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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 01-24-2013, 11:28 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,226,690 times
Reputation: 1999

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Quote:
Originally Posted by pslhomie View Post
There are other costs involved as well such as you have to hire an inspector before you make an offer. If the house turns out to be a bust then you just paid a few hundred bucks for nothing. Also the house is definitely "AS IS" so if for some reason you don't have it inspected then you accept the damages.

Let me address the other side of the coin on this. If you are buying a short sale and the house is a mess, yes you are going to have to have things fixed. Most times those things are quite obvious. Having an inspector do things up front will tell you if there are things going on that you didnt already see that cost a LOT more money to fix than you knew about. That inspection just saved you from making a bad mistake UP FRONT.. and you move on immediately.


If a house goes under contract and everybody waits for bank.. and THEN does the inspection- if the inspection has ANY SINGLE THING on it, and you know they always have something--- the buyer can walk...and many times does.

In the meantime... that house has been OFF THE MARKET to other buyers. Other buyers that would be fine with what has to be fixed even if you didn't want to put in new carpeting or appliances, or a burner didn't work. If the pool is green -- yes it will need fixing and most likely so will the motor etc. Expect it.

IF the buyers says PASS....the ENTIRE process has to start over again. NOBODY wants that. Everybody has lost precious time - both buyers and sellers.

So, it is coming to pass rapidly, that you are being asked to have an inspection done UP FRONT so if you are going to pass on that house, do it now... now later.
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Old 01-24-2013, 01:06 PM
 
1,257 posts, read 1,871,670 times
Reputation: 691
Personally I would avoid them but I am sure if you are an investor or a fixer upper they can be good deals.
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Old 01-24-2013, 01:57 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,226,690 times
Reputation: 1999
WHY? you can get an EXTREMELY GOOD BUY on a short sale or foreclosure-- why would you avoid that?

Not all homes have major things wrong with them. I have seen many that had nothing more to do than clean up. Getting a home at a fraction of what it costs would seem to me (and a lot of people who ARE buying) to be the way to go.

There is no reason to think otherwise unless you simply only want a new house that you think is perfect - and even those aren't. You can pay people to come in an paint or replace if you don't care to do it yourself. In any event people are getting some awesome buys out there.
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Old 01-24-2013, 02:13 PM
 
361 posts, read 752,182 times
Reputation: 206
I think most of it has to do with what the home is worth now VS what the home was worth when it was purchased (more than likely) during the housing boom. Just because the bank is deciding how much of a loss they are going to take does not mean it is a good deal to you.

The "cost" of the house is only what it would be in todays market -- not yesterdays. Also you have to factor in time for the short sale approval. I've heard of short sales taking anyway from 2-8 months. You have to be really committed to sitting through all of that. If the deal falls through you have lost too much time and so many potential houses have been bought and sold in that time.

When I was home shopping I was looking at short sales only as a last resort.

I think that the banks need to get it together and make it so that they already have a predetermined "price" agreed on BEFORE the home goes on the market. They need to figure out a way to make the process smoother.
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Old 01-24-2013, 04:00 PM
 
Location: Vero Beach
910 posts, read 2,225,781 times
Reputation: 478
Thanks for that good news, FlaLadyB ! My brother bought a short-sale house in Georgia in 2010, and had to wait almost six months for the bank to get its act together. I can't imagine being stuck in Ohio for half a year, waiting for the bank !!

Last edited by SeaLark7; 01-24-2013 at 04:02 PM.. Reason: added name of poster I was replying to
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Old 01-24-2013, 07:00 PM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,226,690 times
Reputation: 1999
But, like I said, maybe in the other post today, the short sale process IS shorter now-- some in as little as 30 days. I am seeing it happen! New laws were passed to make the banks respond NOW.. not later. No more 5/6/7 months waiting. We ALL got crazy with those!

As far as what you paid for it when the prices were over-inflated. Well... I know I watched it going on and even told people not to go spending money with two mortgages. . I said.. I don't want to see what is going to happen in 2 years.

Well... it happened.

The price of any home is what it's value is today....under any circumstances.
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