Comments on: Save your money with Bank Foreclosure Homes for Sale

By: Pojo

Pojo — Fri, 16 Oct 2009 11:44:59 +0000

ONLY go forth with a buyer’s agent and especially as a first time buyer. DO NOT fall in love with the home or emotion will drive the price up.

You said 155K with 6K in concessions, does that mean you wanted 6K back at closing? Ain’t gonna’ happen with a short sale and if it does you DO NOT want the house.

Then if you want an instant answer you COULD be in for a long wait if the house has just gone up for sale.

Good luck but keep looking while the process plays itself out.

Yes by all means have the inspections for your own peace of mind but remember the bank is not going to put one dime into repairs they are USUALLY already taking a loss.

Good luck on finding a home.
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By: Theandysullivan

Theandysullivan — Fri, 16 Oct 2009 11:42:59 +0000

Saving money on a home makes no sense here. Its probably being short sold because no one else is willing to pay the former market value. Its kinda hard to say if your going to "save" any money. But, they will be less than the mortgage. Hence, selling short the mortgage.

I can tell you, you should have pre-qualification and patience. It could take up to 2 months to close a short sale house and a bank is not willing to accept less than what is owed unless you can guarantee that your good for the loan.

Congratulations! I hope you buy! Good luck.
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Realtor, SC

By: Monk

Monk — Fri, 16 Oct 2009 11:40:59 +0000

Yes my fiance and I had a experience making a offer on a short sale
it was very heart breaking. The asking price was at 159,000.
So at first we had offered 155,000 with 6,000 back toward the concessions. Then after maybe a month there was anther offer
that was close to ur’s. We waited a couple more weeks to see if the
bank would say to us and the ofter buyers ok make your finely and
best offer. While we waited to hear something from the bank anther
offer came in that was better then ur’s and the second offer that was on the table. So a week after are Realtor lady told us we should make
are high and best offer. She told us to make an offer of 168,000 with 6,000 back toward the concessions. That was pushing are Limit to
what we wanted to spend on a house, but we made that offer because
we both love the house. We waited like two weeks to hear an answer.
The bank sent out apraser to the house and he priced the house at
184,000 so the bank wanted that much for the house. When we said
no, the bank decided to put the house as a foreclosure because they
think they can get more money from the house as a foreclosure That short sale went from 159,000 to 184,000 we couldn’t afford it so we had to pass. Short sales are not easy you can end up waiting three
or four month just to hear an answer on your offer. The bank may ask
for way more money then you are willing to offer. If there is a attorney
working on the short sale it might be easyer to get.

Can you please answer my question.
http://answers.yahoo.com/question/index;_ylt=AvrByy_7fbwG6HmEB4Cvv4Lsy6IX;_ylv=3?qid=20090411135007AAHQYzf

Thank you.
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By: MOB

MOB — Fri, 16 Oct 2009 11:38:59 +0000

a short sale is a lonnnnnnnnnnnnnnnnnng sale. The bank hasn’t approved with the homeowner what price they will take. If there are multiple mortgages on the property it has to be approved by all banks involved…..can be long time happening…. As a first time buyer look at finance programs such as FHA with 3.5% down…..work with a reputable realtor who can guide you through the process.
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By: tiff m

tiff m — Fri, 16 Oct 2009 11:36:59 +0000

I’m in the middle of buying a short sale home right now. It’s been about 7 weeks so far and we still aren’t sure when we are going to hear something from the bank. Some short sales don’t take too long and some can take months. It all depends on the seller’s lender. They have to approve any offers that come in and they do all the negotiating. It can be a long process. If you’re not in a hurry, it can definitely be worth the wait. If all goes well with our contract, my husband and I will be getting this short sale home for $50,000 under value. You do save some money.. they just take time.
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By: Rickey

Rickey — Fri, 16 Oct 2009 11:34:59 +0000

What area? Fla? Make sure you use a Realtor who has experiance with Short Sales who can represent you.
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By: baebeecakes

baebeecakes — Fri, 16 Oct 2009 11:32:59 +0000

I did it last year. It took 2-3 months to get a response from the bank and if they counter and you counter their counter, it could be another couple of weeks. If you absolutely love it and are really patient, I suggest you go for it. I know I got my house for under its value and when property values increase, I’m sure there will be equity in it.

Advice-Be sure there is constant communication between the seller’s agent, your agent, the short sale negotiator, and the lender, because if there is none, it can drag out. Also remember just because you put in an offer doesn’t mean they will accept. You could be waiting months for nothing. I was fortunately enough that mine worked out and the bank did not go under before I closed.
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By: bnschult10

bnschult10 — Fri, 16 Oct 2009 06:30:27 +0000

Any experience with a “Short Sale” home?
My husband and I are looking to buy our first home and the one that we really like says on the sheet that it is a "short sale," which we are told is like a pre-foreclosure and that the bank has to approve any offer on the home. Does anyone have any experience purchasing a short sale, any pro’s and con’s of it? Did you save any money on the home for doing so? THANKS!