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  • Author
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  • February 23, 2009 at 11:24 PM #15147
    aa
    Participant

    Just got news that landlord is seeking short sale the house. What the chance is that we buy this house? We know this is not the house we wanted. but if we can buy this house in low price we do not need to move. Latter on if we find the right house we can keep this one as a renter. Have you seen anyone done that?

    Thanks

    February 24, 2009 at 9:52 AM #353291
    DataAgent
    Participant

    If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.

    February 24, 2009 at 9:52 AM #353601
    DataAgent
    Participant

    If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.

    February 24, 2009 at 9:52 AM #353736
    DataAgent
    Participant

    If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.

    February 24, 2009 at 9:52 AM #353767
    DataAgent
    Participant

    If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.

    February 24, 2009 at 9:52 AM #353871
    DataAgent
    Participant

    If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.

    February 24, 2009 at 11:31 AM #353517
    urbanrealtor
    Participant

    [quote=DataAgent]If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.
    [/quote]

    I would recommend calling an agent who can show an established record of closing short sales.

    THe above post is correct that you really might be the perfect buyers on this short.

    The attorney route can get both pricey and inaccurate. I have found a lot of atty’s do best as litigators and not so good as straight counselors. That would be different in re attorney states (eg: NY, NJ) but here that money is best spent elsewhere.

    If you want free info, you can ask me or sdr here.

    We both handle lots of these (by the way sdr, nice to finally meet you). I am teaching a seminar on buying shorts thursday eve. Its really about counsel and persistence rather than magic.

    February 24, 2009 at 11:31 AM #353830
    urbanrealtor
    Participant

    [quote=DataAgent]If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.
    [/quote]

    I would recommend calling an agent who can show an established record of closing short sales.

    THe above post is correct that you really might be the perfect buyers on this short.

    The attorney route can get both pricey and inaccurate. I have found a lot of atty’s do best as litigators and not so good as straight counselors. That would be different in re attorney states (eg: NY, NJ) but here that money is best spent elsewhere.

    If you want free info, you can ask me or sdr here.

    We both handle lots of these (by the way sdr, nice to finally meet you). I am teaching a seminar on buying shorts thursday eve. Its really about counsel and persistence rather than magic.

    February 24, 2009 at 11:31 AM #354096
    urbanrealtor
    Participant

    [quote=DataAgent]If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.
    [/quote]

    I would recommend calling an agent who can show an established record of closing short sales.

    THe above post is correct that you really might be the perfect buyers on this short.

    The attorney route can get both pricey and inaccurate. I have found a lot of atty’s do best as litigators and not so good as straight counselors. That would be different in re attorney states (eg: NY, NJ) but here that money is best spent elsewhere.

    If you want free info, you can ask me or sdr here.

    We both handle lots of these (by the way sdr, nice to finally meet you). I am teaching a seminar on buying shorts thursday eve. Its really about counsel and persistence rather than magic.

    February 24, 2009 at 11:31 AM #353992
    urbanrealtor
    Participant

    [quote=DataAgent]If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.
    [/quote]

    I would recommend calling an agent who can show an established record of closing short sales.

    THe above post is correct that you really might be the perfect buyers on this short.

    The attorney route can get both pricey and inaccurate. I have found a lot of atty’s do best as litigators and not so good as straight counselors. That would be different in re attorney states (eg: NY, NJ) but here that money is best spent elsewhere.

    If you want free info, you can ask me or sdr here.

    We both handle lots of these (by the way sdr, nice to finally meet you). I am teaching a seminar on buying shorts thursday eve. Its really about counsel and persistence rather than magic.

    February 24, 2009 at 11:31 AM #353963
    urbanrealtor
    Participant

    [quote=DataAgent]If you like the house and the price, you may be the perfect short sale buyer. Depending on the lender, short sales can take months and be a roller-coaster ride while you’re waiting. I’d get good 3rd party advice. Maybe hire a real estate attorney to look over your deal. There’s always the possibility the lender forecloses and you end up with an eviction notice.
    [/quote]

    I would recommend calling an agent who can show an established record of closing short sales.

