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Asked by MFerguson, 78759 Tue Apr 21, 2009

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4
KB Collins, , Queens, NY
Wed Apr 22, 2009
Have a good report on Short Sales. The process of a Short Sales and the changing policies of Mortgage companies make short sales unfair and sometimes downright unconscionable, but we need to keep informed. Take a look at http://www.propertyservicesny.com there is a free report there on short sales. Keep informed and ahead of the curve.
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MFerguson, Both Buyer And Seller, 78759
Wed Apr 22, 2009
Paula,

No we are definetly not doing this on our own and we looked hard for a Real Estate Agent we knew would work hard for us. The hard thing for us is that it says "Short Sale Opportunity" on our flyer. I understand it has to say it but I also know it prevents people from wanting to come see our house also. As for being really "pre-approved" nobody right now can be that approved with the mortgage broker without a contract. Only the VA has approved us because of what is going on. We are also hoping this area will be extended with the Stimulus Bill that was passed for the Military (keeping our fingers crossed there too).

We do not plan to buy where we are going next (California MD) because we will only be there for two years and because frankly we can't afford it. We are upside down (obviously) on this house and if we do have to rent this house out (which we were told by the VA that we would have to get permission to do so) we would lose close to $1,000 a month for this area. That is how bad the economy and market has changed here. Basically we bought a house at the peak of the market almost $100,000 more than what it was really worth less than ten years ago. (sigh)

Darryl,

I totally understand. When we moved here less than three years ago we needed to move into a house very quickly. Like instant to get our kids in school. Is it wrong to do the Rent to buy option on a Short Sale?

At this point with a Short Sale and the VA taking the difference we pay nothing and I just need to sell the house. Luckily with my husbands job (military) we could be out of here furniture wise very quickly. We do have a Real Estate agent who does know how to do Short Sales and has all the paperwork already in place. I just need someone/anyone to look.

Thanks so much guys :)
0 votes
Paula Bean, , Orlando, FL
Tue Apr 21, 2009
Dear Micki,

Short sales are easy if your listing agent knows the proper way to do them. The reason most agents don't like to show them is because they take forever to get approved and they may NOT approve it at all because the listing agent isn't familiar with how to do short sales properly.

If you are listed and your agent DOES know the procedure, then simply have her put in the remarks section of the MLS that it is a pre-approved short sale. If done properly, once a buyer makes an offer it should take no more than the regular time to close.

I really hope you are not trying to do this on your own, if so, that is always going to be a problem as buyers have heard so many bad things about short sales. You need an experienced professional to get this done.

Additionally, you ARE ABLE to rent the house out, but if you are going to buy another one where you move to it will affect your eligibility. With the market as volatile as it is, I would not buy another house right now if you weren't guaranteed to be there 5 years at least.
Web Reference:  http://www.homeorlando.com
0 votes
Darryl Singl…, , Pensacola, FL
Tue Apr 21, 2009
Micki,

There are several reasons that agents may avoid short sales. One, the buyer may have time limits that they have to meet and just can't wait for a response on a short sale. Also, some agents are not familiar with the short sale process, so they try to avoid them. Another reason is, short sales are very time consuming and banks are so busy it maybe difficult to get a timely agreement. We have had success with short sales, but it does take dedication to make all parties involved agree to terms.

Good luck and keep trying

The Singleton Team
Darryl Singleton, GRI, EAgent
850-554-9614
LaDawn Singleton, GRI
850-554-9513
Keller Williams Realty Pensacola
Email: ContactUs@SingletonTeam.com
Website: http://SingletonTeam.com
Web Reference:  http://SingletonTeam.com
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