Advices on short sale

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tulip_IHB

tulip_IHB

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We were advised not to deal with short sales, because it is a waste of time...but we saw a townhouse which we really like and it is a short sales. We were informed by the listing agent that a "short sale package" has already submitted to the bank. They want us to make an offer, we have nothing to lose. Any advices on short sales? Does it really work? Or is it really a waste of everyone time?



Thanks
 
From your side, you will just have a longer escrow, and the chance that the bank will not accept your offer. Realtors tend to steer you away from these since their commisions are almost always reduced by the bank to gain approval. All in all, I think it is a good way to go...you can get a pretty good deal.
 
<p>tulip</p>

<p>Make sure your agent representing you is experienced in short sales. If you do not have a buyers agent then the deck is stacked against you by both the listing agent and the bank. Your interests are not protected.</p>

<p>Otherwise what amoul says is right on.</p>

<p>Regards</p>

<p> </p>

<p> </p>
 
<i>"Make sure your agent representing you is experienced in short sales. If you do not have a buyers agent then the deck is stacked against you by both the listing agent and the bank. Your interests are not protected."</i><p>


Get help by someone who is experienced in short sales. Your interests are not necessarily protected by having an buyers agent and the agent's interests may actually be the opposite of your interests.
 
I have done my own short sale and the guy who bought my house in florida got it for 25% less than what I paid for very little work. When I was here trying to write my own short sale package to apply to the bank, I got some assistance from a guy here named James Rust. He used to be a short sale case reviewer at a bank and was pretty helpful in the writing of my hardship letter. His website ishttp://www.jamesrust4ochomes.com/. Give him a call and I am sure he would be a very good resource for find homes and applying. Short sales should be very easy to come by these days and he seems like a great guy.
 
I was told by my agent that the seller qualify for a short sale, because the seller can prove hardship, because he was a fireman got hurt on the job. If the bank accep my offer, it will take almost a 200K loss, because the seller have two loans on this house. I don't know how someone can buy a townhouse for $ 589K.
 
<p> </p>

<p>Tulip</p>

<p>The loss they take isn't as important as much as how much you are paying in relation to recent comps or other short sales in the pipeline.</p>

<p>"information and the power to understand it opens the doors to opportunity" </p>

<p> </p>

<p>Regards</p>
 
<p><em>"The loss they take isn't as important as much as how much you are paying in relation to recent comps or other short sales in the pipeline."</em></p>

<p>I agree. And I want to add, it seems many folks are concerned with someone's commission or someone's loss or what someone else is doing as if that validates one's own deal or offer. It doesn't matter what is happening with the seller, other buyers or the agents. What matters is the bottom line. What is the best deal you can get? The only aspect of the others' situation that matters is whether it alerts you to an opportunity, but beyond that, nada.</p>
 
<p>awgee</p>

<p>Man you are so correct. You are starting to sound much like me!!!!! Who would have ever thought!!!</p>

<p>Now if I can just get Trooper to understand.......</p>

<p><strong>Its a beautiful Tuesday</strong>!</p>

<p>enjoy!</p>
 
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