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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Short Sale info needed
We just put in an offer on a house and found out that the house will be going to the bank for a short sale. Anyone have any experience with short sales? What is working against us in this case? What is working to our advantage? Any insight would be greatly appreciated!
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Posted 4/25/07 9:29 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: Short Sale info needed
BUMP - If anyone has any info, I would be so grateful!!!
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| Posted 4/26/07 7:43 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Short Sale info needed
Posted by jes81276
We just put in an offer on a house and found out that the house will be going to the bank for a short sale. Anyone have any experience with short sales? What is working against us in this case? What is working to our advantage? Any insight would be greatly appreciated!
I personally don't know a lot about this but a friend negoiated two of these recently.
It's sort of like partial loan forgiveness. The bank is basically getting the proceeds of the house sale back from the owners w/o foreclosing. The way my friend explained it to me is that say they owe $250K on the house and they have a prepayment penalty of $10,000 but they will not be able to make the payments any longer. And the house is worth only $230K.
Instead of going through the process with a foreclosure, the bank will reduce the fees owed and take $230K for the house.
The new buyer could be getting a deal since the seller is desperate and the bank wants to save the expense of foreclosure. However, you could also be buying a headache if they have outstanding liens & taxes and lots of repairs.
If it's already with the bank for a short sale it seems that the sellers already have a buyer and an agreed upon price. I think the only way for you to get the house is to pay more than what is currently on the table.
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| Posted 4/27/07 1:11 PM |
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