Thank you for all the answers to previous question. So I am a first time buyer and started out very

Asked by Rachel, California Fri Jul 18, 2008

excited - now - well, hmmm.....

It is hard. I have made an offer on a short sale, a home I loved at first site, fully knowing the length of time required with short sales. I am in absolute no rush. However, now that word finally came on the house and it is active, I am having anxiouty attacks, I hear too many negatives on this type of sale.

What should I expect from this transaction, who pays what? and what about the commissions, will it be on my shoulders? And the potential repairs etc....

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Dot Chance, Agent, Burbank, CA
Fri Jul 18, 2008
Hi, Rachel:

First try to take a deep breath and relax! A short sale can be very trying but it is not impossible. It is really hard not to become emotionally attached in the homebuying process because it can be the most emotional purchase you ever make in your life!

In this transaction, expect to wait and wait and wait. Hire an agent who will be diligent to call the listing agent at least once a week to check in and make sure that the listing agent is communicating with the bank.

Most likely there will be no repairs made. It will be an AS IS WHERE IS sale. But, you still need to have a home inspection to make sure that you want to move forward with the purchase.

The bank will split the commission between the two agents and the commission will come from the purchase price. In other words, from the seller and not the buyer.

The seller usually does not receive anything from the proceeds of the sale because the bank is taking a loss on the sale.

I hope this works out well for you and you get your heart's desire!
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Daniel, , Baton Rouge, LA
Fri Jul 18, 2008
active, as in active on MLS?? If so, No biggie and certainly no negatives should apply! You the buyer will not pay the commission, the property owner does.

If your interested in the property you can certainly use a realtor to assist you in determining the true value of the property and to guide you thru the entire process, good luck
1 vote
Dorene Slavi…, Agent, Torrance, CA
Fri Sep 26, 2008
First time home buying can be stressful. It helps to have an experienced Agent working with you. Short-Sales are time consuming, that is the worst part.
Commissions are paid by the bank they are not on your shoulders at all. Repairs will be paid by you, most banks will not entertain any repairs on a Short Sale property.
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Charlie Ramos, , Tulare, CA
Mon Jul 28, 2008
I wanted to ad on to what Dot had to say. She is correct, most short sale homes are "as is" sales. But, we are finding that if you put request for repairs in the offer with an estimate of cost, banks are begining to pay reasonable repairs. The key, to remember is make sure you ask for everything you need up front, so the listing agent can send the net profit to the bank.

Also, be prepared to wait. Most Short sales take up to 6 weeks for an approval.

Good Luck!

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