Selling a house via SHORT SALE.....

[Car Guy]

The soon to be ex and I are selling the house we currently live in because neither of us can afford to keep it. We had a few realtors walk through to give us their thoughts and most of them strongly suggested going with a short sale because of our situation. I read some information about what a short sale entails but would like to know if there's any 'fine print' we need to worry about.....

Also, if you know of someone who specializes in short sales please post up.....


Any help is much appreciated,
~Justin :thumbsup

[Exitspeed]

The soon to be ex and I are selling the house we currently live in because neither of us can afford to keep it. We had a few realtors walk through to give us their thoughts and most of them strongly suggested going with a short sale because of our situation. I read some information about what a short sale entails but would like to know if there's any 'fine print' we need to worry about.....

Also, if you know of someone who specializes in short sales please post up.....


Any help is much appreciated,
~Justin :thumbsup

My wife can help you. She has dealt with many short sales (on the selling and buying side). She's dealt with homes in foreclosure. She's dealt with banks on both ends constantly too. PM me if you would like her information.

[Rotorhead-20B]

The soon to be ex and I are selling the house we currently live in because neither of us can afford to keep it. We had a few realtors walk through to give us their thoughts and most of them strongly suggested going with a short sale because of our situation. I read some information about what a short sale entails but would like to know if there's any 'fine print' we need to worry about.....

Also, if you know of someone who specializes in short sales please post up.....


Any help is much appreciated,
~Justin :thumbsup

I currently work in SS. I work for one of the big names( cant say on their computer right now hhahh) but if you would like email me ad resuperg795@hotmail.com and I can give you all the info you want and need to get it approved ive seen some crazy things within the past months. Short Sales are ok depending on your situation but id suggest getting a good appraisor because if you get one that comes back with a BPO super high your gonna be going through a lot of crap to get it approved...if ya need anything else feel free to pm me.:banana

[4eyedstang]

It may make it very difficult to find a buyer because it take to long to close. "at least 3 month if everything goes perfectly"
i put in a offer that was accepted by the homeowner in March and i still haven't heard anything back from them.

[0TransAm0]

It may make it very difficult to find a buyer because it take to long to close. "at least 3 month if everything goes perfectly"
i put in a offer that was accepted by the homeowner in March and i still haven't heard anything back from them.



NOT true.. 3 months is usually if everything goes BAD! it all depends on the bank and if its local or not yadda yadda yadda.... we had 2 short sale offers one we herd back in 3 weeks the other was 2 days shy of 3 months.. from what i was told is that the bank has a MAX of 3 months to get back to you.. so anything less than that and your lucky.
at least that what our realter told us.



edit: just be prepaired to get alot of low ball offers. lots of people see "short sale" and think they can get a killer deal.. weather or not YOU accept the offer it really all depends on who you guys have the home loan threw...

[Car Guy]

It may make it very difficult to find a buyer because it take to long to close. "at least 3 month if everything goes perfectly"
i put in a offer that was accepted by the homeowner in March and i still haven't heard anything back from them.


weather or not YOU accept the offer it really all depends on who you guys have the home loan threw...


From my understanding the mortgage holder is the one that decides if the offer will be accepted and not the homeowner......

[0TransAm0]

From my understanding the mortgage holder is the one that decides if the offer will be accepted and not the homeowner......


thats what i said... but first you have to accept. then it goes to the bank.

[Rotorhead-20B]

No a home owner cannot accept any offer the bank is going to want fair market value now if the offer is below that then yes the homeowner can say no. Now ss take 30-45 days depending on the bank and the documents. If you don't initial one doc they stop the process. I handle these problems for wells fargo everyday I've seent a lot of people trying to get over for example today someone made a offer of 9 grand on a house worth 25k but the owner owed the bank 75k

[Exitspeed]

From my understanding the mortgage holder is the one that decides if the offer will be accepted and not the homeowner......


NOT true.. 3 months is usually if everything goes BAD! it all depends on the bank and if its local or not yadda yadda yadda.... we had 2 short sale offers one we herd back in 3 weeks the other was 2 days shy of 3 months.. from what i was told is that the bank has a MAX of 3 months to get back to you.. so anything less than that and your lucky.
at least that what our realter told us

You actually got lucky.

I can tell you from NUMEROUS experiences 3 months is a good average. Chase is terrible, and so are a lot of other banks. 3 months isn't a max. It can def. go longer especially if things get complicated (buyer walks away, etc). Also you have to stay on top of the bak or they will just drag their feet more.

Also, make sure your Realtor isn't an idiot. My wife just had a deal fall apart with her buyers because the dumb fuck selling agent wasn't on the same page as the bank and listed the home too low. Her buyers wrote an offer that wasn't even that low and the bank rejected it because they had an appraisal that said the house was worth more, which it isn't. Actually that case was a little of the agent being a dipshit and a little of the bank being unrealistic about this property. They supposedly have another appraiser coming in now.

