Home Buying in Washington>Question Details

Jess2, Home Buyer in Washington


Asked by Jess2, Washington Wed Aug 20, 2008

hi everyone! My husband and I are going to buy a short sale home. But we're still confused: Is there any risk for us to sell it in the future? (can we sell it?) Is there any obligations we have to the previous homeowner and his lender and bank? If we can sell this short sale home we bought in the future, is this process the same as the orginal one?
btw, if a home is purchased at a short sale, is it recorded? Will the future buyer dare to buy it?
Thanks for your help!!

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Hi Jess,

I agree with Patrick. There's nothing special about a short sale that would prevent your acquiring clean title. During a short sale, your contract is still with the seller, not the bank. The seller and his/her listing agent must work with the lien-holding bank to come to terms, which is often sticky, but your contract is not with the bank. Before you REALLY have a transaction to consider, the bank must agree to terms, including the amount of any commission to a buyer's agent.

Because lenders can say yes/no at just about any time, you really need an experienced agent who can construct an offer that protects your interests. They usually have to work for less than their normal commission, so take that into consideration. Regarding your concern about being able to sell in the future or being beholden to someone, know that if/when you close on this transaction it should belong to you wholly and completely. Once you know who the lienholders are and have agreements from them regarding payoff terms, you should be clear.
2 votes Thank Flag Link Wed Aug 20, 2008
I assume you're doing this without an agent because you're asking this question, so here's a general answer: Make sure you have clean title. Read all the docs and ensure the lienholders are truly releasing their liens. Yes, a short sale is recorded but you should be very sure that all liens are resolved. Once it's yours, you can sell it as you wish.

FYI It's really a good idea to have a buyer's agent whos experienced in short sales. The lender, not you, pays their commission, and no, you most likely aren't going to get it for any less money by doing it on your own.
2 votes Thank Flag Link Wed Aug 20, 2008
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