I am interested in the property at 6136 Washington Avenue. It is listed as a bank short sale. Can anyone tell me what that is?

Asked by Bastied, Carroll Park, Philadelphia, PA Tue May 11, 2010

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Justin O'Malley’s answer
Justin O'Mal…, , Philadelphia, PA
Tue May 11, 2010

A short sale is when a person owes more than the house is worth. The bank decides it will take less in a short sale then they are owed. There are several ways to approach a short sale opportunity. Please feel free to give me a call if you would like to discuss your options in detail, thanks.

Justin O'Malley
Long and Foster
6th and Walnut
0 votes
, ,
Tue May 11, 2010
I agree with Terrence. Do not enter into this transaction without your own representation.
The short sale means that the seller cannot pay all the mortgages and liens with the proceeds of the sale so the banks who hold the mortgages will negotiate with the sellers and the realtors how the proceeds are to be discbursed.
From your end, it may mean that the process takes a little longer than a normal deal. You need to exercise some patience. Understand too that buying a short sale you should be able to get a bit of a discount to the market. Also remember that attorneys and/or representatives/agents of the bank or banks are negotiating this deal and they are trying to minimize the losses. Remember that they ultimately want to accept a reasonable offer so if you have one and a little patience you should get the job done.
From the perspective of the mortgage, you want to have your lender or broker in contact with the Realtors as to the timeframe for closing. Make sure that you don't lock your rate prematurely if all of the issues have not been resolved. Have your broker lock your rate past the extended settlement date just in case.

Alan Openshaw
Cornerstone Lending Inc
215 674 9059
0 votes
Barbara Smith, Agent, Marlton, NJ
Tue May 11, 2010
A "Short Sale" is when a home is listed for sale but the homeower owes more to the mortgage company than they can sell it for. Short sales can take a little longer than a normal transaction to close because the mortgage company has to approve the final sales price, since they will not be paid in full at closing. The banks/mortgage companies typically will make no repairs to a home.

There are some very good values available to buyers who are willing to wait a little longer (possibly 2-6 months) to close escrow on a home. They don't always take longer, but in many cases they do.

If you need any other infomation, please feel free to contact me via email or cell phone listed below.

Barbara Smith
Weichert Realtors
SFR Short Sale Foreclosure Specialist
Licensed in NJ & PA
Cell/text: 609-980-7593
Email: BarbSmith321@comcast.net
0 votes
Samantha Wee…, Agent, Upper Darby, PA
Tue May 11, 2010
Hi Bastied,

A short sale is when the bank may be willing to accept less than what the homeowner owes on the home. Usually the bank will not do any repairs to the property but they may credit the buyer to make repairs. Also, the bank may take a long time to accept your offer and the transaction may take a few months to close.

If you have any additional questions feel free to give me a call.

Good Luck,

Samantha Weekes
Exit Realty
1080 N Delaware Ave Ste 200
Philadelphia PA 19125
Cell: 215-687-2629
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Tue May 11, 2010
A short sale is when the proceeds from the sale of the property will not pay the entire balance of what is owed to the lender. These sales can be a lengthy process as it will require the authorization of the lender to go with the sale as well as the owner. You should seek a buyers agent who is familiar with the process and IS NOT the listing agent of the property.

I hope that helps.

Terrence Charest
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