- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (3)
- Ozzy Morenza, "realtorozzy"
- Contributions:35
"What is involved in a short sale" Well from a buyers point of view, assuming you are working with a realtor, you should ask for a CMA=comparative market analysis, this is what a realtor can do to come up with what this property should be worth in the present market, this is important, since if the CMA comes out, to for example with a value = $150,000 the banks will not be very interested in an offer for $80,000, EVEN IF THE PROPERTY IS LISTED FOR $80,000, find out who and how they came up with the listed price... unless you are offering cash, it is hard to get them to take extremely low offers.
PATIENCE and asking the correct questions, like who will be negotiating your offer with the bank? if the person negotiating directly with the bank doesn't spend the required time and effort, the deal will take twice as long if not longer, and in some cases just fall through.
Number one Point use a knowleadgle Realtor VERY important...
- Ritu Desai, "VARealtor"
- Contributions:697
It takes lot of patience, good hazardship and a Realtor/Negotiator who will follow up and get the job done correctly. Banks don't like incomplete short sale package or coming in bits and pieces. Depending on what side you are on.
- dancindeb15
- Contributions:1
we have been trying to buy a short sale for almost a year. My understanding is the owner and the banks agree to take less than is owed for the house in order to keep it from going into foreclosure. We have made 3 offers and in every case the bank that has the 2nd won't settle for the amount the bank that has the first is willing to give them. Meanwhile, the value of the house has continued to decrease and we now made our 4th offer lower than the other 3. If it does not get accepted this time, we may as well wait for it to go into foreclosure, at that point the owner of the 2nd has no say so and gets nothing. Anyway that's my limited understanding.
What is involved in a "short sale"?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.