    THe above post is correct that you really might be the perfect buyers on this short.

    The attorney route can get both pricey and inaccurate. I have found a lot of atty’s do best as litigators and not so good as straight counselors. That would be different in re attorney states (eg: NY, NJ) but here that money is best spent elsewhere.

    If you want free info, you can ask me or sdr here.

    We both handle lots of these (by the way sdr, nice to finally meet you). I am teaching a seminar on buying shorts thursday eve. Its really about counsel and persistence rather than magic.

    February 24, 2009 at 11:55 AM #354018
    SD Realtor
    Participant

    My advice is 100% contrary to the others.

    Your post said the following,

    “We know this is not the house we wanted. but if we can buy this house in low price we do not need to move. Latter on if we find the right house we can keep this one as a renter.”

    So why, why why why would you buy a house that you don’t want? What happens if you buy it and there are some future circumstances that dictate you having to stay there? Look I know moving sucks, I have had to do it 3 times in 4 years. With our kids and dogs and houseload of crap it is a very large undertaking. Finding a rental that will take our pets has been much more then challenging.

    However I can find no compelling reason to purchase a home that you really are not in love with. Don’t be a slave to instant gratification. I will tell you 100% right now that making a purchase of a home simply because you want to avoid a move is a recipe for regret down the road. Furthermore, those with aspirations of being able to buy now, convert to a rental and buy later are possibly rolling the dice. The lending standards are in a state of flux and if you think you will be able to apply 100% of the rental income on that home to your application you may be dead wrong.

    Look, if you wanna buy a house buy a house. Shop around, compare, get what works for you, get what you think will be a residence that you will be happy to live in for a long time. Get what you can afford. I am sorry for harping on you but buy a house for the right reasons, not because moving is a pain in the ass.

    Now if you look around and cannot find something then so be it. Maybe you will fall in love with the home. You can find yourself an agent to represent you or you can approach the owner and ask him to contact his listing agent, (which I do not recommend) but it is an option. It may give you an inside track, which is unethical, but I am working on reality, not theoreticals here.

    Anyways, my advice would be to go through the purchase process, or possible purchase process in a more comprehensive manner, if you are going to do it at all.

    One final word… we are not near the bottom yet for many areas. The location of the home has some bearing on how far off we are from the bottom.

    February 24, 2009 at 11:55 AM #354152
    SD Realtor
    Participant

    My advice is 100% contrary to the others.

    Your post said the following,

    “We know this is not the house we wanted. but if we can buy this house in low price we do not need to move. Latter on if we find the right house we can keep this one as a renter.”

    So why, why why why would you buy a house that you don’t want? What happens if you buy it and there are some future circumstances that dictate you having to stay there? Look I know moving sucks, I have had to do it 3 times in 4 years. With our kids and dogs and houseload of crap it is a very large undertaking. Finding a rental that will take our pets has been much more then challenging.

    However I can find no compelling reason to purchase a home that you really are not in love with. Don’t be a slave to instant gratification. I will tell you 100% right now that making a purchase of a home simply because you want to avoid a move is a recipe for regret down the road. Furthermore, those with aspirations of being able to buy now, convert to a rental and buy later are possibly rolling the dice. The lending standards are in a state of flux and if you think you will be able to apply 100% of the rental income on that home to your application you may be dead wrong.

    Look, if you wanna buy a house buy a house. Shop around, compare, get what works for you, get what you think will be a residence that you will be happy to live in for a long time. Get what you can afford. I am sorry for harping on you but buy a house for the right reasons, not because moving is a pain in the ass.

    Now if you look around and cannot find something then so be it. Maybe you will fall in love with the home. You can find yourself an agent to represent you or you can approach the owner and ask him to contact his listing agent, (which I do not recommend) but it is an option. It may give you an inside track, which is unethical, but I am working on reality, not theoreticals here.

