Profile picture for Mike Villella

Short Sale

shasta steve.Common Steve take it easy on us. This topic is all over the internet. Banks will do what's in their best interest as homeowners will do for theirs. If it makes sense for both parties it is alot better to negotiate with the bank and give them some participation than to just walk away and not know whats going to happen.  We don't knock doors initiating the idea. We have clients that really want to get out of their house and move but they're trapped. Bottom line if it makes sense for the bank to short sale the house over foreclosure they will accept it. If it doesn't they will deny it. It is much better for the homeowner to have a mutually agreed upon settlement than a default. And yes we make money, but believe me it is four times the work for the same pay. Love ya Steve

  • January 23 2012 - Los Angeles
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Answers (4)

Profile picture for wetdawgs
If you respond to the same thread as the rest of the discussion by clicking on "post reply", it will put your response in context.  
  • January 23 2012
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Short sale is ALWAYS better then foreclosure!!
  • January 24 2012
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Profile picture for shasta_steve
It is only always better for the agent who makes money but I would have to question your eithics and intelligence to make such a blanket statement Nicholas.   They are not ALWAYS better from a financial point of view of the homeowner or even the bank.  I see in your state it takes 60 hours of education to get a license.  I betting that economics or even ethics were not major parts of your course work. 
  • January 24 2012
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Profile picture for allenperry
Well, to the best of my understanding and experience, a Short Sale is a listing being offered For Sale by an owner who, due to the negligence of not making mortgage payments over the last year or more (granted, some people lose their jobs), is facing foreclosure and is trying to sell his/her home at a price that is less than what is owed on it. This hypothetical sale would be a loss to the bank who owns the loan and would ideally allow the seller (and the bank) to avoid the foreclosure process all together. The reason I say this is a hypothetical sale is because all too often the seller, and Realtor who are marketing the property, have not completed their homework to alert the bank of what they are attempting to do; but even if they have gone through the proper channels, the entire scenario has to be approved by an executive manager at the bank who's job description most likely does NOT include signing off on losses! So essentially, a Short Sale seller is offering you their home at a price that is below what they owe on their mortgage, which is not fully approved by their bank, and for all intensive purposes is not their home to sell in the first place because they haven't been paying for it! Now, the kicker for you, Senior Buyer, is that you have to sign a contract with this seller to even get the process started ; obligating yourself to both the time and red tape involved in completing the process, for as long as it takes the seller's agent to get a response from the bank to acknowledge that there is a contract on the home. I've seen this process take months! And did I mention the seller has priced his home BELOW what is owed on his mortgage, so don't be surprised if his bank tries to negotiate a higher price with you even after you have a signed contract up front!
  • January 24 2012
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