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KartveliT
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Member since 1/08 8363 total posts
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have you or anyone you know bought a short sale house
There is a house in LI that we are interested in , but it's short sale. I did a little research and got some info,but if you have dealt with short sale house or know someone who has , can you please give me some info and feed back.
Thank you
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Posted 7/21/08 2:30 PM  |
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Prudential Douglas Elliman Real Estate
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: have you or anyone you know bought a short sale house
Posted by dediko
There is a house in LI that we are interested in , but it's short sale. I did a little research and got some info,but if you have dealt with short sale house or know someone who has , can you please give me some info and feed back.
Thank you
Yes, I do, however I had an extreme case. We went in with cash. Without that, i think it is much more difficult and a HUGE wait to get to closing.
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| Posted 7/21/08 2:42 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: have you or anyone you know bought a short sale house
We bought a foreclosure, but looked at a ton of short sales.
From what our REA told us, it could take months to hear back about your offer on a short sale. But, if you love the house and are willing to wait you can get a great deal.
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| Posted 7/21/08 2:44 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: have you or anyone you know bought a short sale house
We put a bid on a short sale house in June. The house was on the market since January with no bids/offers.
We put a bid on the house and waited about a month to hear that 'all of a sudden' a contractor came in, and bid above us to flip the house.
What is sketchy about our situation is that the bank would not sign a piece of paper that said they received our bid (per the other agent) and that we knew the other agent wanted a better commission on the house. Also, the house needed work and the contractor apparently has offered to do work on the house, THEN go into contract with the bank to own it. Just plain fishy to us. We don't know anyone that would spend money on fixing a house before the bank even agrees on selling it to them.
Short Sales are quite the opposite, they are really LONG sales. At this point, we don't even want to bother with them, and we DID have enough time to hear from banks on them. They are too much of a hassle unless you have all cash IMO.
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| Posted 7/21/08 2:56 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: have you or anyone you know bought a short sale house
Posted by neener1211
We put a bid on a short sale house in June. The house was on the market since January with no bids/offers.
We put a bid on the house and waited about a month to hear that 'all of a sudden' a contractor came in, and bid above us to flip the house.
What is sketchy about our situation is that the bank would not sign a piece of paper that said they received our bid (per the other agent) and that we knew the other agent wanted a better commission on the house. Also, the house needed work and the contractor apparently has offered to do work on the house, THEN go into contract with the bank to own it. Just plain fishy to us. We don't know anyone that would spend money on fixing a house before the bank even agrees on selling it to them.
Short Sales are quite the opposite, they are really LONG sales. At this point, we don't even want to bother with them, and we DID have enough time to hear from banks on them. They are too much of a hassle unless you have all cash IMO.
There is DEFINTELY something fishy about all short sales. The one that we got, you could tell that the bank, realtor, seller, etc... were all in co-hoots together. there is something weird going on around that all these people band together and sell to only those that are real good buyers, like those that don't need loans. i can't say i'd ever do it without having the cash.
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| Posted 7/21/08 3:03 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: have you or anyone you know bought a short sale house
Posted by rkoenke
There is DEFINTELY something fishy about all short sales. The one that we got, you could tell that the bank, realtor, seller, etc... were all in co-hoots together. there is something weird going on around that all these people band together and sell to only those that are real good buyers, like those that don't need loans. i can't say i'd ever do it without having the cash.
Well from the beginning, the seller was not involved in the negotiation of the pricing. I guess it had gone past them, and only the bank had to decide. I honestly feel that the seller's agent either didn't give in our bid (which-how would we ever know if she was being dis-honest) and/or she knows this 'contractor' and is working with them etc. It took our agent countless phone calls to the other agent to get little pieces of information. The other agent asked whether we were flippers, how our credit was etc. It started off sounding really promising. Until the seller's agent came back saying she didn't know how we could afford a mortgage with the amount of work that needed to be done.
Um, and who's business is that? Certainly not hers. So annoying, and we totally don't want to deal with that again. It was our perfect house. I told my mom, if the contractor gets the house, I hope it has termites. My mom is like, "Real mature Janine, real mature."
