As much as you can! 20 % is the min

Hello Ed,
I am in charge of the short sale department in our office. I usually request $1000 deposit. However, with that deposit I also request privilages as to the buyer's place in line. Please contact me sherry@sherrystevens.com if you are not currently working with a real estate agent. I am happy to help you.
Thank you,
Sherry Stevens
Styles & Styles Co. Realtors

Please give me your email address and I will forward a list of short sale and bank owned homes in New Tampa to you. Thanks for your inquiry. My cell phone number is: 813-380-3866.

It depends on what type of financing you are pre approved for. Some short sales are cash or conventional loans only and some also include FHA and VA. Have you already listed your home for sale in NJ?

20% is the current rate. However, depending on the type of loan you qualify for you may able to get that amount down to 10%. I would be very happy to assist you i locating your new home and putting you in touch with an excellent mortgage broker to help take care of the financing This is a great time to buy and there are a lot of fantastic deals now.

If you would like y assistance call me anytime at 813.309.2500. Thank you.

Best Regards,

Barbara

Barbara L. Pesho, TRC
Realtor, Licensed in Florida
Transnational Referral Certified
Charles Rutenberg Realty, Inc.
E-Mail: bpesho@gmail.com
Direct Phone: 1-813-309-2500
Toll Free Fax: 1-800-208-6434

The amount needed to place into escrow would be dependent upon the purchase price and the requirements of the seller, your amount needed to fund your sale would be dependent upon your loan type and your own lender. These are two very different areas. Your first priority is to get an accepted offer and a bank approved buyer on your home in New Jersey. Once these are in place you can begin the purchase of a home here in Tampa, but since you need money from the sale of your current home be sure to have your Tampa contract include a contingency clause based on the prior sale of your New Jersey property. Otherwise, you may find yourself on the hook to close and not have adequate funding to close the deal, putting your deposit at risk.

Ed, I wanted to follow up and see if you we're still looking for a home in Tampa. If I can help, please give me a call at (813) 765-1182 or send me your criteria through my website at http://www.SearchForTampaHomes.com .

Sincerely,

Steve Eckhardt, Broker

Hi Ed,

If you are considering taking advantage of the opportunities that exist in today's real estate market we recommend that you begin this journey by analyzing your personal budget and then visiting several loan specialists to get pre-qualified. Remember to request a "good faith estimate" from each one.

With this accomplished you will know how much you can afford for your purchase, how much deposit money is required, and the price range of homes you can consider.

Now is the time, Good luck....................

Gary knows his stuff and he's laid it out well.

Ed,

I can't agree totally with the Short sale answer, at least until my two cents is in....But first, to answer your question. The typical Escrow deposit is around $1,000, but I would encourage you to write the offer to say that the escrow will be deposited upon the banks acceptance of your offer.

Now, my two cents. Shortsales CAN be a nightmare and typically are, but many banks are waking up. (Funny, we are two years into this and the coffee is just being brewed at the banks)

The real thing to consider is not if they are good or bad, but is that really where the deal is.

Allow me to lay it out for you. In a traditional sale you have a person, let's call him/her the seller. In a short sale you have a bank employee with more smoke and coffee (decaf) breaks per day than the average union worker gets in a month. Let's call her "Rita" For fun.

A seller is motivated. He has a job to move to, or a bigger/smaller house waiting. He has a family waiting in another state or is making two mortgage payments. He has military orders to Germany, Iraq, or somewhere or quite possibly is just tired of hits house and wants something different....the point is we don't care, we just know that he has a reason to sell.

Rita on the other hand has 30 files on her desk and could care less as long as something gets done by 5 today.

Seller is not used to negotiations and probably is leaning on his professional advice more than anything. If he hired a good REALTOR, then he is getting good advice, but everyone wants the transaction to complete...that is the end state.

Rita has been negotiating files for almost two years now. She has heard every trick and gimmick and well, never cared anyway...besides it's almost 5 and she has more files to glance at.

Seller has a duty to disclose anything he knows that would effect the house. Rita on the other hand is a faceless corporate entity that you will never reach when you find out that the roof is made of gingerbread.

Oh, and Seller knows that he is competing with Rita and will have to match the market....so he is going to sweeten the deal by actually staying in the house and mowing the lawn, keeping the AC running and mold out and keeping the house presentable. Rita.......well, she's out back of NCNB..(Nobody Cares-Nobody Bothers) having a cigarette.

Now, with all of that said....If you like Short sales, go for it. There are some deals out there. I found one for a client that was amazing.....and we got it. But the frustration was mitigated by my team that I am super thankful to have...if not for them we would have gone traditional on the very next home. (sorry, I was my guys third Realtor)

Anyway, in short, they are harder to get, and frustrating as heck. But can be had, (it is happening around us every day) it take patience and work.

Well, I hope that this answered some of your questions and if there is anything I can do, please feel free.

Gary De Pury
Broker-Owner
Bay Vista Realty
Gary@DePury.com

Obviuosly Ryan is a very intelligent person!

I have to agree with Price on that one, short sales are a NIGHTMARE!

until the banks get their act together short sale buying is a very tedious and unpredictable process. If you can find a property not in a short sale you may save yourself from months of agony and pain!

Mortgages are at all time lows. Let me know if I can be of assistance!

Ryan
954-394-9005

It all depends on the terms of the short sale anywhere from $500 to as high as 10%. Make sure your agent knows the short sale process and guides you. It is sometime a long and difficult road, good luck to you and your move.

Christina Barone-(Realtor)
Signature Realty Associates/Team Barone
Christina's cell-813-294-4464
Thank you to all for making us Signature Realty Associates #1 Team for New Tampa, Wesley Chapel, Lutz, Land O Lakes out of 200 agents!!!

If you are talking earnest money deposit, $1000 should be sufficient. If you are talking about down payment that would depend on what type of financing you are getting. There are programs as low as 3.5% down.

Ed,
Former NJ reident here, moved from Belmar...

Give me a call at 813-849-8554... ALL short sales are different as it depends where they are at in their process!
Tampa Realtor
Mark Zabilowicz

Short sales are so silly you may want to just avoid them. There are other good deals out there with less B.S. attached to them.

True story #1 - "No more short sales!": Before I learned better, I had a buyer who put in full price offers on 2 short sales. On one, we never heard back. On the other we did after a month or so. They went with another offer. Having had enough of this, we agreed, "No more short sales!" I found him just as good a deal the next day. The owner just wanted out. My buyer now lives in the house.

True story #2 - "Incompetent": I had 2 short sale listings, both owned by the same owner. The owner took my advice on the price and we got pretty good offers on both of them in about a month ("Price It Right and You're Done!"). The banks were so incompetent they couldn't put the deals together. They wanted more for these now-run-down houses than they were worth when they were first listed. One of the bank's representatives was so bad he gave me a number that I couldn't get through on as his contact number. Eventually the owner and I gave up. No more short sales!