Home Buying in 02904>Question Details

Khoa, Home Buyer in Seekonk, MA

i want to buy a short sale house because it is cheap and below the assessment but i dont know how long it will take if i pay for a whole price.

Asked by Khoa, Seekonk, MA Wed Apr 14, 2010

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6
Khoa,

A lot more goes into the the short sale process besides price. As previous answers have replied-just because it is listed at a certain price does not mean that the lender will accept/approve the short sale. Many questions should be answered prior to entering into agreements on a short sale, such as how many lenders are involved? How far into the process is the seller? Have they completed a short sale packet showing hardship, finances, assets etc? Is there a negotiator handling the short sale? and many others. Hopefully, you have a buyer agent who has knowledge on handling short sales. No one can predict the time frame. I have had some of mine get approved in a few weeks and closing one that took 6 months! If you are counting on getting the tax credit, I wouldn't count on meeting the timeline with a short sale. Good luck! If you need any assistance call or email me. I'll be happy to help.

Lori Rossi
Coldwell Banker Residential Brokerage
Lori.Rossi@Nemoves.com
401-480-1973
0 votes Thank Flag Link Thu Apr 15, 2010
The assessment may not reflect the current value. You should compare the price based on most recent sold and pending transactions and see what is on the market. Sometimes homes that are not short sales may be better bargains. If the short sale was already approved by the bank and the bank told the sellers that they would accept a certain price range it does not take as long as if it would if it were not approved. You should have a good agent who can discuss with the listing agent . Some banks take longer than other banks. There have been instances when buyers got frustrated waiting for approval and lost out on other homes. If you are looking for the tax credit , you have to be careful.If you do not qualfy for the credit then you can take a chance. The others have given you good tips.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Thu Apr 15, 2010
Be careful. Just because the house is listed at a savings in comparison to other homes in the neighborhhod does not mean the bank will accept it.

I have seen agents who have had houses on the market for a short sale getting no offers lower their price on the home to stimulate traffic. By them getting an offer from you or someone else their is a huge benefit to the seller. it will stop (in theory) the foreclosure process and force the banks hand as to what they will accept for the house.

Also, if you are trying to get the tax credit the chances are it will not happen this late on a short sale. the banks are running from as quick as three weeks from when they get the whole package to as long as six months depending on the bank you are dealing with..

My adcvice to you is to get a Realtor and have them talk with the listing agent and find out where in the process they are in regards to the short sale.

Dave diCecco
Realtor/Broker
http://www.davedicecco.com
0 votes Thank Flag Link Thu Apr 15, 2010
Khoa

The normal process takes 6 weeks, short sales (no bank approved) are taking approx 8 weeks. Banks are responding a little quicker than they were last year.

If you are looking at the $8,000 credit, you need to bnder Purchase & sales by April 30th an close by June 30th. Time is short, but you can still make it.

The bank will accept lower than asking. If I can help, please give me a call. I am an Accredited Buyers Agent and can assist you in negotiations and walk thru the sales process at NO charge to you.

Commission paid by bank to agents reprsenting th buyer. I am very familiar with Seekonk and the surrounding areas.
0 votes Thank Flag Link Thu Apr 15, 2010
Keep in mind that if you are looking at the tax assessment value, it has no bearing on price--you need to be aware of recently sold similar properties in the immediate area--review the data and make a determination as to a fair offer--Keep in mind that with any short sale, the seller can accept whatever offer, however it is the lender(s) who decides to accept, reject or at times counter offer---is the property listed on target for today's market or slightly below--if so multiple offers could come to play--your agent can advise you best.
0 votes Thank Flag Link Wed Apr 14, 2010
Full price does not mean that is what the bank wants. The asking price is set by the owner and Realtor, not the bank. It could take a couple of months to close to a year to be approved, sometimes longer. If you do not have that long to wait, you should probably look at foreclosures instead as those prices are set by the bank. You should also have a buyer's agent working for you to help you through the process. It doesn't cost you anything. Call me if you have questions, 714-7724.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Wed Apr 14, 2010
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