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03-22-2008, 11:23 AM
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Junior Member
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Join Date: Mar 2008
3 posts, read 1,061 times
Reputation: 10
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Home I was interested in turned into a shortsale!?!?
My wife and I were at the final stage of buying a home, but when we told that their house was only worth 180,000 as apposed to 210,000, they were forced to rather sell it to us for 180,000, they went into forecloser.
We are very interested in buying the house and we would be more than happy to offer full price on the appraised value.
Should I contact the bank? Can I still get it and if I do, will it take months :[
Thank you.
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03-22-2008, 11:51 AM
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Mortgage Guy and Wife
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Join Date: May 2007
Location: NC
1,256 posts, read 666,389 times
Reputation: 415
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Short sales can take months, in fact they usually do. And on top of that, you need the owner's cooperation to pull it off. The owner needs to provide financial info, such as copies of their taxes, paystubs and bank accounts. If they're not interested, you'll never get the short sale done.
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03-22-2008, 11:57 AM
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Junior Member
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Join Date: Mar 2008
3 posts, read 1,061 times
Reputation: 10
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Cheers
Thanks.
Is it even worth it. I don't have to move until July, but I am worried about the rates.
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03-22-2008, 12:03 PM
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Mortgage Guy and Wife
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Join Date: May 2007
Location: NC
1,256 posts, read 666,389 times
Reputation: 415
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Forget rates...rates have been trending in the low 5's to near 7 for a few years now. Believe me, with a short sale, rates are the least of your issues.
Is it worth it? If you really like the house and if the seller is really onboard, it may work out. But if you've never done one, I wouldn't recommend you try this yourself. Enlist the aid of a real estate broker or someone with experience doing short sales.
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03-22-2008, 01:17 PM
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Junior Member
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Join Date: Mar 2008
3 posts, read 1,061 times
Reputation: 10
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Thanks chip!
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