oliverlinda4…, Home Buyer in Portland, OR

what is a short sale?

Asked by oliverlinda472, Portland, OR Mon Jul 1, 2013

This question was asked from http://www.trulia.com/homes/Oregon/Portland/sold/195890-1202…

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A short sale is a property that you are asking the bank to accept less than what is owed on it.
1 vote Thank Flag Link Mon Jul 1, 2013
What everyone else said. Many times a private negotiator can be hired to facilitate these transactions. I believe that there are many legal landmines for a real estate agent in a transaction, and that the danger of lawsuits would be much higher if the buyers/sellers knew more about the process.

Though you are negotiating terms with the lender, they do not own the home. The lender doesnt have it listed. The lender owes you nothing.

Many buyers think they will be getting a great deal on a short sale. Not true (always a few exceptions) you are just buying a house at its full current value. Doesnt matter if it used to be worth $500,000 and you are getting it for $100,000. $100,000 is what it is NOW worth. Man y lebnders/laon servicers do not want to take short sale offers no2w. They would rather fully foreclose. Why? Thats an entire hours worth of discussion. Point is our government is printing billions and floating the banking system so they dont have to worry about taking back properties. For which party did you vote?
0 votes Thank Flag Link Tue Jul 2, 2013
that is when a seller owesvmore on a home then they can get for the home in this market. Once a seller accepts an offer there is a lot of documentation that have to go to the bank to see if they can negotiate that price. it can take one week and up to 7 months or more to get the bank to approve that price so that you can close escrow.
0 votes Thank Flag Link Mon Jul 1, 2013
A short sale is one of the most mis-named things in all of real estate. It means the bank is taking less than what is owed on the property - coming in short. What people think it means is that it takes a short time (it takes an average of 6-9 months), that they can make a short offer since "it's been on the market for months and no one has bought it" (that means they have multiple offers under and up to, and maybe even over, the list price, and it's still sitting on someone's desk).

If you are truly interested in purchasing a short sale, do your research, make sure you're prepared to do any work that needs to be done (the sellers rarely do repairs), and have some patience and a good agent.
0 votes Thank Flag Link Mon Jul 1, 2013
If you are looking to buy one I highly recommend one that has already been approved by the bank(s). Patience required and a seasoned agent is a must!

Let me know if I can be of any further help.

Best of luck!
0 votes Thank Flag Link Mon Jul 1, 2013
This is what happens when someone tries to sell their home for less than than owe. More often than not (if you use the right agent) this is a successful process and is generally a much better option for the homeowner than foreclosure. More information in the below link.
0 votes Thank Flag Link Mon Jul 1, 2013
what is a short sale for a home
0 votes Thank Flag Link Mon Jul 1, 2013
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