Short sale question

[Bobby J]

Thanks!

I'd be buying vacant land, not a house, so that makes it a little less complicated w/ repairs etc.

Then all you need is patience. You have better luck if it is a local lender. Good luck and if you need a short sale checklist, holler!

 

[Beaudroix]

I would like to share my Short Sale numbers with you all. I owe $335,000 on my house and these are the following offers so far.

1) $180,000 - denied
2) $190,000 - denied
3) $250,000 - cash offer - accepted by the bank but could not make buyers time line of two weeks as he did not understand how long this process takes so he withdrew his offer.
4) have two more offers coming in this week

When the banks deny, that is it - no counter offer so all you can do is hope for another offer and eventually you can figure out their magic number.

 

[waterst1]

Thanks for sharing those numbers.

 

[scooterbug44]

I would like to share my Short Sale numbers with you all. I owe $335,000 on my house and these are the following offers so far.

1) $180,000 - denied
2) $190,000 - denied
3) $250,000 - cash offer - accepted by the bank but could not make buyers time line of two weeks as he did not understand how long this process takes so he withdrew his offer.
4) have two more offers coming in this week

When the banks deny, that is it - no counter offer so all you can do is hope for another offer and eventually you can figure out their magic number.

May I ask what the list price was?

 

[Bobby J]

I would like to share my Short Sale numbers with you all. I owe $335,000 on my house and these are the following offers so far.

1) $180,000 - denied
2) $190,000 - denied
3) $250,000 - cash offer - accepted by the bank but could not make buyers time line of two weeks as he did not understand how long this process takes so he withdrew his offer.
4) have two more offers coming in this week

When the banks deny, that is it - no counter offer so all you can do is hope for another offer and eventually you can figure out their magic number.

Every bank is different. We had the first one tell us what they could take.

 

[Beaudroix]

May I ask what the list price was?

$369,000

 

[CiaoBella]

When a listing is "short sale w/ bank approval" does that mean the owner is not making payments or is not making the whole payment? How long can a home be advertised as a short sale?

 

[Smiling JOe]

Typically, the owner has to be deficient in payments for 90days, before the lender will agree to a short sale. Currently, there are no rules associated with the length of time a home can be advertised as a short-sale.