Posts Tagged ‘property’

Question by oldyogi: What does it mean when a property is listed as a “short sale?”?
I’ve seen several houses that note that the property is for sale as a ’short sale’ but don’t understand what that means to me as a buyer.

Best answer:

Answer by Kristy
The owner wants to sell the property before it goes into foreclosure. It had to sell quicly.

To you as a buyer, you’ll get the house at or below market value.

It is best to speak to a Real Estate Attorney when looking into short sales (which you need anyways when buying a house)

What do you think? Answer below!

What is a “Short Sale”? why call it a “short sale” when it takes to long to sell a property?
Why call it a “short sale” when it takes forever to process a sale of the property? who benefits from it?

Best answer:

Answer by ShortSaleBroker!

It is called a “short sale” because the property is being sold “short” of what is owed on it.  It is a no win situation for most as both the lender and the seller have negatives.  The lender has to take a loss on money they actually lent out and the seller has to take a negative hit on their credit.

It is, however, MUCH better than a foreclosure.

I want to short sale an investment property. the difference between what is owed, and actual value is signifigent, and will lead to bankruptcy.

if we recieve an offer from a potential buyer, can i counter it back to say “subject to: bank not issuing 1099 for the difference”?

FYI – the bank is WAMU.

Trying to buy a property on a short sale, and wanted to see if people negotiate\ or have their agent negotiate directly with the bank, . I feel like the listing agent is pulling my chain.

Is there a website\ public records you can go to, to figure out which banks has the mortgage to the property?

Any advice is appreciated.

If I purchase a house under a short sale and the bank agrees to accept my offer that is several hundred thousand less than the property value, will I pay property taxes on my puchase price or will the house be reassessed at the real value?

I read somewhere that it may be illegal for the seller and buyer of a short sale to be blood-related. The mortgage bank won’t allow this. However, if the tenant (who is not a relative) wants to buy it, would this be permissible? This is in Jersey City, New Jersey.

I have a property that I can not pay any more because the interest is to hi for me. When I buy the house my idea was to refinace in two years but my house lost 10,000 so I own more to the bank that how much is the value of my house. One of my friends told me that maybe I can do a short sale, but snother friend told me that short sale can affect my credit in the same way if I declare banck rupcy. That is true

I found a wonderful property but it is now a short sale situation and I have to sell my current home in order to buy it. I was told that a offer contingent upon the sale of my current residence would not be accepted. Are there any other options?