[Californiapch]

Originally Posted by irishspy

Brian wait it out if you really want the place because you could end up going through it again for another place. We looked at our situation and figured we were not going to do better with something else and the time and $$ to do so was not worth it. Yes your seller is slowing things down and hen the paper work is being done and he does not respond in a timely manor the paper work goes to the bottom of the pile. If you go on Zillow or Reality.com you will notice how many places are contingent offer so the paper work is stacked up like cord wood. I know I as starting to get frustrated and concerned on our sale and then boom it went through very fast. I wish you luck but there is light at the end of the tunnel.

Ya, we are waiting it out.

It is a vacation property so no panic to get it but fall is near and we would like to renovate it to enjoy it this winter.

Brian

[tbill618]

Originally Posted by Californiapch

Hi, our short sale offer was accepted on Jan 10th of this year. We were asked for financial info then and again in June the bank wanted to confirm we still have access to funds for a cash deal. We thought things were getting close.


Still now... almost 9 months........ deal is not completed.


It can be a 6-12 month process.

Put in multiple offers...... we didn't... we now wished we would have.

We are still waiting it out and our realtor has asked ( all the other parties ) to try get this done being 9 months now.

Status: "Our short sale will close whenever.... takes forever!" (set 3 months ago)



Brian

I am hoping my seller is motivated to get this done. The tax break on forgiven mortgages expires at the end of the year so all short sellers want to meet that deadline. Have they done a BPO yet? Have you set a price?

[Californiapch]

Well, it seems to be the bank that is taking forever.

Not sure what a BPO is.

The bank takes forever but when they had the place appraised and adjusted the initial offer and we had only 3 days to accept but they take 3 months for the next step to happen.

The original offer between the seller and buyer... then the banks get the place valued and you have to accept what the bank says. We were fine with that.


I guess the bank asked the seller to pay some funds and I guess he counter offered..... we are waiting.



Requests have been put in to try complete this deal. See what happens.


B

[Datafeed]

Hi,

Do you know of anyway to expedite a short sale?

[WestieJeff]

Just FYI, the tax break has been extended through 2013.

Originally Posted by tbill618

I am hoping my seller is motivated to get this done. The tax break on forgiven mortgages expires at the end of the year so all short sellers want to meet that deadline. Have they done a BPO yet? Have you set a price?

[lvoc]

Originally Posted by WestieJeff

Just FYI, the tax break has been extended through 2013.

Don't think so. It is in one of the likely to pass tax bills so there should be a one year extension but I don't think it has happened yet. The only bad thing is it could get caught in the battle...but otherwise it should pass before year end.

[WestieJeff]

Senate panel backs extension of mortgage debt relief law - Los Angeles Times

This article sounds like it already has passed?

Originally Posted by lvoc

Don't think so. It is in one of the likely to pass tax bills so there should be a one year extension but I don't think it has happened yet. The only bad thing is it could get caught in the battle...but otherwise it should pass before year end.

[lvoc]

Originally Posted by WestieJeff

Senate panel backs extension of mortgage debt relief law - Los Angeles Times

This article sounds like it already has passed?

No...but it should pass unless it gets caught in a skirmish...

[Datafeed]

Drastic Change to Short sales soon to come:

If you’re underwater and facing financial distress, what might Fannie Mae’s and Freddie Mac’s new short-sale reform policies mean for you? Potentially a lot — even if you are current on your mortgage payments and never imagined that a short sale and principal reduction could be in the cards.

Here’s what’s involved. Starting Nov. 1, owners whose loans have been purchased or guaranteed by Fannie or Freddie may qualify for a short sale if they fit key hardship criteria including: unemployment; divorce; long-term disability; a change in job location that is more than 50 miles from the current home; a business failure; death of the primary or secondary wage earner; or a natural or man-made disaster
...

Short sales will soon become an option for many more underwater borrowers - The Washington Post

[007 license to sell]

Originally Posted by lucylinus

I am going to be looking for a home in the Summerlin/Henderson area shortly. There were 6,666 listings on realtor.com and bet that 99% were foreclosures or short sales.

I am not sure that I am comfortable navigating a short sale and I am pretty sure I will not be looking at any foreclosures.

Has anyone successfully purchased a home that was listed as a short sale?

Any realtor agency recommendations?

Thanks!!!

Actually there isn't 6,666 listing available for sale here is the most recent stats regarding availability and how many properties that are in contingency and more. Note in these stats the large amount of short sales the the large amount of contingencies most of the contingencies are short sales waiting for bank approvals.
This high number for contingencies have been this high or higher for the last 4 yrs. Yes some close but more don't and this is important to know when it comes to short sales. You have to pack your patience when making an offer on any property right now due to the low inventory.

Las Vegas Real Estate Market Report: 08/29/12

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of August 29, 2012, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 3,990 ( -36 , Last Week 4,026)
Under Contract – 12,824 ( +63 , Last Week 12,761)
Days of Supply – 10 ( +0 , Last Week 10)
Short Sales – 11,076 ( +2 , Last Week 11,074)

Condominiums and Town Homes (CONDO/TH)
Available – 837 ( +23 , Last Week 814)
Under Contract – 2,394 ( -30 , Last Week 2,424)
Days of Supply – 11 ( +0 , Last Week 11)
Short Sales – 2,144 ( -11 , Last Week 2,155)

Combined SFR + CONDO/TH
Available – 4,827 ( -13 , Last Week 4,840)
Under Contract – 15,218 ( +33 , Last Week 15,185)
Days of Supply – 10 ( +0 , Last Week 10)
Short Sales – 13,220 ( -9 , Last Week 13,229)

This information is important to know unfortunately there is allot of misinformation regarding available information and what is actually going on out here that is can be very hard for buyer to really know what to expect.