Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am in the process of a short-sale which is hell. Most people on this site would tell you to stay away from them, and unless it is the ONLY house that you just HAVE to have, I would agree.
Short-sales are one step short of foreclosure and can get you a nice house at below tax assessed value. However, even if you make a full-price offer, the bank and interested lenders may come back and demand more money. Often times these short sales are listed by the home owner and realtor without bank approval, and thus after an offer is made, the bank and all lenders must agree to accept less than they are owed in order to avoid a foreclosure and risk getting nothing. It takes MONTHS, if EVER, to get lenders to agree to this.
I would recommend a house that has already been foreclosed on and is bank owned (much more streamline and like buying a regularly listed home) or a house that is on the market without these sort of strings attached.
Good luck and happy house hunting!
Jenn
Shorts are often the best deal in town with no certainty of success. When a client of mine plays shorts we often have five or six offers and it may take a few months to achieve one. Then again you often get a house at less than REO cost in much better shape.
Remember though the success rate on shorts is less than 10%.
Shorts are often the best deal in town with no certainty of success. When a client of mine plays shorts we often have five or six offers and it may take a few months to achieve one. Then again you often get a house at less than REO cost in much better shape.
Remember though the success rate on shorts is less than 10%.
That 10% figure has to be a regional number. We are seeing a far higher number in the mid-Atlantic. Our office (small suburb office) has closed 12M so far this month and only 4 of the transactions were "real sales."
That 10% figure has to be a regional number. We are seeing a far higher number in the mid-Atlantic. Our office (small suburb office) has closed 12M so far this month and only 4 of the transactions were "real sales."
It is certainly improving...probably up some in recent months.
Note that it is 25% of the local sales. But that does not mean we are getting a high hit ratio. The contingent category is filled with shorts...most of which go no where.
Don't waste your time with a short sale. I got an ulcer waiting to hear from the bank. After five months and no feedback (either positive or negative), we pulled our offer.
It means a lis pendens has been filed but it has not fully foreclosed..the process is not finished yet. It's a time when a short sale may be more achievable and the property to go at a discounted rate from the mortgage owed on it...not necessarily a great deal. The owner is still in charge...they can rectify the loan, they can sell and come to the table with money, they can work with the bank for a short sale, but they have the final say, not the bank.
--" they can sell and come to the table with money "--
True.
Provided that they can sell for more than their mortgage is.
Yes, I have heard of idiots advertising their house for sale, behind on mortgage payments, and trying to sell it for less than mortgage owed.
I wonder if they thought about how the title would get transfered w/o the mortgage holder's approval or knowledge ?
--" they can sell and come to the table with money "--
True.
Provided that they can sell for more than their mortgage is.
Yes, I have heard of idiots advertising their house for sale, behind on mortgage payments, and trying to sell it for less than mortgage owed.
I wonder if they thought about how the title would get transfered w/o the mortgage holder's approval or knowledge ?
What Palmcoasting meant was if they sell for less than mortgage owed and have the additional cash, they can come to the table and pay off the mortgage balance. Granted, it's an option not many can do. I've done it myself, but was not in a pre-foreclosure situation. And it would be foolish to try to sell for less if you don't have the cash, or don't work out a short sale.
what if you are a tenet do you still have yo pay ren
Very likely. Until the home sells to a new owner or goes back to the bank, the current owner and holder of the lease is still due their rent. Once it changes ownership, then you would owe rent to the new owner. You need to check if your lease or local laws allows an exception for this situation. Consult with an attorney if in doubt.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
