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anyone bought a house in short sale?
Posted on 8/28/10 at 2:45 pm
Posted on 8/28/10 at 2:45 pm
what were the pros and cons?
Posted on 8/28/10 at 7:56 pm to lsuougel
It takes a long time, but if you can make it work you can actually get a really good deal.
Posted on 8/31/10 at 1:09 pm to Zilla
quote:
9/10 will never happen
quote:[
but if you can make it work you can actually get a really good deal.
Posted on 8/31/10 at 11:40 pm to TiegerTim
We did in New Orleans. Guy had 3 mortgages (2 Banks + SBA loan) and owed about $72,000 more than we purchased for. We put in the offer August 19th and closed December 31st. You have to be willing to wait it out and have patience. My wife was an emotional roller coaster during the whole process because we were close one minute and miles away the next. She "fell in love" with the house which made it much worse for her than me. We did finally close and now have a great house but it is definitely not for everyone. We also had a broker whose husband specializes in short sales and I think that made the difference in the end because GMAC was awful.
Last thing. A bank will RARELY ever make any repairs and so the most you can hope for are "concessions" at the closing.
Last thing. A bank will RARELY ever make any repairs and so the most you can hope for are "concessions" at the closing.
Posted on 8/31/10 at 11:55 pm to lsuougel
quote:
what were the pros and cons?
Prepare for the listing agent to be a clueless incompetent when it comes to short sales. They all think they can do them, but they are woefully unprepared. There was a very nice short sale down the street from me that was a "pre-approved" short sale. I went in to look at it. I spoke to the agent about the "pre-approval". I had already done my research and I knew there was a 2nd lien, so I asked her - "the 2nd lien has signed off on this 'pre-approval'"? Her answer: "oh, the 2nd won't get anything" - as if somehow that meant the 2nd was just going to go away. I told her the price was stupid and also the idea the the 2nd was going to sign off was stupid also.
The upshot? The thing ended up going to foreclosure auction because the 2nd wouldn't sign off. It failed at auction and eventually came back on the market as REO, where it sold for $100K less than the "pre-approved" short sale amount.
This is only one example. I finally found a really smart and competent agent who understands distressed situations from every one of the players' perspectives, and he runs circles around these idiot listing agents. Actually, he has to do their job for them. There's one I'm looking at really hard that came on "pre approved" at $850K. My guy did a little bit of research and found several issues and now has the listing agent begging us to put in an offer at $699K. His qualifications to do short sales? He took a class one weekend.
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