I would like to know more about the short sale process and how long it takes to purchase a home this way? I've heard horrid stories about buying short

Asked by irvingkym, Pompano Beach, FL Mon Sep 23, 2013

looking for bank owned / short sales in south florida.

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18
Stefanie Coh…, Agent, Weston, FL
Sat Sep 28, 2013
Irving,

I look at short sales on a case by case basis. No short sale is alike. Many different factors can have an effect on not only how long each short sale will take to be approved, but IF it will be approved and at what price. Keep in mind....a short sale may not be your best deal.

If you are looking for property in South Florida, concentrate on the location and type of property you are looking for. Then, if you find a short sale or foreclosure, get the details on the situation and go from there.

Best of luck to you!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Scohen77@aol.com
http://www.StefanieSellsBroward.com
1 vote
Good comments.
Flag Sat Sep 28, 2013
Marsha Umans…, Agent, Tamarac, FL
Mon Sep 23, 2013
If your Realtor finds you an approved short sale that fits your parameters, go for it. An unapproved short sale is more suited for an investor who can wait and deals with last minute cancellations without being disappointed.
Bank owned properties may be more difficult to get than Short Sales.
Have more questions, just call me. All the best!
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Sep 23, 2013
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Unlike the seemingly harsh and abrasive comments by some below, as a Mortgage Broker, I can tell you that I'd rather run thru H*LL with gasoline soaked shorts than to deal with a short sale!

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1 vote
funny.
Flag Sat Sep 28, 2013
Annette Law…, Agent, Palm Harbor, FL
Mon Sep 23, 2013
Do you feel lucky?
Is time NOT a factor?
Do you have thick skin?
Are you infinately patient?
Do you love being abused?
Do you thrive on neglect?
Is being the only one who does not know what is going on work for you?
You won't mind if the bank changes the price....right?
And if the bank, after changing the price ask for more, well that's ok too...right?
and when you've jumped through the hoops, and did the dance and said, "Please, pretty please," and then the owner decides they don't like the final terms the bank presents to the owner and kills the deal ....you'll be ok with that too....right?
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Well then , YOU ARE GOOD TO GO!
1 vote
Olga Monson, Agent, Miami, FL
Sun Nov 17, 2013
Hello,

Depends on the bank and specifics of the deal. If you have cash and some patience, you can get a very good deal. Talk to your realtor. You hear horror stories because people have unrealistic expectations. I definitely recommend to buy a short sale, but I won't advise to buy a REO.

Olga Monson
Decorus Realty
954 512 3044
0 votes
Mark Doring, Agent, Coconut Creek, FL
Mon Sep 23, 2013
In my personal experience, I have had short sales get approved in less than a month and others that I have been working on for over 2 years. Typically speaking, expect 5-7 months to get a decision from the bank and that answer is not always a positive one.


Mark Doring
Re/Max Complete Solutions
561-929-0428
0 votes
Maria Sabio, Agent, Fort Lauderdale, FL
Mon Sep 23, 2013
My suggestion is to find the house, if its a short sale be prepared to wait unless it is a pre approved short sale.
If its a desirable REO be prepared to get into a bidding war.
If we can be of help, call us at 954-336-5156.

Maria
Chane Realty
0 votes
marc jablon,…, Agent, Boca Raton, FL
Mon Sep 23, 2013
The short sale process generally takes a long time.

Most of the listed Boca Raton homes that are REOs are likely to have had multiple bids submitted on them already. However, since that is the way REOs are sold, you'll be able to submit your highest and best bid on any one of them that is not yet sold.

As for short sales, most, though not all of those that are listed, may already have had contracts submitted. However, many agents do not mark those homes as pending or contingent until they have received bank approval (third party approval) on those properties. The only way to discover whether or not they are still available is to have your Boca Raton real estate agent inquire.

If you have no deadline for moving into a new home in Boca Raton (or if you don't really care whether or not you get the property), then a short sale may work for you, because short sales are rarely short in duration. They may take from 45 days (a minor miracle) to 9 months or longer.

However, the important thing to consider is that you will not be purchasing at prices dramatically under market if you are able to find short sales or REO homes in Boca that are available. Instead, you will be paying at or very close to (and sometimes above) market value.