    Anyways, my advice would be to go through the purchase process, or possible purchase process in a more comprehensive manner, if you are going to do it at all.

    One final word… we are not near the bottom yet for many areas. The location of the home has some bearing on how far off we are from the bottom.

    February 24, 2009 at 11:55 AM #354047
    SD Realtor
    Participant

    My advice is 100% contrary to the others.

    Your post said the following,

    “We know this is not the house we wanted. but if we can buy this house in low price we do not need to move. Latter on if we find the right house we can keep this one as a renter.”

    So why, why why why would you buy a house that you don’t want? What happens if you buy it and there are some future circumstances that dictate you having to stay there? Look I know moving sucks, I have had to do it 3 times in 4 years. With our kids and dogs and houseload of crap it is a very large undertaking. Finding a rental that will take our pets has been much more then challenging.

    However I can find no compelling reason to purchase a home that you really are not in love with. Don’t be a slave to instant gratification. I will tell you 100% right now that making a purchase of a home simply because you want to avoid a move is a recipe for regret down the road. Furthermore, those with aspirations of being able to buy now, convert to a rental and buy later are possibly rolling the dice. The lending standards are in a state of flux and if you think you will be able to apply 100% of the rental income on that home to your application you may be dead wrong.

    Look, if you wanna buy a house buy a house. Shop around, compare, get what works for you, get what you think will be a residence that you will be happy to live in for a long time. Get what you can afford. I am sorry for harping on you but buy a house for the right reasons, not because moving is a pain in the ass.

    Now if you look around and cannot find something then so be it. Maybe you will fall in love with the home. You can find yourself an agent to represent you or you can approach the owner and ask him to contact his listing agent, (which I do not recommend) but it is an option. It may give you an inside track, which is unethical, but I am working on reality, not theoreticals here.

    Anyways, my advice would be to go through the purchase process, or possible purchase process in a more comprehensive manner, if you are going to do it at all.

    One final word… we are not near the bottom yet for many areas. The location of the home has some bearing on how far off we are from the bottom.

    February 24, 2009 at 11:55 AM #353572
    SD Realtor
    Participant

    My advice is 100% contrary to the others.

    Your post said the following,

    “We know this is not the house we wanted. but if we can buy this house in low price we do not need to move. Latter on if we find the right house we can keep this one as a renter.”

    So why, why why why would you buy a house that you don’t want? What happens if you buy it and there are some future circumstances that dictate you having to stay there? Look I know moving sucks, I have had to do it 3 times in 4 years. With our kids and dogs and houseload of crap it is a very large undertaking. Finding a rental that will take our pets has been much more then challenging.

    However I can find no compelling reason to purchase a home that you really are not in love with. Don’t be a slave to instant gratification. I will tell you 100% right now that making a purchase of a home simply because you want to avoid a move is a recipe for regret down the road. Furthermore, those with aspirations of being able to buy now, convert to a rental and buy later are possibly rolling the dice. The lending standards are in a state of flux and if you think you will be able to apply 100% of the rental income on that home to your application you may be dead wrong.

    Look, if you wanna buy a house buy a house. Shop around, compare, get what works for you, get what you think will be a residence that you will be happy to live in for a long time. Get what you can afford. I am sorry for harping on you but buy a house for the right reasons, not because moving is a pain in the ass.

    Now if you look around and cannot find something then so be it. Maybe you will fall in love with the home. You can find yourself an agent to represent you or you can approach the owner and ask him to contact his listing agent, (which I do not recommend) but it is an option. It may give you an inside track, which is unethical, but I am working on reality, not theoreticals here.

    Anyways, my advice would be to go through the purchase process, or possible purchase process in a more comprehensive manner, if you are going to do it at all.

    One final word… we are not near the bottom yet for many areas. The location of the home has some bearing on how far off we are from the bottom.

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