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We viewed a short sale listing yesterday that was vacant. Does it make a difference if the house is vacant, as in the short sale is more likely to go through?
I'm very leery of Short Sales (as I should be), but the listing price is great (probably a ploy) and IF we got the house at or below or the listing price it would be a great deal.
The house needs work, and when we walked in there were bugs/roaches EVERYWHERE, so at least others might be deterred from offering on it.
The lender that is owed on the mortgage does not care if it is vacant or not.
Their bottom line is all that matters.
There really is nothing to be leery of on a short sale just as long as you go into it knowing you may not get an answer for 2-3 months if at all.
You may get a quick answer though.
You just never know.
And there will be other just like you that can look past the bugs knowing that the exterminator can take care of them.
We viewed a short sale listing yesterday that was vacant. Does it make a difference if the house is vacant, as in the short sale is more likely to go through?
I'm very leery of Short Sales (as I should be), but the listing price is great (probably a ploy) and IF we got the house at or below or the listing price it would be a great deal.
The house needs work, and when we walked in there were bugs/roaches EVERYWHERE, so at least others might be deterred from offering on it.
Any thoughts?
Some realtors are putting very low lsiting prices up for short sales, to get more clients and get to show them other listings they have.
If you have a change to look into what the owner owes on the home, you might be able to figger out if the listing and offer price is realistic.
IMO it can help you if there are many bugs in there because I won't go there, so that is once les and good for you. If you have a good realtor he/she will add some pictures of all that is wrong with the house so the bank can see it for them self, most banks never see the property only numbers.
Yes, we're trying not to bother our Realtor this am, but we would like her to check how much they put into this house. Right now it is listed at $300k and the owner paid $405k.
I'm really wondering if the people have moved out are they more likley to be not making payments? I know many short sales are often only approved when the house really is days/weeks away from foreclosure.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by bentlebee
Some realtors are putting very low lsiting prices up for short sales, to get more clients and get to show them other listings they have.
If you have a good realtor he/she will add some pictures of all that is wrong with the house so the bank can see it for them self, most banks never see the property only numbers.
Any real estate agent that puts a very low listing price on a property for the reasons you state, has probably violated their fiduciary responsibility to their principal as well as violated one or more provisions of the code of ethics. I'm not saying it doesn't happen, but it would be incredibly sleazy to do so. If that very low listing price is a result of an accurate survey of the current market, then I would have no problem with it.
In a short sale, the bank will not have seen any pictures other than what is available to the general public. The bank may not even know it's on the market! Countrywide, for example, doesn't even want to know about a potential short sale until someone presents an offer to them.
After the property is foreclosed, banks get plenty of pictures to help guide them through the process. I'm dealing with one right now that demands new pictures and an inspection every two weeks even though we're in escrow for the property! I do agree that a decent agent will provide all sorts of data to any seller to justify an offering price.
That's interesting about Countrywide. We have several short sales and bank owned properties for sale...and it specifically says bidders need to be pre-approved by Countrywide Home Loans.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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When we took the short sale listing with CW as the lender, they told me they don't assign an asset manager to a property until it has an offer on it. They definitely do ask for a CW pre-approval letter on property they have foreclosed on although the buyer is not obligated to use CW to finance the property. I think they come pretty close to violating some laws on that one, but my legal department is much smaller than theirs and I don't pay them very much.
That's interesting about Countrywide. We have several short sales and bank owned properties for sale...and it specifically says bidders need to be pre-approved by Countrywide Home Loans.
I wasn't pre approved by Countrywide since I paid cash for my short sale, but the seller had a mortgage with them.
IMO, they don't come close to violating any law. Some of my own sellers will request that a particular mortgage broker or bank prequal the buyer so they know the real scoop as to whether the buyer can get a loan or not.
You can request someone be pre qualed by a particular person but you can't make them use that person for the actual loan.
Countrywide requires a prequal on REO's - not short sales - they are still privately owned.
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. If you have a good realtor he/she will add some pictures of all that is wrong with the house so the bank can see it for them self, most banks never see the property only numbers.
