Home Buying in 11727>Question Details

Trae80, Home Buyer in 11727

Last year Jan 2010 I viewed a house (a short sale) that was listed @ 260k...now its 169k! Aren't banks eager to sell when its a SS. What gives?

Asked by Trae80, 11727 Sun Apr 17, 2011

Should short sales be avoided? I am still looking and I actually liked the house I saw, I didn't see alot of cosmetic flaws. There was a person living there who seemed eager to leave. What could have happened?

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Answers

2
Sometimes they aren't. Sometimes all the banks see is black and white. Sometimes they are down right dumb
0 votes Thank Flag Link Tue Mar 5, 2013
The general public does not have access to the history of listings. A property being marketed due to a short sale, is as Alia stated, is a long process. This home may have been through the process of buyers and accepted offers, but things just have not worked out. The longer a home is marketed for sale the less desirable it becomes, "shop worn".

Also, In order for the bank to know that they are receiving the most money for the property agents can begin marketing the home at a value of a normal sale. Maybe the agent was not well versed in the short sale process and did not cousel the owner properly.

My best advice is when buying, in any situation, ALWAYS have representation. Work with a Buyer's Agent. It is the best way to know as much information about a home you are thinking of buying.
0 votes Thank Flag Link Wed Apr 4, 2012
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