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short sale real estate
Posted on 3/6/11 at 4:39 pm
Posted on 3/6/11 at 4:39 pm
Has anyone ever bought a house on short sale. How big of a bind is someone in if they are in they are selling in this situation? If they are asking $160 and willing to bargin, how much leverage does this give me?
Thanks
Thanks
1
Posted on 3/6/11 at 4:47 pm to new roads
Buying a short sale house can be a pain in the arse and long process. In most cases the lender has to approve the final price. You can find some good deals but I just went through buying a REO home through Fannie Mae and it wasn't to bad.
Homepath.com has all of the REO Fannie Mae houses listed. They tend to drop the price almost every 30 days until they get to their bottom line (which can be as low as 82% of what they have in the property).
Homepath.com has all of the REO Fannie Mae houses listed. They tend to drop the price almost every 30 days until they get to their bottom line (which can be as low as 82% of what they have in the property).
Posted on 3/6/11 at 4:54 pm to rmc
quote:
I believe they always have to. It is a short sale after all.
I just always like to leave myself some room in case somebody shows up and says they didn't have to get approval ;).
Posted on 3/6/11 at 6:15 pm to rmc
Is there a general idea about how much under market value short sale houses go for?
Thanks for the advice.
Thanks for the advice.
This post was edited on 3/6/11 at 6:16 pm
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