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| Posted 7/21/08 3:34 PM |
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Ambersmom
Straight up nasty
Member since 5/05 7740 total posts
Name:
Sharon
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Re: have you or anyone you know bought a short sale house
My house is actually a short sale. The house was acquired from the bank from a loan salvage company; basically they are looking to save the homeowners credit, etc. We're set to close on 8/29. The negotiating was a pain in the butt but they should be lucky that in this market they got a qualified buyer  (they tried to define the terms of my loan and I told them in so many words to shove it).
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| Posted 7/21/08 4:17 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: have you or anyone you know bought a short sale house
My house had a $410,000 mortgage, we bought for $240,000. On the market for 250,000. We basically asked the guy (realtor), what's the drop dead price?
He told us $240,000.00 will get you in, but you have to close within a week.
There were tennants in there and couldn't be out in time.
I am sure that the contractor "seemed more promising" but you are right, who the H3LL are they to make that judgement.
ours was a bank not a owner involvement too.
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| Posted 7/21/08 5:04 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: have you or anyone you know bought a short sale house
Posted by rkoenke
My house had a $410,000 mortgage, we bought for $240,000. On the market for 250,000. We basically asked the guy (realtor), what's the drop dead price?
He told us $240,000.00 will get you in, but you have to close within a week.
There were tennants in there and couldn't be out in time.
I am sure that the contractor "seemed more promising" but you are right, who the H3LL are they to make that judgement.
ours was a bank not a owner involvement too.
I wish we had the same situation...that was a very good deal!
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| Posted 7/21/08 9:09 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: have you or anyone you know bought a short sale house
Posted by CaMacho
From what our REA told us, it could take months to hear back about your offer on a short sale. But, if you love the house and are willing to wait you can get a great deal.
This is what I heard too
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| Posted 7/21/08 10:40 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: have you or anyone you know bought a short sale house
Posted by rkoenke
Posted by neener1211
We put a bid on a short sale house in June. The house was on the market since January with no bids/offers.
We put a bid on the house and waited about a month to hear that 'all of a sudden' a contractor came in, and bid above us to flip the house.
What is sketchy about our situation is that the bank would not sign a piece of paper that said they received our bid (per the other agent) and that we knew the other agent wanted a better commission on the house. Also, the house needed work and the contractor apparently has offered to do work on the house, THEN go into contract with the bank to own it. Just plain fishy to us. We don't know anyone that would spend money on fixing a house before the bank even agrees on selling it to them.
Short Sales are quite the opposite, they are really LONG sales. At this point, we don't even want to bother with them, and we DID have enough time to hear from banks on them. They are too much of a hassle unless you have all cash IMO.
There is DEFINTELY something fishy about all short sales. The one that we got, you could tell that the bank, realtor, seller, etc... were all in co-hoots together. there is something weird going on around that all these people band together and sell to only those that are real good buyers, like those that don't need loans. i can't say i'd ever do it without having the cash.
I don't believe there's really anything fishy about them though...A short sale is when the homeowners owe more to the bank than it's worth so they negotiate a lower price with the bank and sell it for that amount and then pay off the bank. Homeowners don't make anything on the sale. There are many short sales out there now b/c home values have gone down a lot and people who need to sell and still owe the bank can't make much on their home so settle to just get out of debt instead.
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| Posted 7/21/08 11:10 PM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: have you or anyone you know bought a short sale house
Posted by Ambersmom
My house is actually a short sale. The house was acquired from the bank from a loan salvage company; basically they are looking to save the homeowners credit, etc. We're set to close on 8/29. The negotiating was a pain in the butt but they should be lucky that in this market they got a qualified buyer (they tried to define the terms of my loan and I told them in so many words to shove it).
How long did it take them to get back to you about the offer and how long is the closing taking?
Is there any advice you would give someone who is interested in buying a short sale house?
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| Posted 7/22/08 6:37 AM |
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