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Are we mad????

Are we mad????

Old Mar 26th 2012, 12:59 am
  #16  
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Default Re: Are we mad????

Originally Posted by janeth8711
That's right Ian, this home has 2 mortgages on it so they both have to agree. which is why its perfect for us as were in no great rush. Our realtor got back to me today too. The price has been reduced yey

Janet
Short sales are fascinating and we're doing a few at the moment (as buyers).

The question is where the short sale is right now - is it bank approved or is the seller fishing for an offer to approach the bank (or somewhere in between).

A fast short sale would be bank approved - eg the owner has run up the white flag of desperation to the bank, has filled out the hardship paperwork (eg our finances are totally shot), and the bank has approved an amount they will accept.

A slow sale is where no flag has been raised by the home owner to the bank yet, and that they will approach the bank when they have a confirmed offer. A confirmed offer is a cash offer most times.

Generally no bank will be interested in any offer that involves refinancing either. But I don't that will be a problem with what you've said.

The question of how agreeable the bank will be is - meh. A foreclosure will cost the bank even more in fees alone (think $5-20k) so that's the incentive they have to do the short sale before it gets to foreclosure. Foreclosure is a huge amount of hassle for them.

The question you need to ask your realtor is whether the sale is bank approved at this stage, then you can plan on timescale.

For an idea of our time scales, we've had a foreclosure from offer to closing of just over 1 month, a pre-approved bank short sale of 6 weeks (to closing), an unapproved bank short sale of 4 months and another at 3 months. (The 4 month one gets resolved either way in the coming week - and then it'll be 4 weeks for closing, and the 3 month one is closing in 2 weeks now). We also have a final property that should trump the lot with offer to closing of 4 weeks but that was a foreclosure.

Finally, I hope you have a buyers realtor working on your behalf as well. Be warned that if you are dealing with the listing buyer, then they only have the interests of the seller at heart. For the buyer with no buyers realtor it's more or less buyer beware.

Last edited by tinman0; Mar 26th 2012 at 1:02 am.
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