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Old 01-16-2010, 04:43 PM
 
Location: East Tennessee
3,928 posts, read 11,601,624 times
Reputation: 5260

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@chaotix, thanks. I got Jeremy's link, but I'd forgotten about it.
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Old 01-17-2010, 03:40 PM
 
27,214 posts, read 46,745,966 times
Reputation: 15667
Many so called "approved" short sales are just a way of speaking...it is only aproved when the person working on the file approves the offer....till than nothing is approved. Another person might say "we will do a short sale" but without an offer to look at, how can any one say it is approved...
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Old 01-18-2010, 06:22 AM
 
47 posts, read 150,770 times
Reputation: 18
The "approved" sales that I'm seeing are just a way for the realtors to say the bank has agreed to accept the price they are listing instead of just allowing the homeowner to ask for whatever sounds appealing (*hows that for a run on) Just because the homeowner asked for 100k doesn't mean the bank is going to take 100k. An approved sale means the bank has already agreed to take 100k for that property. It saves the buyer a lot of time if the sale is already approved by the bank for that price.

See, I'm learning a little more each day.
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Old 01-18-2010, 06:50 AM
 
27,214 posts, read 46,745,966 times
Reputation: 15667
Quote:
Originally Posted by ladyspeed6 View Post
The "approved" sales that I'm seeing are just a way for the realtors to say the bank has agreed to accept the price they are listing instead of just allowing the homeowner to ask for whatever sounds appealing (*hows that for a run on) Just because the homeowner asked for 100k doesn't mean the bank is going to take 100k. An approved sale means the bank has already agreed to take 100k for that property. It saves the buyer a lot of time if the sale is already approved by the bank for that price.

See, I'm learning a little more each day.
Well that is what somerealtor's are stating...the truth is often different. Realtor's hope if they ask $ 100K, some buyers wll start a bidding war so the price will go up...

I have run into that more than once. I always look at comparable sales on the appraisers website and the value of the property on the same website...If it sounds too good to be true, it usually isn't true!

If you ask the realtor if the bank really agreed on theshort sale price...they often can't say "yes or no"...you will get a long answer without clearly stating it is approved for the amount, since the banks won't give an amount...they might have stated "we will take a look at an offer"!

So it is nothing more than a sales tactic!

If it was really true, why would a realtor take so long for a cash buyer to get the deal done, if the amount is approved....
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Old 01-18-2010, 07:37 AM
 
Location: Florida
244 posts, read 718,075 times
Reputation: 203
I'm merely a mortal when it comes to overcoming the uphill battle that is making sense of/purchasing a shortsale. But, my husband and I bought our first house on December 29, 2009-a 5 month and 23 day start to finish shortsale purchase.

My, oh, my- the time did NOT fly. I don't have the time to go through every pain staking detail. But, basically it was our third shortsale offer. We started the home buying process March 2009. We came within days of closing and the PMI(?) company found the sellers to be fraudulent because they took out a HELOC loan and ran! The sellers ended up buying another house in a different state with the money. The comical part was that Regions gave them the second mortgage. But, that's neither here nor there.

The second house we tried to purchase had a shifty realtor representing the sellers. He told us our offer wouldn't be secondary, but then it turned out to be. I guess that meant we were going to have to wait until the bank approved/rejected/countered the other party's offer before ours would be considered. We let that go.

We ended up getting the house we bought @ $112,500- the sellers paid $222,000 back in 2006. So, was it worth the wait? Absolutely!!! You have to have an extreme amount of patience and dedication to make it though. You have to ask yourself if the ends justifies the means. For us, it did.

On a side note, I found I had more issues with outside people, like the appraiser. She did such a shoddy job of finding the best comparables that our mortgage broker swore we needed to come up with $7k. We talked about it and at that point hubby and I were so exhausted from the whole ordeal, we said no thanks. Our realtor was the one who ended up finding the comps and made the apparaiser go back and rework the numbers (this delayed us about a week). By the time we sat down to close, they ended up taking $1,000 off the principal. I never did here from my mortgage broker again, shocking.

What a stressful, emotional roller coaster ride first time home buying experience. Well, it's not all bad, I got a 50% discount.

To the OP, I understand your point about wanting to get into a house immediately. It sucks to live out of boxes for 6 months. But, if you can find the time/patience you can get a hell of a deal. Good luck!
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Old 01-18-2010, 08:40 AM
 
180 posts, read 555,881 times
Reputation: 140
Quote:
Originally Posted by TampaKaren View Post
In Hillsborough County, approximately 50% of the listed properties are short sales. In Pinellas County, it's approximately 60%; and in Pasco County, it's more like 75%. Closing a short has a lot of factors to consider, particularly, is the owner insolvent. Lender acceptance of the seller's hardship is half the battle. The other half the battle is getting lender acceptance on a contract.
Wow this is a way higher percentage than I would have thought. Question, does the realtor have to disclose on their website when the price they're offering is a short sale? I have seen quite a few sites that do say "short sale" but I'm wondering if possibly there are more that aren't disclosing it up front.
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Old 01-18-2010, 09:08 AM
 
Location: Tricoastal
353 posts, read 802,538 times
Reputation: 265
Just because you are buying a short sale or a home that is 50% off the 2006 price does NOT mean you are getting a deal or a discount. In fact, you may still be overpaying.
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Old 01-18-2010, 09:19 AM
 
Location: Florida
244 posts, read 718,075 times
Reputation: 203
Quote:
Originally Posted by saltzman143 View Post
Just because you are buying a short sale or a home that is 50% off the 2006 price does NOT mean you are getting a deal or a discount. In fact, you may still be overpaying.

The fact that my mortgage is what I would be paying for rent means (to me, maybe not to you) that I did, in fact, not overpay. Have a lovely day....
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Old 01-18-2010, 10:59 AM
 
47 posts, read 150,770 times
Reputation: 18
Quote:
Originally Posted by Resilientsmile View Post
The fact that my mortgage is what I would be paying for rent means (to me, maybe not to you) that I did, in fact, not overpay. Have a lovely day....

Ultimately, anything on the market these days is only worth what someone is willing to pay for it. If you feel you got a good deal, than that is awesome for you! Congrats on your new home!!!!

I totally agree with the mortgage/rent thing. I am really looking forward to owning again. I've been in an apt for a year after a recent divorce and LMTY, it's been sucky. I am spoiled on the not having attached neighbors thing. lol. For the same amount or less, I can own much more.
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Old 01-18-2010, 11:12 AM
 
Location: Florida
244 posts, read 718,075 times
Reputation: 203
Quote:
Originally Posted by ladyspeed6 View Post
Ultimately, anything on the market these days is only worth what someone is willing to pay for it. If you feel you got a good deal, than that is awesome for you! Congrats on your new home!!!!

I totally agree with the mortgage/rent thing. I am really looking forward to owning again. I've been in an apt for a year after a recent divorce and LMTY, it's been sucky. I am spoiled on the not having attached neighbors thing. lol. For the same amount or less, I can own much more.

Thanks for the congrats! It's nice to hear it above negativity. On the apartment thing: After living next door to a drug addict who keyed my car one night when he was high, having a drunk man think the apartment I lived in was his ex-girlfriends and try to bang down my door in a stupor, and having another neighbor siphon electric from the light post outside, I am ecstatic to not share a wall with anyone besides my kitties
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