Posts Tagged → short
“Short Sale” or Foreclsoure?
Question by sarah k: “Short Sale” or Foreclsoure?
‘ve been trying to work with my mortgage company for months now while getting no where, it’s always “call back in two weeks”, etc. I had hoped the new March 4th programs would help but I have been calling weekly and my bank still says they haven’t received the info yet with all the details on the program so call back in two weeks.
In the meantime I did list my house for sale just in case I need to do a quick short sale to avoid foreclosure. From everything I heard you don’t want to foreclose, short sale is a little bit better. However I haven’t gotten any offers and have been hesitant to drop the price too low and sell before I found out if any of these new government programs would work to keep me in the house (yes, I still have that pesky whole emotional attachment stuff)…
So this morning I have been thinking maybe enough is enough, let’s get this over with. I love my house but am getting really tired of waiting to see whats going on, should I drop the price to where I think it would sell or do I sit it out and ride the foreclosure process wave as long as I can? Then about an hour ago I find out the builder in my neighborhood has just reduced new construction pricing down into the $ 160′s, I cringe to think about what I paid 2 years ago ($ 245K), not that I am concerned about value, I’m happy with the house and it totally serves my need.
So…Should I ride the foreclosure wave as long as possible? Or try to sell this baby as fast as possible as a short sale? Thanks
Best answer:
Answer by chatsplas
WAIT. Be patient and persistent. Keep calling your lender.
Foreclosure will RUIN your credit. The new programs could help you save your house once your lender figures it out. Maybe you need to go to a HUD approved housing counseling agency for help with lender. Don’t pay a Loan Modification scammer!!!!
These low loan rates are perking up the housing market a little, and lenders are starting to lend to do the loan modifications, to do refis.
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renter rights in the event of a short sale?
Question by Catheye50: renter rights in the event of a short sale?
I’m currently living in a home that is being sold to avert foreclosure. Foreclosure notices have officially been sent to the house. I’m told that the house is now in what is called a “quick sale” or a “short sale”. I don’t understand what this means or how this would affect me as a tenant. I have nowhere to go; I’m a 53 year old disabled female with SSDI benefits, which provides me with a marginal income. What do you advise? Thank you!
Best answer:
Answer by R P
If you have a lease with the current owner, the new owner has to honor that lease. It will up to them if they choose to renew your lease, offer you a new lease, or tell you to move..
If you are on a month to month agreement, the new owners only need to give you a 30 Day notice to vacate.
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Q&A: Real Estate Agent for Short Sale “Led us on”. Any recourse?
Question by nickh186: Real Estate Agent for Short Sale “Led us on”. Any recourse?
The situation I’m talking about is a short sale in Fl. We made an offer that was accepted about nine months ago (5/1/09). We had no place to move into, so we made a deal with the woman who “owned” the house at the time. We made a lease that would terminate once the house was closed on. Then, we were told her husband went into bankruptcy and we had to wait for the house to be released.
So we canceled the offer 6 months later with no progress, and revised it to reflect the decline in property value. The Seller’s real estate agent assured our agent that she could turn the deal around pretty quick, and now it turns out they haven’t even sent the papers in. So we’re moving out and canceling the offer. It has been a very frustrating situation in which our trust was abused (in my opinion anyways).
So my question is is there any recourse against any of the parties involved? Since the listing agent told us one thing and did another, it would seem like something unethical took place (but unethical doesn’t always = illegal). How about some kind of report I can file to have this follow the listing agent around? I would hate for this to happen to anyone else.
Best answer:
Answer by realtor.sailor
Google Code of Ethics and Standards of Practice of the National Association of Realtors. The listing Realtor may have violated Article 2;”…..misrepresentation …..of pertinent facts…” If this is true you can file a complaint with the local Board of Realtors.
realtor.sailor
What do you think? Answer below!
In real estate, what is a “short sale”?
Question by BaldisBeautiful: In real estate, what is a “short sale”?
im looking into buying my first home and i am trying to understand what a short-sale is when rreferringto a bank owned property. the website says ” bank owned property, this is not a short sale”.
is a short sale something tthat iwould want? if a house is available for short sale does that mean the whole process is quicker? less paperwork? what are the pros and cons?
thanx xD
Best answer:
Answer by v b
Short sale takes longer and there’s more paperwork. (The borrowers are still in the property and have to get permission to sell.)
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Need Los Angeles Short Sale Help To Stop Foreclosure? Loan Modification Not Working?
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How much over asking should you bid a short sale house?
We’ve been looking at houses for about 18 months now. We have never had an accepted bid on any offers that we put in. We’re interested in the short sales (we don’t mind the wait and the market isn’t really going anywhere), so the problem was our offer was always a little below asking. In some cases, it was just 5,000 less than asking. We recently put in a new bid (I’m not sure if it’s been accepted) and we went over. The real estate agent was saying to put in the offer 20-30 percent higher than asking, but we didn’t go over THAT much. There was one property in the area that sold at 138,000, and another sold at 104,000, and still another at around 95,000. All of these houses are very similar, so we agreed to offer 112,536. I know the short sale process is tedious, but in Miami, the short sales really move fast before they ever go into foreclosure. All of the houses we ever bid before went quite smoothly and sold, as expected, to the highest bidder. Is 12,536 over the asking price enough to have a chance to win this house in Miami (more specifically, Homestead, but not a flood zone).
Short Sales Sweep The Nation: Troubled Homeowners Walk Away With Less
Short Sales Sweep The Nation: Troubled Homeowners Walk Away With Less
A new wave of distressed home sales is rippling, more quietly this time, through American cities and suburbs.
Read more on The Huffington Post
Short sales put buyers through wringer
Short sales put buyers through wringer
Without any guarantees, short sales, which reappear each timethe real estate market sours, will test buyers.
Read more on Arizona Daily Sun
how can i sell my house fast on short sale?
My mother and I bought the house together for $105K in 2007. And now we want to get out of the mortgage because we can’t afford the payment anymore. Though we are current, we still filed for loan modification. But from reading many other posts/comments online, it doesn’t sound like we would get approved for loan modification. I think it’s just not right! But it doesn’t matter because we both are going to move out of this house. We put up for short sale.
But the question is HOW to sell it fast on short sale? The market isn’t all that great, and my house needs some major repairs. We do not have the money for repairs. None at all. We barely have enough money to pay all of our bills including the mortgage. We have considered renting the house but from all the horror stories we heard about tenants damaging the house, we won’t do it! It costs way too much money and it’s a lot of responsibilities.
Remember this again: We do not have the money. That’s why we wish to speed up selling the house, but how is it possible? And if we do move to an apartment (we will live on our own not together anymore), and the house probably will go into foreclosure if it doesn’t short sell in time.
Please help…please advise. Thank you so much.