Home Buying in Bourne>Question Details

Allison, Home Buyer in Wareham, MA

what exactly does a short sale entail?

Asked by Allison, Wareham, MA Sun Feb 26, 2012

i found a short sale that i like. what is the process

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In some cases it could be likened to running through hell in a gasoline suit......
1 vote Thank Flag Link Sun Feb 26, 2012
Short sales have gotten easier over time, iHave actually closed one in 5.5 weeks from offer to short sale acceptance. Be sure you are working with competent agents.
0 votes Thank Flag Link Tue Feb 28, 2012
I would disagree with territory.com. Frankly, if you are not under any pressure of time, have a good buyer's agent, and the listing agent has had some experience with short sales you can get a good deal. If you like the property and have the time to wait you should go for it. I worked on a short sale with a young couple who became quite anxious but I talked them down and they waited for the deal to go through--and now they are thrilled with their new house that they got at a bargain price. Some buyer's agents don't want to bother with short sales because they might have to wait a long time to get paid but if their client's interests are more important than their own they will wait out a short sale with you. Good luck to you.

Ellen G. Friedman, Keller Williams Realty, ellengfriedman@comcast.net
0 votes Thank Flag Link Mon Feb 27, 2012
It entails a headache. Avoid at all costs if possible :)

Good luck!
Web Reference: http://territory.com
0 votes Thank Flag Link Mon Feb 27, 2012
Patience, persistence & a whole lot of humor.
0 votes Thank Flag Link Mon Feb 27, 2012
Short sales for buyers can be a little complicated. Try and navigating the process on your own is difficult. Find an agent proficient with short sales to help.

Here is an article I wrote on short sales for buyers:

0 votes Thank Flag Link Mon Feb 27, 2012
This s a great link for tips on purchasing a short sale. Combined with using a knowledgeable Realtor (such as myself) the outcome can often be a successful one.
0 votes Thank Flag Link Sun Feb 26, 2012

As someone who exclusively negotiates Massachusetts short sales on behalf of buyers and sellers, I would encourage you to work with an experienced team of people who understand the short sale process. As the buyer, you are putting a lot of trust in the third party who will be negotiating the short payoffs with the existing lien holders. I have written many articles that may help you better understand the process. Short sales can be as easy as a traditional purchase, it just depends on the experience level of the short sale negotiator and their ability to get the deal approved quickly.

Andrew Coppo
Greater Boston Short Sales, LLC
Web Reference: http://closingtableblog.com
0 votes Thank Flag Link Sun Feb 26, 2012
Hi Allison When buying a short sale it is best to use a buyers agent to protect your best interests. Your buyer agent should be full time and have represented buyers in a complete short sale ( short sale seller experience would help too )
You put in an offer If the offer is accepted by the seller the paperwork is sent to the lender who has the mortgage on the property. If the seller accepts your offer you can proceed as normal to purchase the property. I do not agree with Michael to walk if the seller and agent have not talked to lender Here is MA a short sale can be an incredible bargain I just put a short sale home on the market in Dartmouth and it was under aggreement before we could contact the lender. I have a great team. My short sales have been running 45 days to get an answer from the lender then 30 days to close. There is a lot involved I wish you the best of luck. You can visit my website for more info click on Foreclosure Help is a short sale right for you ?
0 votes Thank Flag Link Sun Feb 26, 2012
You are buying a property on which the selling price is less than the seller owes on the mortgage--so once the seller accepts your offer the listing agent or another representative of the seller will submit it to the bank for their approval. The need to get the bank to sign off on the deal is what might prolong the process--it really depends on which bank holds the mortgage. Some listing agents like to have the home inspection done and the p&s signed before they submit the offer to the bank; others prefer to wait until the bank has approved the offer. Since this can be a prolonged process and might require your agent to help move the process along I hope you are working with a buyer agent who will give you strong representation. If not, I can recommend one. In any case, good luck with your purchase.

Ellen G. Friedman, Keller Williams Realty, ellengfriedman@comcast.net
0 votes Thank Flag Link Sun Feb 26, 2012
Hi Alison,
I would be happy to discuss with you in further detail the short sale process and how it may or may not suit your partiular needs. It can be complicated and long but sometimes it can work out nicely. I have one in progress right now that is moving quickly and smoothly... here's hoping I didn't just jinx it!

Let me know if I can help.

Kind Regard - Vicky
Vicky Whittier
Virtual Homes Real Estate
0 votes Thank Flag Link Sun Feb 26, 2012
You write an offer to the seller.

You will want to know if the seller and their representative have been in communications with the sellers lender and if the lender has told them what they are willing to accept for a sale price. If the homeowner and their representative have not yet contacted the lender about a short sale, I would move on to the next house.

Keep in mind that short sales can take longer to close (as compared to traditional sales) as the seller has to get approval from their bank as part of the sale process. The whole short sale process has improved, but it still takes time. And if the bank rejects your offer, you might end up back at square one.

So if you are in a position where you have to move by a specific date, or if you need to sell before buying a new home, then short sales might not work for you.
0 votes Thank Flag Link Sun Feb 26, 2012
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