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Old 02-08-2009, 06:08 PM
 
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For first time buyers, what would someone recommend? I would really appreciate if someone can give me some pointers or advice. Thanks!!!
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Old 02-08-2009, 08:17 PM
 
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Originally Posted by alicious26A View Post
For first time buyers, what would someone recommend? I would really appreciate if someone can give me some pointers or advice. Thanks!!!
Avoid it like the plague unless you have a lot of time you are interested in wasting and want to go on an emotional roller coaster.

I did one short sale last fall and nothing ever happened with us, except for getting spoon feed a bunch of baloney by the listing agent to keep us interested.

95% of short sales (preforeclosure) do not close, so you probably have a 1 in 20 chance of closing. Unless it's a one of a kind property or something you absolutely have to have, I'd walk away.

Are you missing a great deal? The short sale I made an offer on was listed for 585k. It eventually was sold as a foreclosure for $528k. So I would have paid 60k more as a short sale than as a foreclosure.
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Old 02-08-2009, 09:06 PM
 
Location: Atlanta/Decatur/Emory area
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There are 2 different "flavors" of short sales. First, is an owner trying to sell short who has no approval from the bank. In my MLS these typically are marketed as "potential short sale." This means be prepared to spend months waiting on an answer from the bank and that answer is very likely to be "no" to the transaction.

The other option is "approved short sales." This generally means the bank has already put the first potential short sale buyer through the wringer of waiting for months and they have backed out but the bank has now decided that it will, in fact, sell short. This should already have a negotiator assigned by the bank. In this instance, you might have a somewhat easier time of it and might actually end up with a closed transaction.

I have also heard, anecdotally, that, with the TARP funds banks may actually lose less money by letting the house go into foreclosure than by selling it short. This is truly tragic because foreclosures are rotting away entire neighborhoods.

You have to have a strong stomach and a great deal of patience to deal with these types of transactions.
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Old 03-11-2009, 12:59 AM
 
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if a foreclosures i going 15,000 does that mean we can purchased that home for that price
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Old 03-11-2009, 08:29 PM
 
Location: Kissimmee
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Default http://www.city-data.com/forum/orlando/584571-can-we-orlando-florida-help-ideas-post7749910.html#post7749910

Is it possible that our government is actually doing something for our foreclosure crisis. Would the last of this situation is about to be over?
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Old 03-12-2009, 08:49 AM
 
Location: NorthTexas
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You may have better luck with a HUD foreclosure. In my experience pre-foreclosure means the owners do not know if they can make their next house payment, or have already missed 1 or2.
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Old 03-12-2009, 08:54 AM
 
Location: Martinsville, NJ
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Originally Posted by mcastaneda View Post
if a foreclosures i going 15,000 does that mean we can purchased that home for that price
Can you give us more info? Where did the $15,000 number come from? Is the house listed for sale at $15k, or did you see something that said the default amount is $5k?
I can help, as I have a good understanding of this stuff, especially in NJ, but I'm not sure exactly what you're asking.
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Old 04-12-2009, 11:51 PM
 
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I was on homes.com and i seen some homes that were pre foreclosed they had low very low prices l ike at 10,000 is that the price or what is owed on the property?
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Old 04-13-2009, 07:29 AM
 
Location: Martinsville, NJ
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Originally Posted by janetf73 View Post
I was on homes.com and i seen some homes that were pre foreclosed they had low very low prices l ike at 10,000 is that the price or what is owed on the property?
You have to give more information. "Pre foreclosure" is not really any sort of leagal status, it's just a general term that many people have been using to talk about homes wherre the mortgage payments arte late, and the lender has filed a lis pendens, which would be the first step in the foreclosure proceeding. The number you saw listed there may be anything from the amount the homeowner has to pay to bring the mortgage back to current, or the total outstanding on the loan. If you tell us exactly what the description was, maybe we can give you more info.
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Old 04-13-2009, 07:58 AM
 
Location: Youngstown, OH
182 posts, read 480,568 times
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Quote:
Originally Posted by alicious26A View Post
For first time buyers, what would someone recommend? I would really appreciate if someone can give me some pointers or advice. Thanks!!!

I am in the process of a short-sale which is hell. Most people on this site would tell you to stay away from them, and unless it is the ONLY house that you just HAVE to have, I would agree.

Short-sales are one step short of foreclosure and can get you a nice house at below tax assessed value. However, even if you make a full-price offer, the bank and interested lenders may come back and demand more money. Often times these short sales are listed by the home owner and realtor without bank approval, and thus after an offer is made, the bank and all lenders must agree to accept less than they are owed in order to avoid a foreclosure and risk getting nothing. It takes MONTHS, if EVER, to get lenders to agree to this.

I would recommend a house that has already been foreclosed on and is bank owned (much more streamline and like buying a regularly listed home) or a house that is on the market without these sort of strings attached.

Good luck and happy house hunting!
Jenn
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