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Old 06-21-2010, 06:15 PM
 
8,232 posts, read 12,606,743 times
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usually mean? Subject to someone besides the owner? Is this some code for short sale approval?

(Appropos of nothing some other tidbits bought it 2005 for 219 added a wife to the deed in 2008, put on market beginning June for 199, 2 weeks later 179. This is Ohio, not a big bubble place like Miami or LV. People are still struggling with the idea of lower prices while unemployment and inventory is hitting fairly hard though the ABR says things are improving. )
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Old 06-21-2010, 06:25 PM
 
Location: Salem, OR
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It means it is a short sale, in bankruptcy, or an estate that has an attorney to review the contract.
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Old 06-21-2010, 06:45 PM
 
Location: The Greater Houston Metro Area
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Houston has never had a bubble, yet we have short sales due to hardships, etc. Sometimes it was just liar loans that finally caught up with them.
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Old 06-21-2010, 06:55 PM
 
Location: DFW - Coppell / Las Colinas
36,720 posts, read 40,860,537 times
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Quote:
Originally Posted by cheryjohns View Post
Houston has never had a bubble, yet we have short sales due to hardships, etc. Sometimes it was just liar loans that finally caught up with them.
Yeap, many of the short sales in TX are a result of those no money down loans. Since there has been no inflation in prices, many who need to sell don't have the money to cover expenses of the sale.

Imagine that, these people had no money to buy and now they have no money to sell. It's the American dream.
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Old 06-21-2010, 07:42 PM
 
Location: Austin
7,205 posts, read 19,260,166 times
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Originally Posted by Rakin View Post
Imagine that, these people had no money to buy and now they have no money to sell. It's the American dream.
Honestly, it's rather pathetic!
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Old 06-21-2010, 07:45 PM
 
8,232 posts, read 12,606,743 times
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So just trying to read the tea leaves here till I hear from an agent.
They priced initially at 199 which might be what they owed, then almost immediately dropped the price to 179,000 - but that may be sort of a "fake" price because the 3rd party might not approve it?
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Old 06-21-2010, 07:47 PM
 
Location: Austin
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Correct. The bank might have a bottom of $225k. You don't know until you submit an offer and see what sticks.
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Old 06-21-2010, 08:05 PM
 
8,232 posts, read 12,606,743 times
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Wow. Why not just say guess the price or something. And the listing says will be shown only to pre-approved buyers. Which seems legit on one hand sure why waste peoples time. On the other seems to be saying if your not approved for <AT LEAST> the asking price don't bother because anything lower won't get approved. Maybe short sales get tired of being low-balled.....

Still I find it odd (with no real experience) that I see short sales and foreclosures sit on the MLS at one price forever and this had that immediate price drop. Seems lots of short sales just put out a price and let it go to foreclosure. Does that price drop indicate anything? I guess there's no way of knowing but knowledge is decision making power and it would be nice
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Old 06-21-2010, 08:43 PM
 
11,642 posts, read 21,630,704 times
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Quote:
Originally Posted by Giesela View Post
Wow. Why not just say guess the price or something. And the listing says will be shown only to pre-approved buyers. Which seems legit on one hand sure why waste peoples time. On the other seems to be saying if your not approved for <AT LEAST> the asking price don't bother because anything lower won't get approved. Maybe short sales get tired of being low-balled.....

Still I find it odd (with no real experience) that I see short sales and foreclosures sit on the MLS at one price forever and this had that immediate price drop. Seems lots of short sales just put out a price and let it go to foreclosure. Does that price drop indicate anything? I guess there's no way of knowing but knowledge is decision making power and it would be nice
Around here what I see is that realtors try to put short sales on MLS at a price that generates lots of offers. Sometimes the price is so low that there is NO WAY the bank will let the house go at that price. I have seen some though that were mispriced by the realtor and had price drops.

With a short sale you really have to know what the house is worth because some of them are on MLS at prices that the bank just will not approve. In my area you really don't get that great a deal on short sales. They sell for maybe just a tad less than they would sell for otherwise, but some of them are in pretty rough shape compared to other sales.
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Old 06-21-2010, 10:58 PM
 
Location: The Greater Houston Metro Area
9,050 posts, read 15,528,070 times
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Just sold one where I listed it at about $20K under what they owed. Due to the poor condition, there were no offers but I let it ride at that price for about 60 days and then dropped it $7K. Then the offers came in. The bank was given the evidence that we had tried to get a higher price but could not. They accepted the offer that gave full (new) list price. The fact that they immediately dropped it where you are is odd. Possibly they got a new sold comp that was a foreclosure or another short sale.
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