| Posted By |
Message |
BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
|
Has anyone purchased a home that was a short sale?
And if so, what was your experience? Were you able to negotiate the price? Any info would help, thanks!
|
Posted 1/21/08 6:57 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
|
Re: Has anyone purchased a home that was a short sale?
I work in a Law Office and we have represented buyers in their short sales. It's up to the bank what they will accept to pay off the mortgage. You can present your offer to the seller and his attorney will deal with the bank. They ask for a ton of documentation, although most of that will come from the seller, not you. It does prolong the entire homebuying process though and short sales aren't always guaranteed. At least the ones I've dealt with.
|
| Posted 1/21/08 7:32 PM |
| |
|
05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
|
Re: Has anyone purchased a home that was a short sale?
a few homes we have been interested in purchasing were short sales- from what we've been told- the process is a bit longer and a bit more difficult.
|
| Posted 1/21/08 7:58 PM |
| |
|
nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
|
Re: Has anyone purchased a home that was a short sale?
We looked at a short sale in E. Setauket recently and the owner was so insane...She claimed she never agreed to the lower price advertised by the realtor and that it was done to lure in buyers with a low pricetag, to ultimately create a price war for a higher price. 
Anyway, a tangent, but that was our only experience with a short sale.
|
| Posted 1/21/08 8:01 PM |
| |
|
luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
|
Re: Has anyone purchased a home that was a short sale?
I believe all offers have to be presented to the bank. I am not 100% on that but i think thats how it goes. I do know the process tends to be longer with a short sale
|
| Posted 1/21/08 8:27 PM |
| |
|
BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
|
Re: Has anyone purchased a home that was a short sale?
Thanks, everyone. I know that the bank has to accept the offer, but before this, the only thing I've ever heard about short sales is how extremely rare they are, and now, EVERY, SINGLE house we saw this weekend was a short sale. I guess that's to be expected with the current state of the market. We really love this home, and we're in a position to wait it out if the process takes longer, so I'm hoping it works out. 
|
| Posted 1/21/08 8:30 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
|
Re: Has anyone purchased a home that was a short sale?
Posted by prncss
Thanks, everyone. I know that the bank has to accept the offer, but before this, the only thing I've ever heard about short sales is how extremely rare they are, and now, EVERY, SINGLE house we saw this weekend was a short sale. I guess that's to be expected with the current state of the market. We really love this home, and we're in a position to wait it out if the process takes longer, so I'm hoping it works out.
Good luck! I hope everything goes smoothly. What area are you buying in?
|
| Posted 1/21/08 8:36 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Has anyone purchased a home that was a short sale?
my husbands company is teaching a seminar about this and foreclosures this weekend
12-3pm in garden city on the 26th
FM me if you want more info
|
| Posted 1/21/08 9:10 PM |
| |
|
