Home Buying in 33021>Question Details

Liesa, Home Buyer in 33021

i need help on buying my house on ashort sale

Asked by Liesa, 33021 Sun Feb 3, 2008

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11
Short sales are tricky and you need to definitely need to work with an agent that is familiar with short sales. In addition you should be very aware that the length of time it takes to close can be several months or more. Also, until it closes you are not guaranteed buying anything. There are approved short sales and unapproved short sales. Approved means the bank agreed to a price to sell, unapproved means no agreed price and the asking price for the property is basically a guess from the real estate agent. Approved short sales are dramatically easier and take dramatically less time and headache to close. I have done many of these, I have a team in place to work with the bank representative handling the short sales, attorneys that over look everything. Whether it be through me or another agent you definitely need to clarify the agents experience...
Web Reference: http://nmbre.com
0 votes Thank Flag Link Wed Jul 20, 2011
I can buy my own home and thats what I want to do. If I can come up with the money i can own it. I just had some hard times an need a little help. It dont make since to go pay rent and I want to stay here. If anyone can help me PLEASE call or email me back.. my phone number is 313 332 1490. Thank you
0 votes Thank Flag Link Wed Dec 29, 2010
Andrea's answer really touches on most salient points. It can be a very long, drawn out process. If several lenders are involved it can make the transaction more complicated. I just completed one in which the offer was accepted in October 2007 and finalized in March 2008. Find a real estate professional who is experienced in this area. I believe there are some realtors who are working almost exclusively with short sales, foreclosures and bank-owned property. Good luck!
0 votes Thank Flag Link Wed Apr 23, 2008
Short sales are the newest, latest and greatest temptation for buyers. The experts have told me: it is very difficult and takes a long time to talk with the right person at the bank; you must be persistant in your search for that specific person; you must be able to wait several months to close; you must work with the seller and have access to their loan information. In short, use a professional real estate agent who is well-versed in "short sales."
0 votes Thank Flag Link Wed Apr 23, 2008
I agree with everyone, this is not something you want to do without a REALTOR with experience in short sales because there is a tremendous amount of work to be done and information to be obtained. Unfortunately the loss mitigation section for many lenders take a while to respond to the offer. If the listing agent is not familiar with short sales, your agent will probably have to a lot of their work to get the deal to the closing table.
0 votes Thank Flag Link Wed Feb 20, 2008
Liesa, if you are a buyer who is looking to purchase a home that is listed as a short sale there are a number of things that you need to be aware of. A few to things to know include that you will need to have patience as short sales typically will take longer to close than your regular real estate transaction. Also, please keep in mind that the homeowner is distressed and will not have monies to contribute to the sale or to make any repairs that the home may need. However, this doesn't mean that the seller's lender will not be able to contribute any monies such as to closing costs. Know that the sales offer will need to be approved by the sellers lender after the seller's real estate agent has supplied all of the necessary documentation and negotiations. There's more than I could possibly list here as an answer to your question, however if you need further assistance, I'd be glad to answer any of your concerns. Whatever way you choose to proceed, just make sure that you are working with a REALTOR who is knowledgeable in handling short sales as they require a whole different line of expertise. Best wishes to you!
0 votes Thank Flag Link Wed Feb 20, 2008
Are you renting a home and would like to buy it through the process of a short sale? If so the owner must first list the property, and he should have an Agent that knows the process and has done a few. Then he must get together a number of items. A hardship letter explaining not whining, your change in circumstance, a list of your debt, and if possible an offer. Wich means you as the Buyer need to get pre-qualified by a lender to see in what price range if any you can purchas. But first I would suggest you find yourself a good Agent as well.
0 votes Thank Flag Link Tue Feb 19, 2008
I also agree with the previous answers.

Now, as the first comment responded, if it is your current house, you cannot buy that as a short sale. What you would have to do is speak to your lender and make arrangements. Depending on the bank, they might be able to work out something convenient to both parties, and if not at least it was worth a try.

If you are looking into buying a short sale property, maybe one seen on a listing on the MLS consider that it doesn't necessarily mean that it has been negotiated. Some banks don’t negotiate short sales until the Seller is couple of payments late, however there are some distressed sellers that ask their realtors to list it as short sale in order to get views. The process is long and by no means short. As said before, as a Buyer, you don't lose anything in talking to a Realtor that is experienced with this process, and see what options there are with this one or other properties.

Good Luck.
0 votes Thank Flag Link Tue Feb 5, 2008
We agree with Marlene!!!
With a short sale, you could be opening a can of worms. Our best advice is to become engaged with a skilled real estate professional that will be able to steer you clear of the "pit falls." By your own admission, "you need help".... a good agent could help beyond your wildest imagination.

Good luck,

The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285

941-408-5363
0 votes Thank Flag Link Mon Feb 4, 2008
If you are buying a house listed on a short sale, I would STRONGLY recommend that you not try to go it alone without a realtor. And, be prepared for the bank to drag its feet in making a decision. Many properties are being listed as a short sale when they are not really, and sellers really don't know that a short sale agreement with the bank has to be negotiated prior to its listing. And, that at least two mortgage payments have to be missed before the seller even talks to the bank, in which case their credit is already in trouble--some sellers think they can "short sale" without ruining their credit--not so. Talk to some local realtors regarding this before you proceed--as the buyer, it doesn't cost you anything to do this.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Mon Feb 4, 2008
Are you trying to sell your house? You won't be able to purchase your own home as a short sale. The only way a bank negiotates a short sale is if is exchanges hands, you selling to a potential buyer. If you need help with this please give me a call at 954-865-7541. I hope to hear from you soon.

Jeannette Neerpat
Web Reference: http://www.Neerpat.com
0 votes Thank Flag Link Mon Feb 4, 2008
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