realtor who specializes in short sale and first time buyers?

Thanks in advance.
  • February 18 2012 - Solon
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Answers (4)

Profile picture for Matt Hiatt
A few important things to keep in mind is that the price is probably what the agent "thinks" the bank will take, most banks will not look at short sales until they get an offer on the property, then the information is sent to the bank, where it can take several months before the bank even looks at it. Some listing agents put the home way below market value just to get the paperwork started, knowing that the bank will not accept that price. Also, because the people are in hardship, sometimes the home gets foreclosed on before the short sale goes through, so even though it is getting better, there are only a certain percentage that do actually close. Two key questions that I always ask are how many loans are on the home (if more than one, your percentage for closing goes down), and who  is handling the short sale. If the agent is handling it themselves and not using a professional negotiator, then I check and see how many they have actually done (and not what they tell me they have done.) Short sales can be a good thing, as long as you understand them, and have a good agent that knows them. Good luck.
  • February 19 2012
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Profile picture for sunnyview
Short sale is when the owner owes more on the house to the bank than they can sell for on the open market. There is an article here explaining how a short sale works.

Many times the house is marketed before the bank has even agreed to sell the house for less than the owner owes. If the bank has agreed to a price, the house will often be advertised as a short sale "with bank approval".

If the short sale has not been approved, it can take months for the bank to agree to allow the owner sell at that price. Also, owners often do not have money to make repairs or help pay closing costs etc. Short sales can be a good deal, but you have to be ready to wait for the time it takes to get through the offer/acceptance process. An experienced agent can really help guide you through the process and tell you what to expect.
  • February 19 2012
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Profile picture for lnpangelstar
Short Sale is around Solon, OH, specifically in Glenwillow, OH.
  • February 19 2012
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Where is the short sale in question located?

Once you disclose that I am sure you will get replies. Without that
data, your questions are pretty tough to answer.

I hope that helps.

Have a BEAUTIFUL night.

-Shawn, REALTOR
  • February 18 2012
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