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we have been looking at a short-sale townhouse in Secaucus, asking price was $599k, is we put an offer of $530k and was rejected by the owner.
One other identical unit was sold for $574k, a month ago, but not a short-sale.
Do you think we should up our offer? I thought a short-sale property, the Bank makes decisions not the Owner? Is the owner rejecting the offer on purpose and they could stay at the place longer?
we have been looking at a short-sale townhouse in Secaucus, asking price was $599k, is we put an offer of $530k and was rejected by the owner.
One other identical unit was sold for $574k, a month ago, but not a short-sale.
Do you think we should up our offer? I thought a short-sale property, the Bank makes decisions not the Owner? Is the owner rejecting the offer on purpose and they could stay at the place longer?
I'm not an agent but I rented from a woman who was placing her home in short-sale. She mentioned to me that while she was going the short sale route, she needed to show the bank at least a 6 month shopping window where she would be looking to get 'market price' or as close to market price for her home before the bank accepted a much lower price.
oh I didn't know that. I think this unit is definitely under 6 months.
I always thought that bank is forgiving the underwater debt so the owner wouldn't care how much they sell the unit for. It's up for the bank to approve to deny the offer.
With my limited knowledge of the Short Sale properties. Do you know if when the owner doesn't want to move out after the deal closes, what options do I have? such as evictions order from the court?
Definitely more trouble than it's worth for us. I guess we will wait for a non-short sale unit.
oh I didn't know that. I think this unit is definitely under 6 months.
I always thought that bank is forgiving the underwater debt so the owner wouldn't care how much they sell the unit for. It's up for the bank to approve to deny the offer.
With my limited knowledge of the Short Sale properties. Do you know if when the owner doesn't want to move out after the deal closes, what options do I have? such as evictions order from the court?
Definitely more trouble than it's worth for us. I guess we will wait for a non-short sale unit.
short sales are for those who have really no hurry to move. I know of a couple of short sales which have finally sold after being under contract for 6-12months. Some buyers just lose their patience/interest which is why usually it's investors who have plenty of cash on hand and good RE lawyers to finish off the transaction that are buying short sales. Than they fix and flip. Make sure you deal with a realtor who has plenty of short sale experience.
oh I didn't know that. I think this unit is definitely under 6 months.
I always thought that bank is forgiving the underwater debt so the owner wouldn't care how much they sell the unit for. It's up for the bank to approve to deny the offer.
With my limited knowledge of the Short Sale properties. Do you know if when the owner doesn't want to move out after the deal closes, what options do I have? such as evictions order from the court?
Definitely more trouble than it's worth for us. I guess we will wait for a non-short sale unit.
I currently am "stuck" in a short sale scenario that has been going on for over 4 months, and I am about to be penalized by my lender due to the sale not yet closing. But it's out of my hands. The seller's lender has not yet given approval on the short sale. It's costing me more and more as the process drags out. I wouldn't get involved in it if you don't have to. It's not worth the anxiety. The excuse I continue to receive by my lawyer's office (wait, doesn't he work for ME?!) is, "There's nothing 'short' about a 'short sale'. Soon I'll be cutting my losses and moving on after having already paid for the appraisal, rate lock, down payment, etc., etc. The money could have gone towards my medical expenses that continue to pile up.
i say cut your losses, and move on, it wasn't worth it the trouble.
I am thankful I didn't get that townhouse, i think it got washed away from Storm Sandy. LOL
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