Home › Forums › Closed Forums › Buying and Selling RE › Definition of a Short Sale?
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SD Realtor.
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August 4, 2009 at 2:56 PM #440877August 4, 2009 at 4:35 PM #441508
urbanrealtor
Participant[quote=teaboy]Thanks again UR.
Awesome. Bought in 1989 for $200k, sold 20 years later for 3 times the price at a loss of $200k. Only in America.Where the #$%& did $600k go? That’s $30k/year. I hope they blew it on something worthwhile like coke and hookers and not a new vw jetta…
Curiously, tho, the MLS remarks read “Not a short sale”. Is that perhaps a case of self-delusion?
TB[/quote]
Not necessarily.
It is possible that the seller has funds to bring in and close the escrow.
I have dealt with those before.
Usually more common in investment properties.
Dude has lots of liquid funds and is willing to pay out to save his credit.
August 4, 2009 at 4:35 PM #441336Participant[quote=teaboy]Thanks again UR.
Awesome. Bought in 1989 for $200k, sold 20 years later for 3 times the price at a loss of $200k. Only in America.Where the #$%& did $600k go? That’s $30k/year. I hope they blew it on something worthwhile like coke and hookers and not a new vw jetta…
Curiously, tho, the MLS remarks read “Not a short sale”. Is that perhaps a case of self-delusion?
TB[/quote]
Not necessarily.
It is possible that the seller has funds to bring in and close the escrow.
I have dealt with those before.
Usually more common in investment properties.
Dude has lots of liquid funds and is willing to pay out to save his credit.
August 4, 2009 at 4:35 PM #441265Participant[quote=teaboy]Thanks again UR.
Awesome. Bought in 1989 for $200k, sold 20 years later for 3 times the price at a loss of $200k. Only in America.Where the #$%& did $600k go? That’s $30k/year. I hope they blew it on something worthwhile like coke and hookers and not a new vw jetta…
Curiously, tho, the MLS remarks read “Not a short sale”. Is that perhaps a case of self-delusion?
TB[/quote]
Not necessarily.
It is possible that the seller has funds to bring in and close the escrow.
I have dealt with those before.
Usually more common in investment properties.
Dude has lots of liquid funds and is willing to pay out to save his credit.
August 4, 2009 at 4:35 PM #440733Participant[quote=teaboy]Thanks again UR.
Awesome. Bought in 1989 for $200k, sold 20 years later for 3 times the price at a loss of $200k. Only in America.Where the #$%& did $600k go? That’s $30k/year. I hope they blew it on something worthwhile like coke and hookers and not a new vw jetta…
Curiously, tho, the MLS remarks read “Not a short sale”. Is that perhaps a case of self-delusion?
TB[/quote]
Not necessarily.
It is possible that the seller has funds to bring in and close the escrow.
I have dealt with those before.
Usually more common in investment properties.
Dude has lots of liquid funds and is willing to pay out to save his credit.
August 4, 2009 at 4:35 PM #440932Participant[quote=teaboy]Thanks again UR.
Awesome. Bought in 1989 for $200k, sold 20 years later for 3 times the price at a loss of $200k. Only in America.Where the #$%& did $600k go? That’s $30k/year. I hope they blew it on something worthwhile like coke and hookers and not a new vw jetta…
Curiously, tho, the MLS remarks read “Not a short sale”. Is that perhaps a case of self-delusion?
TB[/quote]
Not necessarily.
It is possible that the seller has funds to bring in and close the escrow.
I have dealt with those before.
Usually more common in investment properties.
Dude has lots of liquid funds and is willing to pay out to save his credit.
August 4, 2009 at 5:02 PM #441295AK
ParticipantWhy would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?
August 4, 2009 at 5:02 PM #441366ParticipantWhy would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?
August 4, 2009 at 5:02 PM #441538ParticipantWhy would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?
August 4, 2009 at 5:02 PM #440763ParticipantWhy would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?
August 4, 2009 at 5:02 PM #440962ParticipantWhy would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?
August 4, 2009 at 10:11 PM #441607Participant[quote=AK]Why would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?[/quote]
No that’s pretty much why.
Once you cover 5% of the second, you can be pretty sure that the second will eat the rest.
In this case they would get more than 10 percent.
However the listing implies that the seller will show up with funds to close the deal (thus making this analysis largely irrelevant).
August 4, 2009 at 10:11 PM #441365Participant[quote=AK]Why would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?[/quote]
No that’s pretty much why.
Once you cover 5% of the second, you can be pretty sure that the second will eat the rest.
In this case they would get more than 10 percent.
However the listing implies that the seller will show up with funds to close the deal (thus making this analysis largely irrelevant).
August 4, 2009 at 10:11 PM #440833Participant[quote=AK]Why would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?[/quote]
No that’s pretty much why.
Once you cover 5% of the second, you can be pretty sure that the second will eat the rest.
In this case they would get more than 10 percent.
However the listing implies that the seller will show up with funds to close the deal (thus making this analysis largely irrelevant).
August 4, 2009 at 10:11 PM #441032Participant[quote=AK]Why would it be an easy short sale, UR? Because there’s enough equity to cover the first with a little bit left over for the second? Or for some other reason?[/quote]
No that’s pretty much why.
Once you cover 5% of the second, you can be pretty sure that the second will eat the rest.
In this case they would get more than 10 percent.
However the listing implies that the seller will show up with funds to close the deal (thus making this analysis largely irrelevant).
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