Have you been in the house?
Did they strip it bare?
Are they locking you into a certain % mortgage?
Has it been vacated for 3 years +?
Many variables that haven't been discussed.
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The bank that's taking the loss always takes for ever to agree to the terms.
Depends.
DrMaddVibe wrote:
we are going to look at it tonight.
from pictures it is nice inside
we havent discussed mortgage rates with the realtor yet we wanted to look at it and talk about it with family first since we have no experience with realestate this will be our first house
not sure how long it has been empty but its only been on market for 2 months
The house my ex and I bought was a short sale. We put the bid in at the beginning of Feb. and didn't have closing until the end of June.
Audra87 wrote:
yea thats pretty much the only thing i understood from reading about it was that it can take months to close. other than that they used words that i honestly do not have a clue about
That being said, sometimes they are good deals sometimes not if you are willing to put up with the possible hassles/delays. As mentioned above, there can be many variables. Cash is king if you can go that route....the bank prefers CASH. If someone else is bidding and has cash, your odds of getting it may be slim.
[threadjack on]
The question was asked if the place has been stripped. Good question to find out. Recently a guy I know was telling me about a buddy whose house was being taken back by the bank. A big, expensive house. The guy told him he already took a bunch of stuff out of it (i.e. viking range, expensive ceilling fans, etc). He told him he'd leave the door open (give him the key) if he wanted anything. The guy I know wanted to go in and get the sub-zero fridge. The only drawback was it was built-in. The previous owner said "whatever...go take it." He didn't care.
[threadjack off]
But if u have the time...go for it
i have seen them actually go steady. as long as you have a decent agent and lender that want to work with you...
lenders are going to do inspections, they dont want to lend money on a bad house.
We are looking at a house and it's listed as short sale. I've read A little on short sales an it seems like a pain in the butt. Just looking for some advice from any of you who may have dealt with this. Is it as horrid as it seems or stick with it bc good price?
gmdrews wrote:
Do not make an offer or sign a contract without hiring a lawyer first. Short sales are often a total nightmare. They take forever and can fall apart at any point between offer and closing. Every are and region has different circumstances right now. having said that, there are some very good deals in depressed markets.
Beleive it or not, that was quick!
Prices are still dropping.
[frypan]
rfenst wrote:
The worst part was that neither of us could afford to keep the house when we got divorced. I cried like a baby when we sold it.
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Disclaimer: Free advice is worth what you pay for it.
