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my3boys
I love these boys
Member since 7/07 2711 total posts
Name:
Melissa
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short sales
does anyone have any exerience on short sales? I've heard it can be a long process is this true?? My husband found a house that he really wants but it's a short sale and it's in a great location and a great price so we're not sure if it's because it's a short sale it's still on the market. We would of thought it would of been sold by now.
Thanks
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Posted 3/29/10 11:25 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: short sales
FM me the MLS #
Short sales stay on MLSLI until they are approved by the bank- so it could be in contract (I can see that- but consumers can't)
they can take a very long time or a very short time depending on a few things
1- the Person handling the short sale- do they know what they are doing
2- what the house is worth vs what they owe
3- just a first mortgage, or a second and who is the second with
4- the bank
starting next week- the price will have to be approved BEFORE it's listed- that will speed up the process greatly!
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| Posted 3/29/10 11:38 AM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: short sales
Or you can get approved by the bank only to find out that the seller owes more in taxes!
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| Posted 3/29/10 11:53 AM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: short sales
There are so many unknowns with a short sale.
My parents just closed on one last week and it was an insane ride, but for them, it was worth it because they had another place to live still and got a killer deal on the place. Plus, everything on the sellers part was in order, which is unusual. It was very emotional for them because last monday, the bank selling the property called my parents' attorney and said if they didn't close by the next day, they were going to cancel the deal and go through with a foreclosure, so up until the bitter end, it was a roller coaster, and my parents had everything in order and ready to go, but other people dragged their feet causing them to almost lose the house.
Anyway, that's the most experience I have, it's second hand, but it ended well for my parents.
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| Posted 3/29/10 12:16 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: short sales
we closed on one in FL - tried our luck with a few before our house and it was months of waiting for nothing....very stressful IMO...
everything beth said is right on the money
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| Posted 3/29/10 12:18 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: short sales
I'll let you know we are hopefully closing in a few weeks
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| Posted 3/29/10 12:39 PM |
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my3boys
I love these boys
Member since 7/07 2711 total posts
Name:
Melissa
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Re: short sales
Posted by Beth
FM me the MLS #
Short sales stay on MLSLI until they are approved by the bank- so it could be in contract (I can see that- but consumers can't)
they can take a very long time or a very short time depending on a few things
1- the Person handling the short sale- do they know what they are doing
2- what the house is worth vs what they owe
3- just a first mortgage, or a second and who is the second with
4- the bank
starting next week- the price will have to be approved BEFORE it's listed- that will speed up the process greatly!
I will fm you the mls number in a few- thanks :) don't know if it matters or not, but no-body is living in the house and we have a place to stay if it takes awhile. My husband just really wants this house because of location, price and he's a contractor so he can fix everything himself, which is a huge plus. Hopefully this works out.
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| Posted 3/29/10 1:11 PM |
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