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Old 05-26-2009, 05:17 PM
 
Location: Currently seeking a home!
130 posts, read 743,560 times
Reputation: 59

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Does anyone know how long a short sale will take?
If you offer listing price does that guarentee the property?
Do you pay closing cost or can you get bank to cover them?
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Old 05-26-2009, 05:33 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,312,494 times
Reputation: 7340
Quote:
Originally Posted by MissesFixIt View Post
Does anyone know how long a short sale will take?
If you offer listing price does that guarentee the property?
Do you pay closing cost or can you get bank to cover them?
Question 1: Nobody knows; it's individual to all deals, BUT it always takes longer than a "regular sale" (which takes 3 months +/-)

Question 2: No it doesn't guarantee anything, but of course I suppose it would make your chances better.

Question 3: The bank covering closing costs? No way. Never heard of that. The bank will not even cover the transfer tax that is traditionally covered by the Seller ... they want the Buyer to pay for that for the privilege of buying their short sale.
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Old 01-20-2010, 06:41 AM
 
231 posts, read 960,873 times
Reputation: 135
Any reason why a Real Estate Agent would tell us that a property is a short sale - when it really isn't?
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Old 01-20-2010, 07:26 AM
 
187 posts, read 863,551 times
Reputation: 76
Quote:
Originally Posted by jmax View Post
Any reason why a Real Estate Agent would tell us that a property is a short sale - when it really isn't?
How do you know for sure that it isn't? DM me if you'd like and I can check.
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Old 01-20-2010, 07:59 AM
 
1,386 posts, read 5,347,729 times
Reputation: 902
unless the bank already approved the short sale, the listing price is really meaningless. It will be less than what is owed, but will be set by the owners and RE agent. There will be the approval process through the bank which they will determine whether
A) they feel the owners are deserving being allowed to short sale
B) at what price they are willing to accept

If the process hasn't been started to get something approved by the bank, and if there are multiple banks, be prepared for a signficant wait.

I saw a well priced house that needed work and through a few questions determined that it was never going to happen. 1) how much is owed on the mortgage (high balances make it harder) 2) how many mortgages (2nd mortgages generally will get very little out of this and have little incentive to agree) 3) no, they hadn't talked to the bank yet, waiting on an offer.

Based upon those three questions, you can determine, it will be there a while.
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