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Old 08-08-2010, 08:07 PM
 
78 posts, read 239,132 times
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We are interested in a short sale that I remember seeing on realtytrac a while ago as set to go to auction then listed as bank owned. However, the original owners are still there and it's listed as a short sale. And I can't find anything on realtytrac about it. Is this normal, and where else can I look?
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Old 08-08-2010, 08:30 PM
 
Location: Just south of Denver since 1989
11,574 posts, read 31,858,316 times
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How about asking your agent?
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Old 08-08-2010, 08:55 PM
 
78 posts, read 239,132 times
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We don't have one(cash buyers and hubby wants to use listing agent to save money-work it into the deal) and waiting from a response from the listing agent. Was just wondering if there was a way I could check.
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Old 08-08-2010, 09:02 PM
 
Location: Just south of Denver since 1989
11,574 posts, read 31,858,316 times
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No such thing as using the listing agent to save money in a short sale.

Just ask the listing broker. They owe you the truth.

Is there a clerk & recorders office in this county?
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Old 08-08-2010, 09:03 PM
 
Location: Cary, NC
39,024 posts, read 67,591,940 times
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Quote:
Originally Posted by CheckingThingsOut View Post
We don't have one(cash buyers and hubby wants to use listing agent to save money-work it into the deal) and waiting from a response from the listing agent. Was just wondering if there was a way I could check.
RealtyTrac is not the place to check real estate. It is an advertising site, and as far as I know they do not mislead people specifically on short sales. They specialize in misleading people on foreclosures, and "preforeclosures," whatever that term means outside the pop real estate world.

If you are going to work only with the listing agent, call the listing agent.
Or check Realtor.com, or any agent's IDX site, for information on a real estate listing.

Just don't plan on getting accurate real estate information from RealtyTrac, Trulia, or Zillow. Stay with real estate sites.
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Old 08-08-2010, 09:26 PM
 
78 posts, read 239,132 times
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Thanks. I have always known Realtytrac not to be up to date, and have found lpsasap.com to be better but that is only auction info. I will wait and see what info I get back form the realtor, thanks!!
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Old 08-08-2010, 10:37 PM
 
Location: Columbia, SC
10,217 posts, read 19,958,909 times
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Wow, you guys need a buyer agent. Your lack of knowledge will get you in over your head without representation. Short sales are not a normal process. Interview agents and find one that knows about short sales and let them show you the home and write up your offer.
1-Realty Trac shows properties they have info from the court house on. If it's listed as a ss there, it just means a lis pendens has been filed.
2-Foreclosures and ss that are for sale are listed on the MLS and it's much more accurate. You can get the same info for yourself at the courthouse.
3-A realtor can set you up on MLS autoemailer.
4-You won't save money going through the list agent. You are more likely to overpay though therefore losing money in the long run. (Principal owed and the balance of interest paid on a higher price) Listing company signs a contract with the seller and offers half of the commission as compensation for another broker to bring the buyer. If the listing broker finds the buyer, they keep the entire commission.

Hope that helps. Good luck and pick your course of action wisely in the future. You haven't so far.
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Old 08-08-2010, 11:54 PM
 
78 posts, read 239,132 times
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Quote:
Originally Posted by Brandon Hoffman View Post
Wow, you guys need a buyer agent. Your lack of knowledge will get you in over your head without representation. Short sales are not a normal process. Interview agents and find one that knows about short sales and let them show you the home and write up your offer.
1-Realty Trac shows properties they have info from the court house on. If it's listed as a ss there, it just means a lis pendens has been filed.
2-Foreclosures and ss that are for sale are listed on the MLS and it's much more accurate. You can get the same info for yourself at the courthouse.
3-A realtor can set you up on MLS autoemailer.
4-You won't save money going through the list agent. You are more likely to overpay though therefore losing money in the long run. (Principal owed and the balance of interest paid on a higher price) Listing company signs a contract with the seller and offers half of the commission as compensation for another broker to bring the buyer. If the listing broker finds the buyer, they keep the entire commission.

Hope that helps. Good luck and pick your course of action wisely in the future. You haven't so far.
Thanks for the response. I am a little confused on #4 about overpaying. If we know the current comps in the area, and our offer is a lot less than what they are asking how can we overpay? I don't understand where you said "Principal owed and the balance of interest paid on a higher price", what does that mean? We are aware of the contract that the listing agent has with the seller and had planned on using that as negotiating room in getting our offer accepted. In essence we will be low balling, but we figure if we have cash and negotiating room with the agent it might be worth it. Am I completely off here? Again, thanks for your help.
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Old 08-09-2010, 01:20 AM
 
10,876 posts, read 12,923,326 times
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Quote:
Originally Posted by CheckingThingsOut View Post
Thanks for the response. I am a little confused on #4 about overpaying. If we know the current comps in the area, and our offer is a lot less than what they are asking how can we overpay? I don't understand where you said "Principal owed and the balance of interest paid on a higher price", what does that mean? We are aware of the contract that the listing agent has with the seller and had planned on using that as negotiating room in getting our offer accepted. In essence we will be low balling, but we figure if we have cash and negotiating room with the agent it might be worth it. Am I completely off here? Again, thanks for your help.
I agree with above and not to sound rude, but you guys sound like you don't have a clue how to approach this situation and a realtor would be an absolute necessity.
You can't simply walk up to the agent, offer cash and have the house. You need a realtor on your side to even walk the house, let alone help you take care of the negotiations, paperwork, inspections, possibly land survey,..You can ask the seller's agent to represent you in some areas called a "dual agent" who represents both, but this is a bad idea as then they act as a neutral third party.
Also all the online sites are at best "get an idea" information, but often do not have anything up to date and details as the MLS which is pretty much the holy grail that all realtors rely on.
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Old 08-11-2010, 12:47 AM
 
Location: Columbia, SC
10,217 posts, read 19,958,909 times
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Quote:
Originally Posted by CheckingThingsOut View Post
Thanks for the response. I am a little confused on #4 about overpaying. If we know the current comps in the area, and our offer is a lot less than what they are asking how can we overpay? I don't understand where you said "Principal owed and the balance of interest paid on a higher price", what does that mean? We are aware of the contract that the listing agent has with the seller and had planned on using that as negotiating room in getting our offer accepted. In essence we will be low balling, but we figure if we have cash and negotiating room with the agent it might be worth it. Am I completely off here? Again, thanks for your help.
Why? The seller doesn't care what the home sells for or how much commission the agent makes. Therefore, your bargaining chip of low-balling with the agent reducing the commission is really nonexistent. As a matter of fact, you'll probably just make the agent mad and you'll end up paying more as a result.

You guys are in over your head. A smart seller agent could eat you guys for lunch. I'm telling you a SS is not something to try on your own. A lot of AGENTS don't even understand short sales and you definitely don't. You need a short sale experienced buyer agent. You'll probably get a better deal on the house that way.

Let me try the payment thing this way: if you pay $5000 more than you had to, then you aren't just overpaying by $5000. You're also overpaying by about $30/month over 360 months.

Just hire an agent and go offer whatever you want. Don't worry about the commission. You want someone on your side.
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Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
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