Home Buying in Cape Coral>Question Details

N, Home Buyer in Cape Coral, FL

Short sale......

Asked by N, Cape Coral, FL Mon Jan 28, 2008

How does this work? Can anyone buy a home that is up for short sale?

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Answers

4
The process on the buyers side is easy. They find a property that they like that is a short sale. They view the property make an offer taking in the current condition of the property. Submit the offer to the owner/bank for their approval.(banks are taking up to six weeks to accept or decline an offer deppending on how well the sellers paper work has been completed) A letter from the bank qualifying your ability to purchase is usually necessary so be prepared and have your paperwork completed before you start looking. Happy house hunting
1 vote Thank Flag Link Tue Jan 29, 2008
N -

Yes anyone can buy a short sale property. Questions to ask your agent;

1.) Is their more than one lien holder? Sometimes the first lien holder has approved the short sale and the second lien holder has not. Make sure there is approval of the short sale by all lien holders.
2.) Market value. Not all short sales are "deals". Make sure you know what the neighborhood is going for.
3.) Is the home owner occupied? Many times speculators have renters in the homes and they have damage or maintenance issues.
4.) Make sure your loan agent has your approval up to date and that they do not lock in a rate until there is a "ratified contract". In the short sale case that means the lien holder/bank acceptance of contract - not just the seller.

There is much more. Please contact a local Realtor that has experience with short sales to make sure you know the ins and outs of your city/state. Ask the agent how many short sales they have completed and ask for references.

Good luck.
CJ

More to read:
http://homebuying.about.com/od/buyingahome/bb/BuyingShortSale.htm
1 vote Thank Flag Link Mon Jan 28, 2008
Hi,
Yes anyone can TRY to buy a short sale. It is not a quick process it is very long and you never know if the bank will accept it or not. It is when the seller owes more on the home then the home is worth. The seller cannot afford the home anymore so the bank agrees to take less then owed so they do not end up with the property. Just how much less depends on many factors including the bank owed and how many banks are owed. You can get great deals on Short Sales but it depends on the bank. It is a lengthy process with short sales and you need to be a qualified buyer for the bank to even consider the offer. I have had success working with Short Sales and would be happy to help. Please contact me via e-mail or phone and I can explain in more detail what it is about, and send you some short sale listings.
Take Care,
Nancy
239-209-2237
nancy.doyle1@comcast.net
http://www.nancydrealtor.net
1 vote Thank Flag Link Mon Jan 28, 2008
Yes anyone can...It is a bank negotiation. The listing agent better know what they are doing or it can become a messy process and drawn out. Be prepared to wait....patience is key in the process. Let me know if you have any further questions.
1 vote Thank Flag Link Mon Jan 28, 2008
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