Whats the deal with short sales?

Asked by Esmeralda Chavez, 93309 Tue Jun 9, 2009

My real estate agent says to stay away from those becasue they take months to come through.....can anyone give me details about the process and any personal experiences with them.

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first time h…, Home Buyer, 92630
Fri Jun 12, 2009
My husband and I have been placing bids on short sales since 2007. In one case, we placed a bid in for a short sale ($1,000 over the asking price) and we were told the lender wanted $40,000 more. A few weeks later, that home was sold at an auction for $50,000 less than our offer. The first realtor we had discouraged us from short sales and did not follow up with the selling realtor (in my opinion). Last March we changed realtors and a few weeks later we placed another bid in for our house and we just closed last month. It took over a year to buy the house. Keep in mind that most of the time when you purchase a short sale it is sold as is and you may be required to pay a lein on the home. In order to purchase our home, we had to pay off the association lein. I wish everyone the best of luck when placing bids in for short sales. From my experience, there is not rationale in the short sales and you need to have an experienced realtor when trying to purchase a short sale. Good luck to you.
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Denise, , 92570
Tue Jun 9, 2009
It really depends on three things. Knowing what banks will allow short sales, the sellers hardship situation has to be accepted by the bank, and when an offer is submitted all documents requested from the bank has to be complete it can not have one item missing from the package or else it will go in the trash can. There are some short sales that say "Lender Approved" those sometimes have more of a fighting chance. Good Luck.
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Wendy Taylor,…, Agent, Beverly Hills, CA
Tue Jun 9, 2009
Hi Short sales are frustrating because you can put an offer in and never hear from the bank, seller or Agent handling the sale. I had a buyer this fall who put an offer at asking price for the property. It had been on the market for a month or so. The listing Agent called back and said she had several offers and we should offer more. My buyer truly wanted this property. So she upped her offer. I waited, no work. I called the management office of the condo project when I hadn't heard and asked what was going on, he didn't understand, they wanted to be paid. I called the broker, short sale specialist, I called and called and called. Finally four months later, the property was sold to another buyer for cash. My client was out the property she really wanted, I wasted alot of energy for naught. The short answer to short sales is patience and don't believe anything until you are in escrow.

Good luck!
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