Homebuyer2009, Home Buyer in 20166

is it worth pursuing?

Asked by Homebuyer2009, 20166 Wed Feb 4, 2009

The house I am interested is listed for 329K, seems to be a short sale. I saw the county record. It was sold for 600K in 2005. Is it worth pursuing this or just a waste of time ? thanks for your inputs.

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6
Yes it is worth pursuing. It could be a very good buy at a great price for you. Just be patient. Short Sales with this much difference in price can take awhile. It also depends on how long it has already been on the market and if it started out higher and has continually dropped until it received offers, which is usually the case. It can take as long as 6 to 8 months and can be finished as fast as 30 days, it all depends on the bank.
0 votes Thank Flag Link Wed Jun 9, 2010
Sounds like it could be a great buy. Just remember to check into any back taxes that may be owed and what the future taxes will be . I am not sure how high the property taxes are in your area, but it will likely make a substantial difference in your payment amount if the county will not lower the value.

Short sales can be a very lengthy process as stated below and will definitely try your patience. If the home is really the one your want and you have time to wait (my last one took 4 months to complete), go for it!
0 votes Thank Flag Link Wed Mar 4, 2009
Thank you everyone for your valuable thoughts. That helps...
0 votes Thank Flag Link Thu Feb 5, 2009
So DId you decide to pursue it or no? I live in 20165 and am very interested to know. To top off the first two answers; the only things which are selling in this market are either Bank owned or short Sales and yes Few right priced resales. So got to work with the market to help clients. I agree it does take about 60 - 90 days or more to close.. I always find out before hand who, how and how far from listing agent and then offer my expertise/ support and help to close the deal. So far so good!!

From price stand point it looks like a good deal but who knows until analysed!!
Web Reference: http://www.Realtygeeks.com
0 votes Thank Flag Link Wed Feb 4, 2009
I'm going to agree with Glenda here... "Do you really like this house? Or are you just thinking of buying it because it seems like a great deal? If you really like it, it might be worth pursuing. Just be aware that short sales take a great deal of time and patience; they're not for the faint of heart! "

I have closed on short sales and it takes a very aggressive agent to get it done in less than the 60 - 90 day window the lender initially states. Make sure you have an agent that is experienced in working the short sales so they can get all the paperwork pushed through on the 1st submission.

I have seen great deals on Short sales here and I have seen nightmare's. It all comes down to your personal timeline and what your plans are for the house.

Great question and good luck!

Daniele Summerfield,
Wilkinson & Associates
0 votes Thank Flag Link Wed Feb 4, 2009
Just because it's listed at $329K, doesn't mean it will actually sell for that amount. A short sale is going to require third party approval from the lender(s). However, I have seen some very nice properties selling for far less than they're worth because the lender(s) would rather take a loss on the short sale than go to the expense of handling a foreclosure.

Do you really like this house? Or are you just thinking of buying it because it seems like a great deal? If you really like it, it might be worth pursuing. Just be aware that short sales take a great deal of time and patience; they're not for the faint of heart!

You really need to ask your agent to provide you with comps to determine the actual value based on recent sales. Once you have this information, you'll have a better idea if it's a good deal or not.
Web Reference: http://www.GlendaCherry.com
0 votes Thank Flag Link Wed Feb 4, 2009
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