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Answers (6)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Where did you hear Short Sales are bad? Not only does the buyer get a great deal but a short sale impacts the sellers credit report far less than a foreclosure...it's a win win for everyone....the seller, the buyer, the banks!
- real estate mike
- Contributions:2001
Unless the short sale property is in great shape you could save lots of time and frustration by just getting a good deal on a non short sale home that is well cared for. Unless you're a contractor(or very handy) I fail to see how getting a property for $20k below market value and then hiring the labor is better than getting an updated property for slightly below market price. If you have a year or two, are patient, and don't mind being dumped out of a deal by a non caring bank then I see the appeal. best of luck to you!
- mysql
- Contributions:102
I still haven't figured out why short sales take so long.
I am imagining a single worker in the bank office taking all the offers, then taking a nap each day. One day a month he decides to look at a 6 month old offer, and flips a coin to see if he wants to play nice, or be a jerk about it. Then goes back to taking a nap.
Does that sound about right? How else can it take 9+ months for short sales to process? A bank has a house, they sent over some appraisers, find out what it's worth and slaps a price tag on it. The owner's involvement seems moot as they usually just want out and don't care about the price.
I am imagining a single worker in the bank office taking all the offers, then taking a nap each day. One day a month he decides to look at a 6 month old offer, and flips a coin to see if he wants to play nice, or be a jerk about it. Then goes back to taking a nap.
Does that sound about right? How else can it take 9+ months for short sales to process? A bank has a house, they sent over some appraisers, find out what it's worth and slaps a price tag on it. The owner's involvement seems moot as they usually just want out and don't care about the price.
- cddfeessuck
- Contributions:3
I've been waiting for a short sale contract since April 28th. We finally just received word today that the BPO has been ordered and is happening on Monday. The seller was filing for bankruptcy so we had to wait for that to be discharged before the bank could make a decision on the house.
We hope this one goes through, this is our 11th offer on a house, short sale or foreclosure....sure its a great time to buy as long as you can really get a response from the bank or win the 'highest' and 'best' scenario, which has been our experience. This is the only house where we were the first bid and requested 'first right of refusal' from bank. The selling agent was nice enough NOT to take back up offers and took it off the market till we heard from the bank.
I have looked up all of the houses I made offers on and where the selling agent said was 'cash offer' it ended up being financed. Where my offer was lower than the next, in reality, the sold price was lower than my bid price. I was told the house had multiple offers and they wanted highest and best, and in the end, the house went to foreclosure and came back on the market...so I have been lied to and find this market is full of scams. Luckily, I have a great real estate agent...and it has made the process much better. Yes, I have confirmed everything with court records...
Good luck though... :)
We hope this one goes through, this is our 11th offer on a house, short sale or foreclosure....sure its a great time to buy as long as you can really get a response from the bank or win the 'highest' and 'best' scenario, which has been our experience. This is the only house where we were the first bid and requested 'first right of refusal' from bank. The selling agent was nice enough NOT to take back up offers and took it off the market till we heard from the bank.
I have looked up all of the houses I made offers on and where the selling agent said was 'cash offer' it ended up being financed. Where my offer was lower than the next, in reality, the sold price was lower than my bid price. I was told the house had multiple offers and they wanted highest and best, and in the end, the house went to foreclosure and came back on the market...so I have been lied to and find this market is full of scams. Luckily, I have a great real estate agent...and it has made the process much better. Yes, I have confirmed everything with court records...
Good luck though... :)
80% of short sale contracts never sell; the bank either never responds, responds ridiculously far from the contract, or just goes ahead with the foreclosure rendering the contract moot.
THAT is why many agents don't want to deal with short sales; you wait 4 months with a contract, only to have it fail, and start over again. If your buyer actually wants to buy a home, rather than spend an entire year chasing dreams that never happen, short sales are not truly an option.
THAT is why many agents don't want to deal with short sales; you wait 4 months with a contract, only to have it fail, and start over again. If your buyer actually wants to buy a home, rather than spend an entire year chasing dreams that never happen, short sales are not truly an option.
- Linda Gasaway, "Linda Gasaway"
- Contributions:25
Short sales aren't bad, they are just different and usually take longer than traditional sales. You can get some great buys with a short sale, but you just need to be patient with the process.
Why is it bad to buy a short sale?
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