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Old 02-08-2010, 03:32 PM
 
2 posts, read 5,132 times
Reputation: 10

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Hi all.

Life is pretty interesting, aint it? We never planned on moving out of Phx but be as it might "Life" is making us get up and go.

As many people we are upside down on the house. We would much rather not do foreclosure (for many reasons) and instead try Short Sale and therefore this question:

Can anyone recommend an experienced Real State agent who has done Short Sale recently. I mind you, i need one that HAS done it not attempted it or knows how.

Thank you so very much.

Eugene
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Old 02-08-2010, 04:44 PM
 
494 posts, read 1,388,703 times
Reputation: 348
Quote:
Originally Posted by 25PSi View Post
Hi all.

Life is pretty interesting, aint it? We never planned on moving out of Phx but be as it might "Life" is making us get up and go.

As many people we are upside down on the house. We would much rather not do foreclosure (for many reasons) and instead try Short Sale and therefore this question:

Can anyone recommend an experienced Real State agent who has done Short Sale recently. I mind you, i need one that HAS done it not attempted it or knows how.

Thank you so very much.

Eugene
imo,I think you would be better off entertaining a reo forclosure and avoiding a short sale.An reo is the last step in the forclosure process,when the property did not sell in auction and ownership has FULLY reverted back to the bank.It also means the bank has paid off any back taxes,or hoa fees owed.In a short sale that is not the case.You can also inspect the property unlike a short(I think)
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Old 02-08-2010, 07:26 PM
 
Location: Tempe and Payson
1,216 posts, read 3,029,527 times
Reputation: 1707
Quote:
Originally Posted by samdan View Post
imo,I think you would be better off entertaining a reo forclosure and avoiding a short sale.An reo is the last step in the forclosure process,when the property did not sell in auction and ownership has FULLY reverted back to the bank.It also means the bank has paid off any back taxes,or hoa fees owed.In a short sale that is not the case.You can also inspect the property unlike a short(I think)
You can absolutely inspect the property in a short sale. And even though the buyer usually has to sign an "As Is" Addendum, that doesn't stop the buyer from asking in the purchase contract for repairs to be done to the property as part of the purchase agreement. If the seller and the mortgage holder (bank) agree to fix certain things then the short sale can proceed. Of course the seller and bank don't have to agree to repair anything.

Also as part of the short sale process, all liens on the property including back taxes and HOA fees have to be settled before the sale closes, so the mortgage holder (bank) will take all this into consideration when it decides what is the least amount it will accept for a short sale purchase offer price from a buyer and what their total final settlement proceeds will be from the short sale.

To the OP, have you tried for a modification with your lender? I don't know your extenuating circumstances but that is usually where one would start before considering a short sale. If so, and that isn't working for you then, yes, you should try to short sale. It will hit your credit rating a lot less than a foreclosure, and the wait time to purchase a home again is usually not as long as with a foreclosure or bankruptcy. BTW, just a disclaimer that I am not a lawyer and I am not giving you legal advice. You should definitely talk to an attorrney or tax professional about these financial matters and how they are going to impact your life in the short and long term. Good luck with your decision.

Last edited by crystalys; 02-08-2010 at 07:44 PM..
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Old 02-08-2010, 08:10 PM
 
203 posts, read 491,392 times
Reputation: 205
Interview a lot of agents, but there is no golden key to a short sale. The only way to get them done is persistence and lots of it (keep calling and calling..and frankly you can do that on your own). If you only have one loan, it won't actually be that hard..unless it's with BofA. If you have Helocs, the banks will try and get you to pay them off anyways in agreement for them agreeing to the short sale
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Old 02-09-2010, 05:41 AM
 
494 posts, read 1,388,703 times
Reputation: 348
Quote:
Originally Posted by samdan View Post
imo,I think you would be better off entertaining a reo forclosure and avoiding a short sale.An reo is the last step in the forclosure process,when the property did not sell in auction and ownership has FULLY reverted back to the bank.It also means the bank has paid off any back taxes,or hoa fees owed.In a short sale that is not the case.You can also inspect the property unlike a short(I think)
My mistake I thought the op was looking to buy.
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Old 02-09-2010, 08:58 AM
 
16 posts, read 45,845 times
Reputation: 16
ABC's of home buying with Coldwell Banker Residential Brokerage
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