You may find that if you are really interested in purchasing a Boca home, it makes the most sense to talk to a seller who is still in control of his or her home and make an offer somewhat under listing price.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Dennis Raffeo, Agent, Fort Lauderdale, FL
Mon Sep 23, 2013
It is not as long as you think. Can we talk over the phone?
Dennis Raffeo
954-552-6444
Keller Williams Realty
0 votes
Gary Hitchco…, Agent, Coral Springs, FL
Mon Sep 23, 2013
Yes, horror stories is correct. However sometimes short sales can take 2 months and sometimes 7-9 months. Right now the banks are coming back with very aggressive values, so most of my clients tell me to stay away. After months of grief, if you factor in the upgrades they usually need, you won't be ahead.
0 votes
Annett T. Bl…, Agent, Fort Lauderdale, FL
Mon Sep 23, 2013
Depends on the agents, yes agents, who are doing them. Is your agent asking the sellers agent the correct question to find out if the short sale is able to close. Does your agent can spot the week spot where a short sale can fall apart.

Find out as well about the seller agent who does the short sale. Are they experienced to get it through and quickly.

For more info take a look here:

http://www.FortLauderdaleForeclosureSolution.com

You can make a great buy with short sales if you have the right agents and some patients.

Any question let us know.

Annett T. Block
0 votes
Maricel Zald…, Agent, Coral Springs, FL
Mon Sep 23, 2013
Hello:

The Short Sales are not good, because take a long time to get an approval. I don't know what you looking for because I have a ready short sale in pompano to close realy fast, may take 2 or 3 weeks, if you want more information about this property, please feel free to contact me.

Have a great day!

Maricel Zaldumbide
ALLIANZE REALTY GROUP
Short Sale and Foreclosure Specialist
954-793-7489 Direct
E-mail: mrealty08@gmail.com
http://Www.allianzerealtygroup.com
0 votes
John Bourassa, , Fort Lauderdale, FL
Mon Sep 23, 2013
Irving,

I am sure that all the stories you've heard are true. However, in order to buy a short-sale, cash prevails and makes purchasing a S-S much easier than with a mortgage (that doesn't mean that it will be a smooth and easy transaction, though). Despite all the negative we hear, millions of S-S and foreclosures have sold since 2007. So, it is doable.

If you want to tackle buying one of those, arm yourself with patience and take lots of rejection pills.
0 votes
Helen Surovek, Agent, Fort Lauderdale, FL
Mon Sep 23, 2013
Some transactions are smoother than others. It truly does depend on the lender involved and the
if the prospective purchaser is willing to wait it out.
0 votes
, ,
Mon Sep 23, 2013
Because most so called “short sales” never close. I did a survey in my office recently, most of the LO’s have never closed a single loan on a short sale, a few have closed one or two, only one LO said he has closed several. And my shop is the largest mortgage originating lender in the state. The process can be expensive, to do it right you should have a title report, they aren’t cheap, your time is worth something. And every day you mess around chasing a unicorn is one day closer to interest rates rising, that will happen, we just don’t know when.

The guys in my office argue about where they are going to lunch, imagine trying to get multiple parties to walk away from the closing table with nothing or taking a loss. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
Tamika Moses, Agent, Pembroke Pines, FL
Mon Sep 23, 2013
Hi Irving,
it all depends on the bank. I work with short sales all the time, and work with investors who purchase them al the time as well. It all depends on the team that a agent has that can help negotiate a short sale and get it to close smoothly. I can help you with finding short sales and bank owned properties. Please feel free to contact me and I would be more than happy to assist you.



Thank you,
Tamika Moses
Keller Williams Realty SW
954-404-4646
tmrealtor@yahoo.com
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Sep 23, 2013
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You heard right, STAY AWY FROM SHORT SALES (i.e. Long Sales)

I'm serious, you will have a horrid experience as they are a Clown Car Full of Horrors!

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0 votes
Robert DiAlb…, Agent, Coral Springs, FL
Mon Sep 23, 2013
Depends on the bank and the specifics of each deal. I have seen difficult deals and also some that went fairly smoothly. Find a good agent and go through the proper steps.
0 votes
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