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Short sale means that the seller is trying to convince the bank to take less than what they owe on the mortgage. Often times a short sale can not be considered or a price determined until a contract is actually presented to the bank. The property you are talking about may be a short sale (which can also be called a pre-foreclosure) and they keep reducing the price in order to temp someone to make an offer so they can find out what the bank will actually take as a short sale.
These days banks are offering short sales to owners past due....so a buyer should do their homework...realtors dont have control over short sales, the bank/negotiator and former homeowner does.
This post has been extremely helpful for me since I'm in the market to buy a home within the year.
I do have a question, I am hoping someone can answer. I have noticed over the last several weeks in my area there are a number of pre-forclosures being listed from such sites as realty-trac. If a home is listed as pre-forclosure how long is the standard wait until the home is forclosed? (If the owner remains behind on their payments)
Also it appears that there seems to be more pre-forclosures and forclosures on the market in my area as of late than at any time following the bubble burst. Can we expect this to continue for the remainder of the year? There are more default properties than regular sales for some reason and it seems to be getting worse.
This post has been extremely helpful for me since I'm in the market to buy a home within the year.
I do have a question, I am hoping someone can answer. I have noticed over the last several weeks in my area there are a number of pre-forclosures being listed from such sites as realty-trac. If a home is listed as pre-forclosure how long is the standard wait until the home is forclosed? (If the owner remains behind on their payments)
Also it appears that there seems to be more pre-forclosures and forclosures on the market in my area as of late than at any time following the bubble burst. Can we expect this to continue for the remainder of the year? There are more default properties than regular sales for some reason and it seems to be getting worse.
There is no "standard wait until a home is forclosed."
It varies by case and location. In some states, the time period is much longer than in others.
"Preforeclosure" has little functional meaning.
"Realty-Trac?" I suggest you connect with an actual real estate web site.
... the owner has not made their required mortgage payment,...
The owner (seller) still owns it up until the sheriff sale...
I'd like to point out that the mortgagor ( person who borrows money ) is different from the owner.
The owner has the title to the property.
The owner is either the mortgagee ( entity who lends money )
or the entity who bought the mortgage - ie. Freddie.
I live in a house that I make mortgage payments on. It's common to refer to
people like me as the homeowner, but really, I'm not the owner. I just live there.
From 01-08-2008, 09:08 PM -- I had to comment.
I'd like to point out that the mortgagor ( person who borrows money ) is different from the owner.
The owner has the title to the property.
The owner is either the mortgagee ( entity who lends money )
or the entity who bought the mortgage - ie. Freddie.
I live in a house that I make mortgage payments on. It's common to refer to
people like me as the homeowner, but really, I'm not the owner. I just live there.
Actually.....
The mortgagor (the person borrowing the money) is usually also the homeowner.
Read the mortgage documents carefully. You will see that you own the property. You bought it with money you borrowed from the lender. You secured that loan with the property you own, agreeing that the mortgagee has the right to take ownership if you fail to repay it according to the terms of the mortgage agreement. It's common to call the mortgagor the homeowner because the mortgagor usually IS the homeowner.
[SIZE=2]Pre-foreclosure means you have not met your payment obligations to a lender and either they are or soon will be initiating steps to either get their money or get you out of "their" house[/SIZE]
After I wrote that, I got another Beach Boys song stuck in my head all day long:
" ... Cause It Wouldn't Be Right To Leave the Best Girls Home
on a Saturday Night .... Round round get around I get around ... "
If you read it, it's too late, now it's in your head.
Haw!
...... Haw!
............. Haw!
You are not nice.
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