Shortsale Strategy Help!

[GoUSC]

Hi everyone! My fiancee and I made an offer on a house today. Our offer was about 15% below the asking price. I told our broker to tell them when we submitted our offer that we would be willing to do a short sale with them if that’s what it took.

Well my intuition was correct and is turns out their asking price is basically the minimum they need to break even. The sellers were going to decide this week if they wanted to go down the short sale road (versus foreclosure I think…they cannot continue making their payments based on what the feedback we got…although they are not late on their payments. They have also not been able to negotiate with the bank even though they have been trying to).

My question is what is a good strategy if we do indeed go into a short sale structure. We really like the house and the location and are willing to go through the process. However we are not willing to overpay just to have this house…emotions are not involved.

Any help you guys can provide would be appreciated!!!

[jpinpb]

Please forgive me for asking you something that may not assist you in your post, but I am very curious how you made an offer of 15% less in the spring where properties are going pending everywhere.

If they go short sale, are they going to list it as short sale or just do the short sale w/you?

[jpinpb]

Please forgive me for asking you something that may not assist you in your post, but I am very curious how you made an offer of 15% less in the spring where properties are going pending everywhere.

If they go short sale, are they going to list it as short sale or just do the short sale w/you?

[jpinpb]

Please forgive me for asking you something that may not assist you in your post, but I am very curious how you made an offer of 15% less in the spring where properties are going pending everywhere.

If they go short sale, are they going to list it as short sale or just do the short sale w/you?

[jpinpb]

Please forgive me for asking you something that may not assist you in your post, but I am very curious how you made an offer of 15% less in the spring where properties are going pending everywhere.

If they go short sale, are they going to list it as short sale or just do the short sale w/you?

[jpinpb]

Please forgive me for asking you something that may not assist you in your post, but I am very curious how you made an offer of 15% less in the spring where properties are going pending everywhere.

If they go short sale, are they going to list it as short sale or just do the short sale w/you?

[GoUSC]

Because their asking price was not based on the market but on what they needed to pay their loan off and brokerage fees.

Regarding the short sale process I am hoping for #2.

[GoUSC]

Because their asking price was not based on the market but on what they needed to pay their loan off and brokerage fees.

Regarding the short sale process I am hoping for #2.

[GoUSC]

Because their asking price was not based on the market but on what they needed to pay their loan off and brokerage fees.

Regarding the short sale process I am hoping for #2.

[GoUSC]

Because their asking price was not based on the market but on what they needed to pay their loan off and brokerage fees.

Regarding the short sale process I am hoping for #2.

[GoUSC]

Because their asking price was not based on the market but on what they needed to pay their loan off and brokerage fees.

Regarding the short sale process I am hoping for #2.

[temeculaguy]

In order for the bank to approve a short sale, a few things need to happen. The most important one for you is that it needs to be listed to the public at the lower price. The bank wont to a backdoor short, menaing that you and only you have the opportunity to bid at the lower price.

If they do a short, then a BPO (somewhat of an appraisal) is done, a price is determined, it gets listed, offers come in, the highest net offer is selected and then maybe they will take it. But backdoor shorts are somewhat forbidden, if they weren’t, people would sell short to each other or to their friends or just play, let’s trade houses for half price. It would be the swingers equivalent of real estate, except swapping houses instead of wives, actually I think I’m onto something, what if the wife stays with the house, I think I’ve got the next hit reality tv show “the desperate short sale housewives,” It could work, I’ve seen worse.

[temeculaguy]

In order for the bank to approve a short sale, a few things need to happen. The most important one for you is that it needs to be listed to the public at the lower price. The bank wont to a backdoor short, menaing that you and only you have the opportunity to bid at the lower price.

If they do a short, then a BPO (somewhat of an appraisal) is done, a price is determined, it gets listed, offers come in, the highest net offer is selected and then maybe they will take it. But backdoor shorts are somewhat forbidden, if they weren’t, people would sell short to each other or to their friends or just play, let’s trade houses for half price. It would be the swingers equivalent of real estate, except swapping houses instead of wives, actually I think I’m onto something, what if the wife stays with the house, I think I’ve got the next hit reality tv show “the desperate short sale housewives,” It could work, I’ve seen worse.

[temeculaguy]

In order for the bank to approve a short sale, a few things need to happen. The most important one for you is that it needs to be listed to the public at the lower price. The bank wont to a backdoor short, menaing that you and only you have the opportunity to bid at the lower price.

If they do a short, then a BPO (somewhat of an appraisal) is done, a price is determined, it gets listed, offers come in, the highest net offer is selected and then maybe they will take it. But backdoor shorts are somewhat forbidden, if they weren’t, people would sell short to each other or to their friends or just play, let’s trade houses for half price. It would be the swingers equivalent of real estate, except swapping houses instead of wives, actually I think I’m onto something, what if the wife stays with the house, I think I’ve got the next hit reality tv show “the desperate short sale housewives,” It could work, I’ve seen worse.

[temeculaguy]

In order for the bank to approve a short sale, a few things need to happen. The most important one for you is that it needs to be listed to the public at the lower price. The bank wont to a backdoor short, menaing that you and only you have the opportunity to bid at the lower price.

If they do a short, then a BPO (somewhat of an appraisal) is done, a price is determined, it gets listed, offers come in, the highest net offer is selected and then maybe they will take it. But backdoor shorts are somewhat forbidden, if they weren’t, people would sell short to each other or to their friends or just play, let’s trade houses for half price. It would be the swingers equivalent of real estate, except swapping houses instead of wives, actually I think I’m onto something, what if the wife stays with the house, I think I’ve got the next hit reality tv show “the desperate short sale housewives,” It could work, I’ve seen worse.

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