Short Sale – Is it worth it?

[strawberryfields]

What is the story with short sales? Are the houses listed as “short sales” really on the market for purchase or is the whole process just a way to buy time while a loan modification is worked out?

I’m interested in going to look at a house that recently came on the market as a short sale but my realtor is making it sound almost pointless. I’m aware that the banks are slow to act but that doesn’t bother me. We’re in no big rush to buy. What does concern me is that we could be just spinning our wheels while the bank and owner use the time to come up with a loan modification. I’d hate to waste my time all together…

The particular property that I’m interested in doesn’t have a lockbox on the door or for sale sign posted. Given it was only just listed within the last couple of days but it leads me to wonder whether the property is actually for sale or if it’s all just a way to buy time to work out a loan modification.

Your insight is greatly appreciated!

[pepsi]

We 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.)

[pepsi]

We 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.)

[pepsi]

We 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.)

[pepsi]

We 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.)

[pepsi]

We 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.)

[jpinpb]

It 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.

[jpinpb]

It 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.

[jpinpb]

It 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.

[jpinpb]

It 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.

[jpinpb]

It 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.

[SD Realtor]

Yes 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.

[SD Realtor]

Yes 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.

[SD Realtor]

Yes 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.

[SD Realtor]

Yes 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.

[Author]

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