how one can take advantage to buy house from short sale?
as Timothy geythner declared they going to force banks to do short sales to get rid of houses instead of going to foreclosure what kind of situation is there to purchase single house in florida how long it takes now for the procedure and whom do you go to buy those houses.Thanks.
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March 18th, 2010 at 4:25 pm
Don’t get too excited about short sales. You will be paying current market price. It’s called a short sale because the price the bank can sell for is less than the amount owed on the mortgage.
You’ll get a good deal, but not as good as you might think from listening to the informercials.
March 20th, 2010 at 8:50 am
Short sales can be complex and wear on the patience of Job. Lenders obtain BPO’s and appraisals for their properties, so you won’t buy them for less than 85% of that value. The ones that don’t sell at short sale will go into foreclosure and then the lender will market them that way.
March 23rd, 2010 at 1:56 pm
You indeed will be able to take advantage. I am a full time real estate investor and actively work the foreclosure market. Over the past 3 months I have seen a sharp rise in banks willing to take larger and larger discounts on the mortgages they hold. It is in their best interest because they are costing themselves over 50K on the average loan in my market because of attorney fees, eviction fees, trash outs, more attorney fees, auction fees, holding costs, etc. You need to show a bank how much better it will be for them to take your low offer now rather than getting that same amount 90 days from now when they have incurred 50K+ in fees. You might want to take a look at bank owned properties if you are looking for an easy to find deal. THey are usually listed by Realtors and their asking price is usually well below market. Either way you cant go wrong but be prepared to have some patience, because banks are not the most rational organizations you will ever deal with.
Good Luck and Happy Hunting
March 26th, 2010 at 9:31 pm
find a good local agent to work with that specializes in short sales. if they are not currently working on at least 10 do not work with them. I am in Tampa and have a team of agents that work them for me.
with the right team you can get them done in under a month, i have heard many horror stories of short sales taking more than 6 months so again, find a great agent/broker that is great at short sales and you will win.
if the government would leave the housing market alone, we could reach the bottom faster and start to rebound. by forcing the change, they are extending the amount of time that the market will take to correct itself.