Home › Forums › Closed Forums › Buying and Selling RE › Short Sale – Is it worth it?
- This topic has 25 replies, 6 voices, and was last updated 15 years, 8 months ago by
sdduuuude.
-
AuthorPosts
-
May 31, 2009 at 7:41 PM #15790May 31, 2009 at 8:04 PM #408004
pepsi
ParticipantWe just submitted an offer for a short sale. It was on the market for over 200 days and this is the 2nd time. The first buyer decided not to close after 2 months of waiting (bank did approve the short sale). The listing agent lower the price again this time, and they got 8-15 offers, according to our agent.
So, I would say, if this short sale just went on market for a few days, don’t hold your breath. (And it is unlikely still a smoking deal when the bank approves.)
May 31, 2009 at 8:04 PM #408698pepsi
ParticipantWe just submitted an offer for a short sale. It was on the market for over 200 days and this is the 2nd time. The first buyer decided not to close after 2 months of waiting (bank did approve the short sale). The listing agent lower the price again this time, and they got 8-15 offers, according to our agent.
So, I would say, if this short sale just went on market for a few days, don’t hold your breath. (And it is unlikely still a smoking deal when the bank approves.)
May 31, 2009 at 8:04 PM #408244pepsi
ParticipantWe just submitted an offer for a short sale. It was on the market for over 200 days and this is the 2nd time. The first buyer decided not to close after 2 months of waiting (bank did approve the short sale). The listing agent lower the price again this time, and they got 8-15 offers, according to our agent.
So, I would say, if this short sale just went on market for a few days, don’t hold your breath. (And it is unlikely still a smoking deal when the bank approves.)
May 31, 2009 at 8:04 PM #408549pepsi
ParticipantWe just submitted an offer for a short sale. It was on the market for over 200 days and this is the 2nd time. The first buyer decided not to close after 2 months of waiting (bank did approve the short sale). The listing agent lower the price again this time, and they got 8-15 offers, according to our agent.
So, I would say, if this short sale just went on market for a few days, don’t hold your breath. (And it is unlikely still a smoking deal when the bank approves.)
May 31, 2009 at 8:04 PM #408488pepsi
ParticipantWe just submitted an offer for a short sale. It was on the market for over 200 days and this is the 2nd time. The first buyer decided not to close after 2 months of waiting (bank did approve the short sale). The listing agent lower the price again this time, and they got 8-15 offers, according to our agent.
So, I would say, if this short sale just went on market for a few days, don’t hold your breath. (And it is unlikely still a smoking deal when the bank approves.)
May 31, 2009 at 8:15 PM #408564jpinpb
ParticipantIt does take a very long time, but I have seen some short sales go through quicker lately, though usually it is a drawn out process. Mostly b/c by the time the bank agrees at a price, the people who made the offer found another place, changed their mind, etc, etc.
3739 Balboa Terrace was trying to sell since May of last year. They got a NOD in July of ’08. It was on and off the market, pending, back on as foreclosure kept being postponed and price was continuing to get reduced. It finally closed last month.
May 31, 2009 at 8:15 PM #408713jpinpb
ParticipantIt does take a very long time, but I have seen some short sales go through quicker lately, though usually it is a drawn out process. Mostly b/c by the time the bank agrees at a price, the people who made the offer found another place, changed their mind, etc, etc.
3739 Balboa Terrace was trying to sell since May of last year. They got a NOD in July of ’08. It was on and off the market, pending, back on as foreclosure kept being postponed and price was continuing to get reduced. It finally closed last month.
May 31, 2009 at 8:15 PM #408503jpinpb
ParticipantIt does take a very long time, but I have seen some short sales go through quicker lately, though usually it is a drawn out process. Mostly b/c by the time the bank agrees at a price, the people who made the offer found another place, changed their mind, etc, etc.
3739 Balboa Terrace was trying to sell since May of last year. They got a NOD in July of ’08. It was on and off the market, pending, back on as foreclosure kept being postponed and price was continuing to get reduced. It finally closed last month.
May 31, 2009 at 8:15 PM #408259jpinpb
ParticipantIt does take a very long time, but I have seen some short sales go through quicker lately, though usually it is a drawn out process. Mostly b/c by the time the bank agrees at a price, the people who made the offer found another place, changed their mind, etc, etc.
3739 Balboa Terrace was trying to sell since May of last year. They got a NOD in July of ’08. It was on and off the market, pending, back on as foreclosure kept being postponed and price was continuing to get reduced. It finally closed last month.
May 31, 2009 at 8:15 PM #408019jpinpb
ParticipantIt does take a very long time, but I have seen some short sales go through quicker lately, though usually it is a drawn out process. Mostly b/c by the time the bank agrees at a price, the people who made the offer found another place, changed their mind, etc, etc.
3739 Balboa Terrace was trying to sell since May of last year. They got a NOD in July of ’08. It was on and off the market, pending, back on as foreclosure kept being postponed and price was continuing to get reduced. It finally closed last month.
May 31, 2009 at 9:04 PM #408324SD Realtor
ParticipantYes they are worth it but you have to be patient and do not get emotionally vested. Fire and forget and move on to the next home. If your realtor thinks it is pointless then that should tell you something about your realtor.
Yes short sales are frustrating and yes sometimes the seller gets a loan mod done in the middle of the short sale. However it costs you no money so why shouldn’t you try it.
Think about it this way, if they do not get a loan mod then somebody will get the home. Also if you are not goign to make offers on homes that are NOT short sales then that reduces your selection in an already ridiculous market.
May 31, 2009 at 9:04 PM #408568SD Realtor
ParticipantYes they are worth it but you have to be patient and do not get emotionally vested. Fire and forget and move on to the next home. If your realtor thinks it is pointless then that should tell you something about your realtor.
Yes short sales are frustrating and yes sometimes the seller gets a loan mod done in the middle of the short sale. However it costs you no money so why shouldn’t you try it.
Think about it this way, if they do not get a loan mod then somebody will get the home. Also if you are not goign to make offers on homes that are NOT short sales then that reduces your selection in an already ridiculous market.
May 31, 2009 at 9:04 PM #408631SD Realtor
ParticipantYes they are worth it but you have to be patient and do not get emotionally vested. Fire and forget and move on to the next home. If your realtor thinks it is pointless then that should tell you something about your realtor.
Yes short sales are frustrating and yes sometimes the seller gets a loan mod done in the middle of the short sale. However it costs you no money so why shouldn’t you try it.
Think about it this way, if they do not get a loan mod then somebody will get the home. Also if you are not goign to make offers on homes that are NOT short sales then that reduces your selection in an already ridiculous market.
May 31, 2009 at 9:04 PM #408086SD Realtor
ParticipantYes they are worth it but you have to be patient and do not get emotionally vested. Fire and forget and move on to the next home. If your realtor thinks it is pointless then that should tell you something about your realtor.
Yes short sales are frustrating and yes sometimes the seller gets a loan mod done in the middle of the short sale. However it costs you no money so why shouldn’t you try it.
Think about it this way, if they do not get a loan mod then somebody will get the home. Also if you are not goign to make offers on homes that are NOT short sales then that reduces your selection in an already ridiculous market.
-
AuthorPosts
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.