is4176 asked:


There is a condo for sale for $118000 (short sale) and its current owner owes the bank $128000 for the condo and has missed his mortgage payments for a couple of months. My Realtor has suggested to put an offer for $95000 to buy the condo. What are my chances to win this deal? How long would it take the bank to accept my offer?

Lupe

Sarah W asked:


I am two months in on trying to buy a house under short sale terms and nobody seems to know anything. The bank just takes so long to make a decision-WHY?

Anthony

Merisa asked:


We are looking at a house that is currently involved in a short sale. Our agent already told us the bank wouldn’t pay our costs and wouldn’t budge on the price. The house is for sale for $139,900 and we were thinking of offering $130,000. Is that to dramatic? That’s all we can afford. Or should we look for a house being sold by an agent and talk them down and ask for costs paid. The short sale house may take up to 3 months. And it’s as is, so we couldn’t get a home inspection. Mind you, the house was built in 1998. WHAT SHOULD I DO??

Lacey

h asked:


my realtor has been working toward making this shortsale happen and finally the bank decided to accept it. however, due to other house sale that didn’t go successfuly (and it’s going through foreclosure process), my bankruptcy lawyer advised i shouldn’t go for any shortsale, but to let foreclose (so i can file bankruptcy and be tax free for such loss).

realtor asked i sign a statement and fax to him stating ‘i am accepting $197k for a house sale price $220k. i at first didn’t want to go for shortsale, and when realtor told me ‘if you cancel out this shortsale (as we still got the buyer to buy, and bank that is willing to accept the pkg), my broker agency is to charge you the fees incured’.

my lawyer told me that we could add that realtor bill to bankruptcy.

now what do i do?

few lawyers i asked told me that shortsale will cause 1099c tax consequence. that’s gonna be tons of money for me to pay irs. bank prob. is getting nuf $ with my interests and foreclosure…
lawyer today told me to fax my realtor a letter stating ‘i withdraw what i said yesterday’. so i did that…

strange, my realtor told me that my 1st lender isn’t to charge me any 1099c. i asked if i can have it in writing but he won’t give that to me.

Allan

Rena T asked:


My husband and I want to do a short sale for a number of reasons:

1. I received a job offer in Miami and need to start in 30 days and we want to get out of the NY area
2. Our home has depreciated in value close to $30K in a year
3. If we rent it out, our mortgage is so high that we would still have to add an additional $700-$1000 a month ourselves
4. We can’t afford to make the payments
5. There are no refinance options available to us (we’ve tried three different banks/companies

We were advised by our realtor (and a few things we’ve read) to go ahead and stop paying the mortgage since we are not currently behind, but are behind on ALL of our other bills. She’s done a number of short sales and says the bank is more accepting of a short sale if the owner is late on payments. Is this true? We would like to stop paying since we will need the money to start elsewhere and we want to rent a place before our credit gets hit by the short sale.

Also, is it okay to move out of our place in 30 days if we decide to go the short sale route?

I’m not worried about the place being vandalized. The area is amazing and in a condominium building with many other units. Our realtor would have the keys, but I do have friends I would give spares to to help keep an eye on the place. Thanks!

Christian

THYCK-A-LICIOUS asked:

Okay here’s my situation I am currently separated. When I left my home we had a buyer for the house and were set to go to settlement in 2 weeks. I moved into an apartment. The deal fell through. I found another buyer and that deal is falling through as well. My options are to go back to the house, giving up my apartment, or to let the house go to foreclosure. If I let the house go to foreclosure and subsequently file bankruptcy, how long will I have to wait typically to buy a house?

Justin

Kablina asked:


My husband and I are planning on putting a bid for a house that is a “short sale” home. I guess it is pre-forclosed…the bank now owns it. Is it true that it can take 1-4 months for a response on whether or not the bank approves the bid? The realtor guy said that they have to answer within a week. We live in Pasco county florida. Thanks

We are lookin to bid 145,000 on a 169,000 listing.

Raul

voycinwilderness asked:

Is it harder to get financing? Are there specific type of financial institutions that specialize in financing the purchase of foreclosure homes?

Emerita

Sumpthinspec02 asked:


I am in the market for my first home. Many of the homes listed are short sales. I have read that short sales are risky, can take a long time to close, and most never close. However, all the homes I am interested in are short sales. What things do I need to know or should I look out for if I choose to make an offer on a short sale property?

Also, would I get a better price by waiting for the bank to take ownership of the property or are short sale prices actually better than bank owned asking prices? And in which situation is there more room for negotiation? Also, should I expect any seller concessions such as help with closing cost in either one of these types deals?

Maia

Alexander N asked:


Is it possible for the bank to pay for the buyers N.R.C.C?

Bernita