Zillow Advice: Buying Foreclosures - Is it worth the wait for Lender approval on a short sale property.

I think it depends on the ...

Mon, 20 Apr 2009 18:42:00 GMT

I think it depends on the buyer. My husband and I are currently waiting on a short sale. It has been stressful but we have the time to wait it out and we continue looking at other properties in the meantime. Right now we haven't seen anything else we like for the price so we continue to wait and hope that the bank approves.

If the bank denies I guess we'll just have to wait it out until the right property comes along or try to get it once it goes into forclosure.

We weren't looking at short sales to "get a deal" it just so happens that the home we love is a short sale. I believe our offer is in line with the value of the property (in todays market) but I guess it's up to the bank to decide if they want to take that loss.

Time will tell I guess. So far it has been 88 days of waiting!

If not, they would always ...

Mon, 20 Apr 2009 08:54:00 GMT

If not, they would always end up in foreclosure, right?

So of course it is worth waiting as the short sells are occuring.

But maybe it is worth even more waiting for normal prices to come down to the short sell prices?

All depends on a parties' patience level.

Well it really is a personal ...

Mon, 20 Apr 2009 04:05:00 GMT

Well it really is a personal choice for the buyer. If it is a home n the area you are seeking and meets your expectations then yes.

Many buyers are very happy waiting Others are not.

There is always a risk that the short sale will not materialize.

Dinah:The answer depends ...

Sun, 19 Apr 2009 22:37:00 GMT

Dinah:

The answer depends on your buyer's time requirements, the identity of the institution that currently owns the mortgage, etc, etc, etc, etc.

I inserted a lot of etc's in the first paragraph, because each home short sale situation is different. There is no "cookie cutter" short sale. There are some lenders who do not respond to short sale requests&some do, but it may take a long time (long time can be months) & the lender may say no,etc,etc,etc,etc.

Pat Pribisko
TEAM PRIBISKO
Northeast OH
Keller williams Greater Cleveland West

Maybe. Maybe not.

Sun, 19 Apr 2009 22:00:00 GMT

Maybe. Maybe not.

Sun, 19 Apr 2009 22:00:00 GMT

Maybe. Maybe not.