Short Sale – Is it worth it?

[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.

[4plexowner]

not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

~

can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?

[4plexowner]

not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

~

can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?

[4plexowner]

not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

~

can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?

[4plexowner]

not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

~

can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?

[4plexowner]

not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

~

can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?

[sdduuuude]

Just have to be paitient. I’d say it is worth it. There seem to be alot of active buyers, yet buyers avoid short sales. So, if you are in the short sale market, there is likely less competition.

My parents closed a short sale a couple months ago. It was about 5 months months from offer to acceptance, and another long month to close.

Only thing to be careful about is the 5 month price drop.

I think you can put offers in on multiple short sales at the same time, so that helps (as a realtor about that one).

[sdduuuude]

Just have to be paitient. I’d say it is worth it. There seem to be alot of active buyers, yet buyers avoid short sales. So, if you are in the short sale market, there is likely less competition.

My parents closed a short sale a couple months ago. It was about 5 months months from offer to acceptance, and another long month to close.

Only thing to be careful about is the 5 month price drop.

I think you can put offers in on multiple short sales at the same time, so that helps (as a realtor about that one).

[sdduuuude]

Just have to be paitient. I’d say it is worth it. There seem to be alot of active buyers, yet buyers avoid short sales. So, if you are in the short sale market, there is likely less competition.

My parents closed a short sale a couple months ago. It was about 5 months months from offer to acceptance, and another long month to close.

Only thing to be careful about is the 5 month price drop.

I think you can put offers in on multiple short sales at the same time, so that helps (as a realtor about that one).

[sdduuuude]

Just have to be paitient. I’d say it is worth it. There seem to be alot of active buyers, yet buyers avoid short sales. So, if you are in the short sale market, there is likely less competition.

My parents closed a short sale a couple months ago. It was about 5 months months from offer to acceptance, and another long month to close.

Only thing to be careful about is the 5 month price drop.

I think you can put offers in on multiple short sales at the same time, so that helps (as a realtor about that one).

[sdduuuude]

Just have to be paitient. I’d say it is worth it. There seem to be alot of active buyers, yet buyers avoid short sales. So, if you are in the short sale market, there is likely less competition.

My parents closed a short sale a couple months ago. It was about 5 months months from offer to acceptance, and another long month to close.

Only thing to be careful about is the 5 month price drop.

I think you can put offers in on multiple short sales at the same time, so that helps (as a realtor about that one).

[Author]

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