Posts Tagged ‘house’

Question by advisor20: Has anyone dealt with a house that is a “short sale”?
I put a bid in on a house listed for short sale – it’s in pre foreclosure. Our bid is only k below asking price. It’s been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I’m already approved for financing. It seems like every house I look at is in foreclosure

Best answer:

Answer by Lisa L
The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.

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Question by Radman: What should I know about buying a “short sale” house?
I understand there is no warranty and the buyer has to pay all the closing costs. Can I offer lower than the short sale listing price?

Best answer:

Answer by patrick
You can always offer less than asking. in addition, if you are using a real estate agent, you need to make sure the commission costs are included in the purchase price.
Be prepared for a long process. Bank owned property sales move at a snail’s pace. Often, the bank cant find the deed, because the mortgage has been sold so many times, so it would be prudent to ask if the bank has possession of the deed early in the process.

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Question by vee_ann84: What does it mean if a house is listed as “possible short sale“?
We are looking for a house and there is one we want to look at, but on the web listing it says “possible short sale“. What would this mean if we wanted to buy it??

Best answer:

Answer by MadMan
It means that it will take a lot longer for the sale to go through as the mortgage lender has to approve thew sale as well as the owner. This is because the sale price will not cover the mortgage and the lender will lose money on the sale.

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The home that we are renting is being put up for a short sales. I know that they are currently trying to get potential buyers the will be talking to the bank. Our Landlord says that we should be fine until March or maybe even June and was told that once the sale does go through we will be given 45 days notice. Should we start now and look for another place or just slowly look or just wait unitl the bank and owner agree to a sale and it all goes through?

I’m pre approved for the Veterans home loan through my bank. I really like this short sale house but my realtor told me “Doing a VA loan with a short sale in our present market environment is quite difficult.” Is he just being lazy or are their some strings attached with the VA home loan that I can’t do a short sale. Thanks in advance for responding.

I purchased our house last 2006, 100 % financing. Due to financial difficulty we cant keep up with the mortgage payments for almost 2 months. We are planning to put our house on short sale and i was just wandering if we can still stay at the house during the short-sale process or do we have to move out? Please advise.

Lets say I owe $358. Lets say the bank accepts a short sale of $300. What happens with the remainder of the $58,000? I know I get taxed on it, but I am not responsible to pay that right?

Also, what happens to the equity line that is with it if it is not paid? Do they come after you for what you owe on that?

2121 Horseshoe Glen Cir, Folsom Ca – Short Sale home ready for you and your family.  This is an Elliott Home Built in 2005, 3 bd 2 ba.  Good location with nice backyard landscaping.

2121 Horseshoe Glen Cir - Front View of Home

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Call me today for more information on you can buy this homes and help a family in a time of financial need.

Jason Elrod
‘The Real Estate Nomad’

916-626-4266

I am looking to purchase a house that is currently undergoing short sale. The bank is asking $159000. I am looking to put a good faith deposit down and then undergo the appraisal process. How much should I put down as a earnest money deposit?

We owe more money than what our house is worth. My realitor is suggesting a short sale or a foreclosure, what is the difference? Which will hurt my credit less?