Home Buying in Orland Park>Question Details

Samantha Che…, Home Buyer in Orland Park, IL

Looking for some insight on an Orland Park short sale...

Asked by Samantha Cherry, Orland Park, IL Sun Aug 26, 2012

We are currently contingent on a short-sale quad level in Orland Park (4bd/2ba). The seller owes 280k on it and we went it with 225k cash. My mind is just buzzing over this (obviously) and some days I feel very confident that everything will go nicely and then some days I think that there is no way it's going to go through. The selling agency is experienced in short-sales but aside from that I have little to no insight on it. Can anyone give me some honest feedback or even some assurance (if applicable). I know that short-sales are anything but short and that each situation is unique but I just need *something.* Is there anything that I or can be doing while we wait? We are about 21 days into waiting. Thanks in advance.

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Unfortunately, be ready for at least 30 more days waiting - probably. It really doesn't matter what the seller owes most of the time, but more what the market value of the home is. Banks want market value or close to it - plain and simple.

Short sales can't be low balled. Talk to your agent if you already haven't about the market value of the house. If your offer is fair, you have a shot. If it is too low, the bank will want the market value.

You just have to be patient and have a back up plan. Don't put all your eggs in that basket. 60% of short sales do not go through.....but 40% of them do. Good luck.
0 votes Thank Flag Link Mon Aug 27, 2012
Do you have your own agent? Were you advised of the market value prior to submitting your contract? A cash offer won't necessarily motivate the bank to go significantly below market value in a short sale.

Good luck.
0 votes Thank Flag Link Sun Aug 26, 2012
Well these can go anywhere from 3 months to a year. With the seller still owing 280k and you getting it for 225k, it seems a little far fetched. What are the going rates in the area. I know Orland very well, and to get a quad level for 225k seems like a steal of a lifetime. When you do a short sale, the property you are buying must have a price that can be justified. I highly doubt the BPO for the bank is going to come in this low. A lot of short sales are pip dreams, and this seems like one of those. A lot of agent use the first buyer as bait for the bank. They want to see what the bank wants and what price they are willing to take. The banks dont just take anything a buyer wants to pay for it. The numbers must make sense. A quad for 225k seems like it may be a very tough one. Id need to know what part of Orland to know its its going to an almost definite no.
0 votes Thank Flag Link Sun Aug 26, 2012
It is in the Teebrook subdivision near 151st and 82nd Avenue. What little confidence I do have is that our offer is cash---does that help anything whatsoever? Our most recent CMA put the home at about $240k.
Flag Sun Aug 26, 2012
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