Home Buying in 53051>Question Details

Suzanne Harm…, Other/Just Looking in South Elgin, IL

Buying a Short Sale

Asked by Suzanne Harmon, South Elgin, IL Mon Jun 18, 2012

Help the community by answering this question:


Understand that a Shortsale is usually, not that much better than buying an REO:

Three big diff's;
You probably will not be competing with multiple offers
You will be waiting a long, long time for acceptance
You will be helping an unfortunate family.

Please contact a Realtor to help you; the Banks insist on it.
0 votes Thank Flag Link Mon Jun 18, 2012
Thank you for your response. I am aware there a lot of varialbes involved in the purchase of a "shortsale", I am inquiring on behalf of my Daughter and her husband who have found a "perfect" home and been told it was a short sale. I have been doing research but still have one critical question. The amount that is being asked, is that "set in stone" or can a lower amount be offered, and what is estimated time to hear back on the initial offer? Thank you again for your response, They have a Real Estate Attorney they are working with also and I am hopeful this will be of help to them.
Flag Mon Jun 18, 2012
Short sales can be accomplished, but they are not without a lot of unanswered questions along the way. The other type of distressed property is bank owned or foreclosure. At least, in that situation, you have a seller that is in place (the bank) without all the possible unknowns that come about during a short sale. Call me any time if I can be of service to you. 262-853-7397
1 vote Thank Flag Link Mon Jun 18, 2012
Suzanne do you have a question?
If you need a Realtor in the Menomonee Falls area I'd be happy to help you.
April Hayden-Munson
REMAX Realty 100
0 votes Thank Flag Link Mon Jun 18, 2012
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