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Posted: 4/19/2008 10:05:28 AM EDT
[#1]
I just bought one myself... it just means the owners curently owe more than they are selling for... ie. they are "upside down" and may have to negotiate with their own lender to get their loan balance reduced or risk forclosure... Took 30 days for me and I am moved in! J |
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Posted: 4/19/2008 10:07:37 AM EDT
[#2]
In a short sale the owner is trying to convince the bank to accept less than the amount owed.
The negotiations can be long and complicated and the bank can indeed withdraw at anytime. On the other hand, it is one of the cheapest ways to buy a house. |
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Posted: 4/19/2008 10:12:03 AM EDT
[#3]
Nothing wrong with them if you're patient and don't mind losing at the last minute. Every bank is different in how they handle them so there's no one way to go about it. Before writing and offer find out where they are in the process. Has the buyer sent his financials to the bank and his hardship statement? Has the bank ordered the appraisal? Has the bank approved the a short sale? Are there any other offers on the table?
It can work, but honestly most of the time it doesn't. Just be patient. |
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Posted: 4/19/2008 12:14:10 PM EDT
[#4]
ok thanks for the info. only problem i see is if something else pops up on the market while they are thinking about it.
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Posted: 4/19/2008 12:15:46 PM EDT
[#5]
Big deal, you can always withdraw your offer if they haven't yet accepted. The downside for the realtor is less commission. 
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Posted: 4/19/2008 12:27:51 PM EDT
[#6]
ahh now i see why they dont like them. Whats the %? |
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Posted: 4/19/2008 12:33:30 PM EDT
[#7]
It can vary, but usually about 3% per side. So if there are two realtors they will get 3% each but if a single realtor has the listing and the buyer also uses them to buy the house then they get both sides or 6%. It's not set in stone and can be negotiated in most cases. |
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Posted: 4/19/2008 12:34:46 PM EDT
[#8]
IMO, more hassle than it's worth unless you are an investor.
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Posted: 4/19/2008 12:38:33 PM EDT
[#9]
It depends on the house. If you're looking for something nice it's not uncommon to save $100k or more. You must have a lot more money than me if $100k isn't worth a little hassle. |
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Posted: 4/19/2008 12:40:54 PM EDT
[#10]
Not true. I got my house on a short sale this past december. It had been on the market for a bit, price lowered 3 times when I was shown it. Took me 3 weeks to close on it, with no hassles. |
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