Home Buying in Groveport>Question Details

Teri, Both Buyer and Seller in Hilliard, OH

Our home is finally in contract. We made an offer on a home with a low offer amount, expecting the sellers

Asked by Teri, Hilliard, OH Tue Jul 28, 2009

to counter, but instead they headed for a short sale option. Why????

Help the community by answering this question:

Answers

4
Teri,
It's possible that the sellers had already investigated the short sale possibility but had not heard from their lender on the matter. Therefore they may have listed it normally until they received agreement for the short sale. In selling it to you they may not have cleared enough to pay the bank, while if they sell it in a short sale, the bank would agree to relieve them of any debt over the sales price. Anything they owe over the sales price would be forgiven, although they could possibly receive a form #1099 making them responsible for the taxes on the forgiven amount, taxing it as if it were income.
0 votes Thank Flag Link Wed Jul 29, 2009
Teri your offer may have not been enough to may off the mortgage and they may not have the money to bring to close. If that is the case short sale is the option. There is an agent in my office that last year had 3 "normal" listing that turned into short sales.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Wed Jul 29, 2009
Actually, the owners are not behind on their payments. I think we are the only clients that have taken a tour of the home and there have been no other offers. We've been twice to view the house, and the only realtor card left has been ours.........The home is in Groveport, BTW.
0 votes Thank Flag Link Tue Jul 28, 2009
cuz they are going to foreclose prob and cant get what they owe,so short sale will get less but let them off the hook and save there credit.where in hilliard?I have a listing coming up,let me know.

TJ
0 votes Thank Flag Link Tue Jul 28, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer