Anyone ever successfully buy a house on Short Sale?
Recently I meant to say. We have a house we want, but is in short sale and the owners have been very difficult to work with as of far. Our agent is awesome, she has done the most short sales in our area in the last five years total. She said this year short sales have become much more difficult, as some banks will not accept or decline your offer, they will just pass it on to someone else and it will never be accepted or rejected. She said the majority of the time the house ends up going into foreclosure. The reasoning is the home owners owe more than the short sale will bring and the banks have gotten fed up with taking the lower offers so they just let the offer float out in space, and then the house shows up on foreclosure sale anywhere from 6months to 1 year + in some circumstances.
Has anyone here had the pleausure of submitting an offer on a short sale and landed it? Currently no one in my family has landed a short sale house. My cousin has missed on two, my brother on one, my wifes aunt and uncle missed, and two of her cousins have missed. I hope we land it! It does need a lot of work though. *On a side note, anybody know much about pond management? This house has a beautiful (should say had) pond on the property. Pictures from 5 years ago show the pond double the size it is currently. Cat tails have turned the majority of the bank into dry ground, at least 15 feet inward has been turned into dry ground. I think the best thing to do (if we land the property) would be to rent a back hoe and dig out the banks 10-15 feet and widen the pond to where it was. Cat tails are rascals if you don't get the root structures. Can anyone lend some advice on this? |
Forgive any spelling or grammar issues, I feel terrible today, antibiotics haven't gotten hold of anything yet.
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If the house gets foreclosed upon offer way less than you did before to the same bank. Profit.
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i'm probably wrong, but I thought on a foreclosure you couldn't even tour the house?
or maybe it was as-is; so if it didn't pass inspection etc, it would be on the buyer to fix. something like that. |
If anything, I would say it has been easier to close on short sales than in years past.
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You can tour foreclosed properties as well as short sales. The majority of homes for sale here in Florida are either short sales or foreclosures and unless there is a ton of damage, most are going for list price or more. Many of the homes are being bought by investors since the house prices are so low. I am about to close on a foreclosure tomorrow(hopefully) but the banks and sellers agents are a pain in the ass, as well as the banks providing loans for the buyers.
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With the real estate market turning around quickly in most areas, short sales are far less appealing and are moving slower than shit because sellers are suddenly getting the upper hand.
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If the sellers are not actively returning calls from your realtor than the offer is insufficient and the realtor knows the banks will not agree on the price.
I recently sold a short and the banks are the WORST. It takes a very proactive realtor constantly pinging them on a daily basis to make it happen. Good Luck! |
I had an offer agreed upon with the seller on a short sale for 4 months. This was during the 8k tax credit for 1st time home buyers. Unfortunately, the deadline was approaching and my Realtor kept checking with the bank to approve it but after 4 months, they hadn't even looked at it.
We moved on and I found a house and closed on it within 3 weeks or so. |
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