Cindy LaPeer

Pricing homes as a "short sale" or pre-foreclosure can be tricky sometimes. For convential and VA loans, you have to price it low enough to get offers but high enough that the lender will accept it. I have seen as low as 85% of market value (based upon low mkt value.) But you have to get an offer before they will tell you what they will accept (usually.) For FHA, it is a little clearer b/c the lender has specific protocal that they are to take. If done correctly, before putting the property on the market, the lender will send you a HUD form that tells you the lowest amount that they will accept. You can go into the listing w/your eyes wide open that way! - Mon Mar 31 2008, 00:09

There are options for people who are moving from out of state. Everyone is right that has answered in that the first step is to talk to a loan officer - either at a mortgage company or at a bank. Depending on who you talk to, a loan will be structured to fit your qualifications and needs. Currently, I have a buyer who lives and works in New Jersey but is getting an FHA loan to buy a home here in TX. For you, once the loan officer has established the kind of loan that will work for you, you can start house hunting. We have some great deals here in the Houston metro area (Spring, Katy, Pearland, etc.) and I would be happy to help you find a home. And if you would like names of loan officers who have worked with people in your situation, I can give that to you as well. Just let me know how I can help. - Sun Mar 30 2008, 23:45

Your first answer is correct. The lender pays the Realtor(s) involved. The one thing I would add is that often times, the listing agent has to take a lower commission than what is considered "normal." Then the listing agent either must take the hit on commission just on themselves or split it with the buyer's agent. Short sales are labor intensive and it is best to get a system inplace to make them go more smoothly. I have done a few and each one gets a little easier (paperwork wise) but each one is very different b/c of the lenders and their attitude toward the short sale. - Sun Mar 16 2008, 08:17

If the foreclosure hasn't happened yet, they may have time for a short sale(the bank takes less than what is owed on the home to have your realtor sell it and it keeps your credit from having a foreclosure). If the house has allready gone to auction, they need to GET OUT. It is someone elses home now. There is no sugar coating it. They need to move. - Thu Mar 13 2008, 07:15

It looks like it is holding pretty steady at between 130 and 170 per square foot - Thu Mar 13 2008, 07:07