Home Buying in 33067>Question Details

Jhsmail, Home Buyer in Boca Raton, FL

Purchasing a Short Sale

Asked by Jhsmail, Boca Raton, FL Sun Nov 2, 2008

We relocated to the area and are looking for a home in Coral Springs, Boca Raton, Delray or Parkland topurchase at or near the appraised value. We have made several purchase contracts for “As Is” (Short Sale) properties at or near appraised value or at the listed price and never get a counter offer. Any ideas on why this occurs or are these listings just loss-leaders?

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Good morning,

Are you working with a Realtor, who is assisitng you with those offers? The problem with short sales is that unless the seller can prove hardship and it is pretty close between selling price and amount owed, the bank will probably not accept it. So, there is a pretty strong tendendy that some of the short sales out there will become foreclosures. Considering the banks will not initiate the process unless there is a contract on the table, not necessarily short sales are priced at what the banks need to approve it. So, what really matters on short sales is how much the seller owes and the reason he/she is trying to short sale it. You would be better off looking into foreclosures or regular sales in which the owners have equity in their property and consequently have room to negotiate.

I am a certified relocarion agent and would be happy to help you and your family purchasing a property. I noticed you are looking into the north Broward area. Is that where you are working? Do you have children, if so what is their age? What type of property are you looking into: single family or townhouses? Have you decided on a price range? If so, have you talked to a lender about it?

Please let me know if you would like to come to my office to talk about your options and to look at the properties available on the Multiple Lisitng System.

Good luck on your search.

Carla Rocha
0 votes Thank Flag Link Wed Nov 5, 2008
Hello Jhsmail, have you ever thought about buying Bank Owned properties? They are just as competitively priced as Short Sales and you get a much faster response, anywhere from two to 7 days. If you would like to receive some listings just send me an email. I specialize in Bank Owned properties. My email address is below - send me a quick note of your price range and size (br/ba) and I will send you all the available bank owned in Coral Springs, Parkland and Boca Raton. Good Luck!
Angela Jensen
Coldwell Banker
email: jensenatj@aol.com
Web Reference: http://www.AngelaJensen.com
0 votes Thank Flag Link Sun Nov 2, 2008
First, congratulation on your move. Second, a short sale can take a while, I have seen it take up to 1 year depending on the bank. If you have the time, short sales can be good, but you have to make sure the listing agent and your agent know short sales. It takes time and hard work with the different bank. As far as for the counter, most experienced short sale experts will find the approximate price that the bank wants and can relay that back to your agent.
I hope this helps.
Lars Kier
Future Home Realty, Tampa
0 votes Thank Flag Link Sun Nov 2, 2008
You will not get a counter offer on a short sale and no this isnt a supermarket, there are not loss leaders being advertised to the public. the bank does not set the price, the listing agent does and sometimes it is not even realistic. In a short sale you have one chance to put in yoor bect and highest offer in both price and terms. Roughly only 1 out of 10 short sales go through, it is a long tough battle andusually a loosing one for the buyer, the seller, thr realtor and yes the bank. In most short sales the net amount going to the bank needs to be at least 80% of what the home owner owes to make it work. if it goies to forclosure the private mortgage insurance companies usually pay the bank up to 80% of what the buyer owed so the bankdoes not have to take a short sale. When making an offer on a short sale you need to make sure you do put in your best offer, do some research, see what they owe and ask the listing agent how far along they are on their short sale. has the seller been approved for a short sale, has the bank completed their appraisal yet? in your offer dont ask anyone to fix anything, include a pre approval letter and make sur ethere is a short sale addendum giving you the opportunity to back out if they are taking too long, it can takle 3 to 6 months so you need time and patience. good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Nov 2, 2008
Congratulations on purchasing a home. You certainly want the best home for your money. Unfortunately, many times short sales and bank foreclosures are not always the best deal on the market. I sense your frustration when putting an offer on a short sale property. On average, short sales can take at least 30-60 days to hear an offer back from the bank. Patience is certainly a virtue when dealing with banks that are inundated with many short sales and foreclosures at the current time.

There are STILL sellers that have purchased homes over 5 years ago and STILL have equity in their properties if they did not refinance. There is a good chance that you can STILL get a great deal from an end user that lives in the home that you are looking to purchase. With resales, the seller will be there to answer your questions and address any items that come up during your inspections. In most cases, they have kept the home up and made necessary repairs and modifications during their ownership.

Another great reason to buy from an end-user is that you will hear a response back from them in usually 24 hours or sooner. No frustration; all of your questions answered; no anxious days and months waiting to hear from a bank that has never even seen the property.

If you are not already working with a top Realtor that services Coral Springs, Parkland, Boca Raton, or Delray, please give me a call at 954-609-0591 or visit my website at: http://www.FloridaHomeTools.com Good luck! Michael Citron, Remax
0 votes Thank Flag Link Sun Nov 2, 2008
Sometimes it takes a while for the banks to either approve or counter offer, but usually you'll get an answer. Maybe the agent didn't present the offer if you didn't get an answer. Also, lately the banks have started to respond quicker. If you want to put in an offer on a house, please contact me at 561-891-1141. Thanks, Vera
Web Reference: http://www.verahanck.com
0 votes Thank Flag Link Sun Nov 2, 2008
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