But hey, don't listen to me. My wife just sells millions of dollars in homes every year and is in the top 10% of Realtors in the state.

[Rotorhead-20B]

You actually got lucky.

I can tell you from NUMEROUS experiences 3 months is a good average. Chase is terrible, and so are a lot of other banks. 3 months isn't a max. It can def. go longer especially if things get complicated (buyer walks away, etc). Also you have to stay on top of the bak or they will just drag their feet more.

Also, make sure your Realtor isn't an idiot. My wife just had a deal fall apart with her buyers because the dumb fuck selling agent wasn't on the same page as the bank and listed the home too low. Her buyers wrote an offer that wasn't even that low and the bank rejected it because they had an appraisal that said the house was worth more, which it isn't. Actually that case was a little of the agent being a dipshit and a little of the bank being unrealistic about this property. They supposedly have another appraiser coming in now.

But hey, don't listen to me. My wife just sells millions of dollars in homes every year and is in the top 10% of Realtors in the state.


Very true chase is one of the worst banks right now with the ss. BUT WF isnt that good either. Ive seen short sales in the works since march, may hell some even since feb. It all depends on the realtor and if the docs are sent in correctly the first time. And whats the point of bragging about your wife? I believe its to inform the thread starter about the process not to brag about your wife in what she does...

[Exitspeed]

Very true chase is one of the worst banks right now with the ss. BUT WF isnt that good either. Ive seen short sales in the works since march, may hell some even since feb. It all depends on the realtor and if the docs are sent in correctly the first time. And whats the point of bragging about your wife? I believe its to inform the thread starter about the process not to brag about your wife in what she does...

Good point about sending in the docs right.

I was just pointing out that she would be the person to talk to about this over a lot of other people.

It was more sarcasm because I'm not in a good mood today. That was tacky. Sorry.

[Irish]

It was more sarcasm because I'm not in a good mood today. That was tacky. Sorry.

Wow, I was impressed by that. :thumbsup

[Anakonda69]

when does the owner have any say in a short sale? if they are the ones who decide to go that route but still are in good standing with the bank? my buddy just bought a short sale house and they never dealt with the owners only the bank. unless the owners were foreclosed on or sold it to the bank and thats why they weren't involved. he was in dealings with the bank for 3 months.

[Rotorhead-20B]

when does the owner have any say in a short sale? if they are the ones who decide to go that route but still are in good standing with the bank? my buddy just bought a short sale house and they never dealt with the owners only the bank. unless the owners were foreclosed on or sold it to the bank and thats why they weren't involved. he was in dealings with the bank for 3 months.

in that case it was probly sold in f/c and the bank bought it back. Ive seen that alot. also when the home is sold in f/c if the bank buys it back they sometimes allow the ex home owner to do a ss. It also couldve been that the h/o authorized the buyer to speak to the bank ive also seen that. But all banks have different practices. Chase is the worst they dont care at all the way they see it their losing out anyways so their sticking it to everyone.

[Russ Jerome]

Short sales, causing a dismal market to crash even harder:

The seller and his/her mortagage company agree to a 150k selling price.

A new buyer comes along and offers 150k, seller accepts.

Months later after the owners mortage com (insert Bank of America here, any other big lender) drags there feet on the offer, they are foreclosed on, shortly after auction the home off for 125k.

Short sales can benefit everyone, banks dont realy have any intiative to follow thru, some think they do better in the write off at the end of the year.

[Russ Jerome]

Another personel experience, active right now:

I have 150k letter of aproval in my hand, I aproach a seller who wants 129k for there home and offer 129k, He says: "hell ya I'll take your 100% offer"

I forward the offer to his bank, tell them they dont need to do anything with utilities, they dont need to clean the mess, they need only sign the aproval within a month (oct 9th) and we will pay the full asking of 129k (a price previously agreed to by both parties.

So here we are on the 10th of Oct(over a month now), my realtor cant find anyone at Bank of America who gives a F, the poor seller is sitting at home pulling his hair out and faces certain forclosure now. The home will be auctioned off if my 100% offer doesnt go thru for 100k or less to another bank leaving the seller 50k further in debt from his original 20k hit. Big banks will be Americas final blow to move the USA to 3rd world status.

[Car Guy]

From what everyone has told us Bank of America is the least willing to deal with short sales......

[Silver03SRT]

I dont know if this is a good option but could you refinance and do a interest only loan until you find someone to buy the house? It would make the payments reasonable and you wouldnt take a hit on the house. I heard of people doing that when they buy a second house and are trying to sell the first one. Just an idea may not be a good one.

[Exitspeed]

How are things going with this for you? Who are you listed with?

