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04-11-2013, 10:23 AM | #2 |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
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Forgive any spelling or grammar issues, I feel terrible today, antibiotics haven't gotten hold of anything yet.
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04-11-2013, 10:51 AM | #3 |
Ith Fuhtbawl Time
Join Date: Apr 2010
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If the house gets foreclosed upon offer way less than you did before to the same bank. Profit.
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04-11-2013, 10:58 AM | #4 |
Resident Glue Sniffer
Join Date: Nov 2003
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i'm probably wrong, but I thought on a foreclosure you couldn't even tour the house?
or maybe it was as-is; so if it didn't pass inspection etc, it would be on the buyer to fix. something like that.
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04-11-2013, 12:02 PM | #5 |
Supporter
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If anything, I would say it has been easier to close on short sales than in years past.
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04-11-2013, 12:02 PM | #6 |
Supporter
Join Date: Aug 2005
Casino cash: $4353539
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04-11-2013, 12:03 PM | #7 |
Supporter
Join Date: Aug 2005
Casino cash: $4353539
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The second part is true. They are as-is, so the buyer's only real recourse during the inspection period is just to cancel the contract. The bank won't fix anything.
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04-11-2013, 12:04 PM | #8 |
The Insider
Join Date: Jan 2004
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04-11-2013, 12:18 PM | #9 |
Court Jester
Join Date: Aug 2000
Location: Orlando
Casino cash: $1572400
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You can tour foreclosed properties as well as short sales. The majority of homes for sale here in Florida are either short sales or foreclosures and unless there is a ton of damage, most are going for list price or more. Many of the homes are being bought by investors since the house prices are so low. I am about to close on a foreclosure tomorrow(hopefully) but the banks and sellers agents are a pain in the ass, as well as the banks providing loans for the buyers.
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04-11-2013, 12:19 PM | #10 |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
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See that's what I thought. My realtor said that the last 3-6 months have been twice as hard to close short sales. She said she has dealt with hundreds over the lst 5 years, but recently she was only able to get a deal finalized on one of the 15 she has been working. She said lenders are being very difficult to deal with.
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04-11-2013, 12:21 PM | #11 | |
Supporter
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Casino cash: $4353539
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Quote:
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04-11-2013, 01:19 PM | #12 |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
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She told me that was has been happening to her, is that she submits her clients offers, and the bank looks at it for a couple weeks, and then passes it to someone else, and it keeps being passed around until nothing ever happens. She said its very common on short sales where there is a property with more than one mortgage. What is your experience?
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04-11-2013, 01:56 PM | #13 |
Politically Incorrect
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With the real estate market turning around quickly in most areas, short sales are far less appealing and are moving slower than shit because sellers are suddenly getting the upper hand.
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04-11-2013, 01:58 PM | #14 |
Veteran
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If the sellers are not actively returning calls from your realtor than the offer is insufficient and the realtor knows the banks will not agree on the price.
I recently sold a short and the banks are the WORST. It takes a very proactive realtor constantly pinging them on a daily basis to make it happen. Good Luck! |
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04-11-2013, 02:19 PM | #15 |
Veteran
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I had an offer agreed upon with the seller on a short sale for 4 months. This was during the 8k tax credit for 1st time home buyers. Unfortunately, the deadline was approaching and my Realtor kept checking with the bank to approve it but after 4 months, they hadn't even looked at it.
We moved on and I found a house and closed on it within 3 weeks or so. |
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