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Short sales: deala no deala?

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Short sales: deala no deala? Empty Short sales: deala no deala?

Post by Idéfix Tue May 08, 2012 12:10 am

There are a couple of houses that look interesting to us, and are going through a short sale process. We are trying to figure out whether it makes sense to write an offer on one of them. I have done some internet research on this, and got more confused at the end of it than I was when I began the research. One point of view seems to be that it is too fraught with uncertainties (like whether all the holders of the debt will take the offer) and is a waste of time unless the buyer is very, very patient (we are not). Another point of view seems to be that this is an excellent way to find value. Our realtor waffles about the question, and I get the sense she doesn't have much experience with short sales. Anyone here have experience with short sales? Would you consider a short sale, and what would you look into before writing an offer beyond what you would do for a regular sale situation? Thanks for your help.
Idéfix
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Post by MaxEntropy_Man Tue May 08, 2012 12:11 am

i have no experience with this, but DON'T touch it without a lawyer.
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Post by MaxEntropy_Man Tue May 08, 2012 12:23 am

you might also want to post your question here in the appropriate forum:

http://forums.redfin.com/
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Post by Idéfix Tue May 08, 2012 12:25 am

Thanks, this looks like a great resource!
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Post by Nila Tue May 08, 2012 1:37 pm

Short sale is basically good for the seller if the bank agrees to write off the rest of the money the owner owes the bank. This is something they try to work on before they foreclose. Usually the buyer can take a bet by offering a reasonable value and most of the time the bank wouldn't care to even counter the offer.

They would rather forceclose and sell it as REO. Buying an REO from the bank is an hassle - one of our friends was saying they kept counter offering and it did reached above the market value.

The bank would give you a look if you go for 100% cash then it is a deal!

REO and Short Sales are good for cash buying.

I know someone bought a 800k house for 500k with all cash. Buying with all cash is not a option for us! Who has that much money?!

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