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Old 01-15-2010, 11:47 AM
 
Location: Sputnik Planitia
7,829 posts, read 11,788,932 times
Reputation: 9045

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short sales are pointless, in most cases it takes months to approve and in a declining market by the time the price is approved the market has dropped even more so you need to renegotiate again which will probably not get approved so you will probably be upside down the moment you buy it.
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Old 01-19-2010, 06:47 PM
 
Location: Laguna Niguel CA
3 posts, read 7,296 times
Reputation: 10
Default Short Sales - Some are ok

It depends on the bank and your agents communication with the bank. Wachovia Bank has been the best to deal with lately from deals we have put together. I had a two week approval representing the buyer in 09 and yes it was fresh on the market, (Not Pre-approved). I have also sold a few Bank owned homes to my buying clients now and I enjoy the challenge. The big deal with Bank owned homes is you must read and understand the bank addendum's otherwise it may cost you penalties such as per Diem's etc, if you don't close on time. BTW The Banks make it next to impossible to close on time so this is where you really need to understand the addendum's and time-frame expectancies so you can request an extension if needed before you contingencies time out.
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Old 03-19-2010, 04:33 PM
 
1 posts, read 1,636 times
Reputation: 10
I'm reading all the posts and I'm surprised to see that there are some very good responses and also some very poor responses. The confusion appears to be defining "market value".

My recommendation for any investor (or consumer) that is considering a Short Sale purchase, make sure you are working w/ an agent/broker that has full understanding of reasonable expectations.

If you are looking for a quick escrow... then look for an opportunity on a property where the owner received financing through Wachovia (through World Savings); as this transaction can be accelerated through the bank field managers that are in place to facilitate faster sales. Beyond this, you have to play the game if you want to be a player.

Visit us at [url=http://www.ShortSaleLiveChat.com]Short Sale Live Chat | Real Answers To Real Questions In Real Time.[/url]
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Old 11-23-2010, 05:09 PM
 
5 posts, read 7,935 times
Reputation: 10
We are hearing more and more about the realities of short sales. Making the latest headlines are the concerns addressing the changing California short sale rules. Short sales options by California property owners represent about twenty percent of that regions housing inventory.

California short sale rules implies that the seller will still be ultimately responsible for the difference left between the money owed on the property and the new purchase price agreed to the new owner. This will still remain a problem for the original owner, after suffering through the lengthy, stomach wrenching ordeal, of the entire process.
http://www.ochomehelp.com/understand...nce=2b8d386137
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Old 12-14-2010, 03:54 PM
 
5 posts, read 7,935 times
Reputation: 10
Actually to sell your home as a short sale you need to sell it below market price. If you have the time to spare a short sale is a good option. you can buy a home for more than its worth. The only thing is it may take 3 to 6 months to get a approval from the bank! If you can look for a short sale that has already been approved then it may not take as long! Short sale have to go throught the same process as a regular sale. www.ochomehelp.com
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