[GTSLOW]

Another personel experience, active right now:

I have 150k letter of aproval in my hand, I aproach a seller who wants 129k for there home and offer 129k, He says: "hell ya I'll take your 100% offer"

I forward the offer to his bank, tell them they dont need to do anything with utilities, they dont need to clean the mess, they need only sign the aproval within a month (oct 9th) and we will pay the full asking of 129k (a price previously agreed to by both parties.

So here we are on the 10th of Oct(over a month now), my realtor cant find anyone at Bank of America who gives a F, the poor seller is sitting at home pulling his hair out and faces certain forclosure now. The home will be auctioned off if my 100% offer doesnt go thru for 100k or less to another bank leaving the seller 50k further in debt from his original 20k hit. Big banks will be Americas final blow to move the USA to 3rd world status.


Wow that really sucks!!! Contact 6? :goof

[Exitspeed]

Wow that really sucks!!! Contact 6? :goof

Believe it or not this is standard practice right now because of the amount of homes they are dealing with. Contact 6 wold be swamped if everyone called in that is going through this situation.

[Car Guy]

How are things going with this for you? Who are you listed with?

We listed the house with Remax (agent Justin Hoffmann) mid-August and have only had three showing since then with no further action. The asking price started out at 167k and we are now down to 147k......

[y2kws6]

3 showings since august is actually pretty good. Any results from them?

[Car Guy]

Any results from them?

Other than positive feedback about the house, no......

[Exitspeed]

We listed the house with Remax (agent Justin Hoffmann) mid-August and have only had three showing since then with no further action. The asking price started out at 167k and we are now down to 147k......

I know the agent. The guy with the Vette. It's hard to say why you aren't getting more showings obviously with out looking at it or running a market. So I have no idea if the price he started you are was realistic or not. My wife generally gives people three numbers. The first number is the number you would like to get and if you have time for the house to sit but isn't all that realistic and generally a waste of time in this market. The second number is a more aggressive price that is more realistic but still a little high. And the third number is the real dollar amount that the house will probably sell for. And in a case of a foreclosure or short sale this is where you need to be since time is a factor. Typically she starts out higher and lets the seller know she will try that price for 2 weeks but if there is no activity then there needs to be a reduction.

Obviously there are so many factors. Condition of house. Location. Houses around you in foreclosure. She just sold a house in West Allis (closes this week) after the sellers wanted her to list it initially at an unrealistic price. They finally came to terms with the area and market and she sold the house right away once it was prices right. In that houses case there were tons of houses in foreclosure around it being in 'Stallis.

I'm sure Justin is doing everything he can as far as marketing etc. Today it's either you are priced right and you get showings and sell, or you sit.

Good luck.

[JC70SS]

We listed the house with Remax (agent Justin Hoffmann) mid-August and have only had three showing since then with no further action. The asking price started out at 167k and we are now down to 147k......

My parents problem too, but this is why.
1. Hot time is spring into Aug. My parents had a ton of showings, the very first week school started nothing, nothing, nothing.
2. people are not going to move in the winter. Closing in 90 days from this time puts you there. I have a feeling they will be in an oversized brookfield house until spring at least.

[Exitspeed]

My parents problem too, but this is why.
1. Hot time is spring into Aug. My parents had a ton of showings, the very first week school started nothing, nothing, nothing.
2. people are not going to move in the winter. Closing in 90 days from this time puts you there. I have a feeling they will be in an oversized brookfield house until spring at least.

Right now the hot time to sell was up until the end of the month. My wife has 4 closings this month because people are scrambling to close and get that $8k.

If the house was priced right it would have probably sold right now.

Now you'll have to wait til spring or another stimulus goes into effect.

[Russ Jerome]

Banks made record profits foreclosing last year, they write federaly backed loans off 100% of "owed debt".

Short sale they take a hit, better to foreclose on you and get the sure 100% than a 40% hit in short sale.

The Obama's people are offering incentives to banks to do short sales but its pennys on what they make foreclosing on blue collar workers. Keep in mind the people who caused this whole housing crusis are now federal employees in Obamas cabinet..........oops not a real smart move (see Michael Moores new movie).

[nismodave]

You have a link of the listing? Im lookin for a house.

[DirtyMax]

I took my dog for a walk the other day and I counted about 10 houses in my little neighborhood that were empty/abandoned, presumably foreclosed. The one right next door and the one right across the street are two that just sold HUD-style which I'm confident will assure that I will never get a favorable comp anytime soon, lol. This is surprising because the houses in my hood are $150K and south, not some phat houses with huge mortgages.

[JC70SS]

Right now the hot time to sell was up until the end of the month. My wife has 4 closings this month because people are scrambling to close and get that $8k.

If the house was priced right it would have probably sold right now.

Now you'll have to wait til spring or another stimulus goes into effect.

Probably 200K or cheaper first time buyer houses...right? People buying $300K+ house usually are not first timers.

[Exitspeed]

Probably 200K or cheaper first time buyer houses...right? People buying $300K+ house usually are not first timers.

Yep, that's the sweet spot right now. $250 and under.