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Old 12-31-2012, 12:31 AM
 
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I'm considering about buying a house that's listed as a short sale. The realtor mentioned it's PBA. What does PBA Stands for and what does that mean?
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Old 12-31-2012, 07:06 AM
 
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Originally Posted by Fafa317 View Post
I'm considering about buying a house that's listed as a short sale. The realtor mentioned it's PBA. What does PBA Stands for and what does that mean?
Pending Bank Approval. Which can take up to 2 years! Its a headache!
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Old 12-31-2012, 08:19 AM
 
Location: East Northport
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If it is a house that you are interested in, and you're willing to got through the short sale headache, your offer should be presented. PBA means that the buyer and the seller have entered into a contract which has yet to be approved by the mortgage holder. Until the mortgage holder approves the contract additional offers can be presented.
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Old 12-31-2012, 11:47 AM
 
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Anyone I know who has dealt with a short sale had a nightmare of an experience. I wouldn't deal with it personally.
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Old 12-31-2012, 12:48 PM
 
2,055 posts, read 2,547,590 times
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Originally Posted by StephM View Post
Anyone I know who has dealt with a short sale had a nightmare of an experience. I wouldn't deal with it personally.
Couldn't agree more. Anyone that I know that has dealt with a short sale has regretted it. I would steer clear of it. The banks will easily $crew you if they get a better offer and will take forever to close. Another thing you need to worry about is if people are living in the house while its in the short sale stage.

Recently my buddy made an offer on a house that was a short sale but had people living in it. He made an offer with the bank which they accepted. But after a few months of nothing happening on the house he went to check on the house and noticed that the old tenants completely destroyed the house. Like a bunch of wild animals they tore apart the kitchen, the walls, broke windows, broke appliances, stole copper piping, etc. The house was unlivable and needed to be completely gutted. He luckily got his deposit back but learned a big lesson. Don't mess with short sales. You are taking a BIG risk. Good luck.
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Old 01-01-2013, 08:13 PM
 
Location: Leesburg
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A short sale can potentially be a headache but potentially can get you a good deal with lots of equity right off from the beginning. Having a good buyer's agent who can ask the right questions from the get-go is extremely important
Good luck
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