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Or try redfin - but be aware that short sales take a long time to go through from offer/acceptance/closing. When I sold it took almost 1.5 years. And even then the bank screwed over the agents involved forcing them to take less commission (Chase)...thus why a lot of agents shy away from them as well. Maybe you should try and contact an attorney that specializes in short sales who will then refer you to an agent that they work with...
Or try redfin - but be aware that short sales take a long time to go through from offer/acceptance/closing. When I sold it took almost 1.5 years. And even then the bank screwed over the agents involved forcing them to take less commission (Chase)...thus why a lot of agents shy away from them as well. Maybe you should try and contact an attorney that specializes in short sales who will then refer you to an agent that they work with...
Thanks for your reply. Is it true that short sale house, you can buy very cheap for 100K less than going price? It sounds to good to be true!!
Any thing is possible...the main issue will be whether or not the bank will let you into the house. Some are as is and boarded up where there could be damage from the previous owners...people get pissed that the bank will not work with them or during a divorce take out their anger on the house...or it could be no one has lived there for awhile and the house is robbed of all appliances and pipes, etc.
Ive seen a situation where a buyer went to a house and the seller flooded the basement by leaving a faucet on (seller didnt want to leave just yet). That was in Lynbrook.
The biggest deals will end up going to investors who want to flip the property...but if you are not in a rush and can take your time there are good deals to be had.
Don't confuse a foreclosure with a short sale. Almost always, a foreclosure will be gutted and there will be significant damage. When I was househunting, we went to 2 short sales--one home was immaculate but the other, while there wasn't damage to the house, one of the owners removed all the high end appliances. They sunk all their money into flipping the house and ended up divorcing so she took all the appliances to retaliate. We also saw 2 foreclosures. They pulled the toilet bowl out of the bathroom and put it in the kitchen. It was in horrible condition. I believe all foreclosures are "as is". I know people who bought short sales and were able to negotiate, which I thought was impossible. Banks are not in the business of buying and selling homes. They want the money back that they loaned.
Banks should have short sale and foreclosure listings if you don't want to go through a real estate agent.
Banks should have short sale and foreclosure listings if you don't want to go through a real estate agent.
All short sales and bank owned properties must be listed with a broker; they will not deal with buyers directly. (My interpretation is that this will give the property the widest possible exposure, which theoretically would lead to the highest possible price.)
So you can either approach the listing agent or find your own - either way, you're stuck with one of us
All short sales and bank owned properties must be listed with a broker; they will not deal with buyers directly. (My interpretation is that this will give the property the widest possible exposure, which theoretically would lead to the highest possible price.)
So you can either approach the listing agent or find your own - either way, you're stuck with one of us
LOL...Thanks Elke! I thought at one time banks provided listings.
Thanks for your reply. Is it true that short sale house, you can buy very cheap for 100K less than going price? It sounds to good to be true!!
Not too good to be true. BUT, you need a lot of patience, a cast iron stomach to deal with the delays and ups and downs that a short sale will entail. Shorts are where the homeowner has defaulted in his/her mortgage payment. Many times that is due to health problems, job loss etc. Thinking about it this way if the homeowner can't afford to pay the mortgage, what else has been neglected? Something that needs repair maybe? Now you can win big with a short sale purchase but the bank has to agree to accept the offer and the sellers need to be able to close from a financial perspective. Lots to think about.
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