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Would like to purchase a home that is a short sale, but, dont like the wait...

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January 08 2011 - Lahaina
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Answers (12)

Most short sales take 3-6 months for the banks to do the due diligence.  An agent in the area will know what the offer should be -- the owner has to agree to the sale (and any tax consequences) and then the bank does their due diligence before they approve the deal also. Remember, the bank has an investor that financed the loan, and that specific investor has to agree to sell at a loss.  So an offer should be clean with no "extra" requests, as much cash down as possible, and over the asking  price when the property is new on market.  Your agent can advise you more on exactly how much to offer based on length of time on market and current market prices.
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October 30 2013
The Best & Easiest answer is "Don't Buy a Short Sale" Rate are good but I think they will run up in 2011...If your looking to do good in the Hawaii Market Now is the time Buy, Buy,Buy !!!


Hint: Watch the price of Gold it when it moves South the Interest rates will go North.
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January 11 2011
Keep in mind that a short sale price is just a price that is not backed by the bank.  The bank might come back and counter offer a much higher price.
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January 10 2011
Keep your eyes on the prize. Do you want  a home or is the "short sale" what you want. You won't be living in the sales process but rather the house. Find a house at a value you like and do what you can to purchase it.
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January 10 2011
Profile picture for His glory
Thank you all for your answers, it will help me decide what to do next. I was told this property had many visits and offer's for the asking price w/ different percentage down. I Still want to put a offer in, just don't know what kind of an offer. Any suggestions?
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January 10 2011
First get yourself an agent and have them search for approved short sales. You will still Ned at least 45 days to close.
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January 09 2011
Comes with the territory. When dealing with banks+unhappy seller, it will take longer if it closes at all.

Personally, I think it is best to avoid short or foreclosure sales unless you are viewing it as an investment/flip.


Hi Sunny! Add in some cheesy puffs. :)
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January 08 2011
well, I can't speak for all brokerages but we are very successful selling homes via the short sale process ..We have a tried and true process and this way everybody win
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January 08 2011
You do not want a home from a short sale.  Google "foreclosure fraud cases." and learn for yourself.  98 per cent are fraudulent transactions.
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January 08 2011
You just got to

Happy funding, Rudi
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January 08 2011
As a short sale requires both the approval of the homeowner and the lender, there is no way to speed up the process. Once you do get approval, you're also going to have to  wait for the mortgage to process before closing.

Keep in mind that maybe 1 in 3 short sales ever reach closing.
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January 08 2011
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Who does? But if you want to buy a short sale, that's part of the process. So you put in your offer, get a bowl of popcorn, put your feet up and wait.
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January 08 2011
 
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