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Asked by Linda Ramirez, 19147 Wed Jun 4, 2008

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Answers

4
The Hagley G…, Agent, Pleasanton, CA
Wed Jun 4, 2008
You are using a Realtor correct? Did your Realtor check the prelim title report? Maybe there were additional liens on the home? In CA, the sellers closing cost could be $18,000...which means the sale of the home would need to generate $278,000 to break even....not including property tax or liens. Your Realtor should be able to guide you.
Web Reference:  http://www.cindihagley.com
2 votes
Professional…, , 11553
Wed Jun 4, 2008
There are no pit falls on buying a short sale, look at it as a positive you are acquiring a property in some cases below market value. The price that you are going to pay is determined by the bank who is going to short sale the property, the bank requests a b.p.o (broker price opinion) and that its how the price gets determined.... a short sale is a long proccess it could take up to 2 months.The owner of the property does the short sale thru an attorney or a company that especializes in short sales and there is a lot of paper work and time involved, at the end its the bank's decision to accepted or deny it..... hope I can answer your question.
Alexander Valencia
1 vote
Jeremy S. Hi…, , Cherry Hill, NJ
Wed Jun 4, 2008
The amount is appropriate to pay if the market value of the home is $260k or more. Likely your appraisal was found to be sufficient since you made it that far in the process. The homeowner is updside down because of commissions and other closing fees, prorated utlities, etc. Your agent should be able to specifically tell you where it fell short. Nonetheless every situation is different. Your appear fixable.
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Wed Jun 4, 2008
Were you dealing with an agent? Was the property listed in the MLS or is this a FSBO? If you were dealing with an agent and the property was listed on the MLS, then the seller's agent should have know there was going to be a problem when the offer was presented.

Just figure. 260K w/2K credit = 258K. Does the 255K include commissions? If not, then where would they come from?

The only pitfalls from a short sale, as Alexander stated, is the patience required when dealing with lenders and their idea of time management.

Terrence Charest
0 votes
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