Home Selling in El Cajon>Question Details

Ruth Callihan, Home Buyer in 92021

if you are a home buyer and the property you want to purchase is a "as is " and the owner wants a "short sale" how long can it

Asked by Ruth Callihan, 92021 Sun Apr 11, 2010

possibly take to be able to purchase the property as we really like it?

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7
Homertsimpson’s answer
Hello Ruth when you purchase a home "As Is" it usually means the current Owner, which could be a Bank, is not willing to do any corrective work to the property at all; in some cases I have witnesses a degree of work performed or paid for by the current owner, but generally that's when the home is very close to closing and the owner/bank feels like with a small investment made they can quickly close the transaction and move on.

I hope this answers your questions and would love to answer any other's you may have; call me anytime at (619) 726-8660 or email me at Travel@cox.net if you'd additional information.
0 votes Thank Flag Link Tue Aug 17, 2010
BEST ANSWER
Ruth, What is the MLS # if any; or property address?

We can call the agent or lender to see where the property currently stands.

Best,

Nick
0 votes Thank Flag Link Sun Apr 11, 2010
Ruth,

Your REALTOR should be in contact with the Listing Agent to ask the necessary questions to help you examine all the potential risks, time frames etc... with this particular sale. No one short sale is the same. If it is a legitimate short sale, you will be purchasing the home with the knowledge that you will be making all the repairs/upgrades to make the property "as you really like it" after the close of escrow. Your lender may require certain things to be repaired before the close of escrow (roof leaks etc...) and that is negotiable between buyer and seller. As a buyer you are risking putting any money into the property before you own it.
You are wise to weigh all the risks and benefits.

Kind Regards,

Marcie Sands, REALTOR
SImply The Best Real Estate Co., Inc.
760-644-1562
0 votes Thank Flag Link Mon Apr 12, 2010
We are frequently asked by buyers regarding the difference between buying a short sale, pre-foreclosure and bank-owned. For that reason, we have some in depth postes on our Blog that address exactly what you can expect. Here is one I think might help you: http://www.trulia.com/blog/mark_purtee/2010/02/short_sales_-…
0 votes Thank Flag Link Mon Apr 12, 2010
Hi Ruth, you've gotten good info so far - yes, depends on the lender, and also very much on the cooperation of the seller and status of the transaction. If the "owner wants a short sale" it sounds to me as though the process is at the start, ie, the seller may not have even begun the dialogue with the bank. The listing agent should be able to clarify the situation for your agent, so ask for that info.

I've represented buyers in short sales - and the time frame has ranged from 4 months to 8 months. In all cases, we were not the first buyer on the scene, and the sellers in all cases were already engaged with their lender and the short sale process well underway. I worked with one buyer on an offer to a seller that was just beginning the process, and resisting the bank's requests for info, in that case, we were stalled, and the buyer walked away and bought another home - conventional deal, great value and they are very happy.

Whatever you decide to do, keep looking to keep your options open.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Apr 12, 2010
A lot depends on who the lender is.

Some short sales have gone through in a week or 2.
Some short sales have been 10 months only to receive offer REJECTED.
0 votes Thank Flag Link Sun Apr 11, 2010
Ruth,

Does the seller have a realtor to help with the process?

And more importantly do they qualify for a short sale? I have seen lots of sellers think that just because they hear you can sell the home for less than the mortgage that all people can. They truly need to qualify.


Sean Dawes
0 votes Thank Flag Link Sun Apr 11, 2010
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