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  • March 26, 2008 at 11:54 AM #12254
    jimcav
    Participant

    can anyone tell me if buying a short sale (and is that the same thing as pre-foreclosure?) is different? For example, if i get a pre-approval from a lender, and i am on sdlookup.com and see a house and it says pre-foreclosure, would i just have my real estate agent do the offer? on sdlookup, you can’t find out any info on the property, but i am assuming the realtor could?
    that would seem to be the only scenario (in areas i’m considering) where a home purchase might not cost more than renting in the same area.

    thanks
    jim

    March 26, 2008 at 4:14 PM #176649
    NotCranky
    Participant

    A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.

    Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.

    Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
    REO’s are post-foreclosures…you probably know that.

    Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com

    March 26, 2008 at 4:14 PM #177002
    NotCranky
    Participant

    A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.

    Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.

    Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
    REO’s are post-foreclosures…you probably know that.

    Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com

    March 26, 2008 at 4:14 PM #177004
    NotCranky
    Participant

    A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.

    Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.

    Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
    REO’s are post-foreclosures…you probably know that.

    Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com

    March 26, 2008 at 4:14 PM #177010
    NotCranky
    Participant

    A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.

    Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.

    Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
    REO’s are post-foreclosures…you probably know that.

    Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com

    March 26, 2008 at 4:14 PM #177101
    NotCranky
    Participant

    A short sale is one type of pre-foreclosure sale. One in which the lender is asked to accept a sum less than is owed in exchange for a transfer of title to a new buyer and hte avoidance of a probable foreclosure.

    Pre-foreclosure is a risky term to try to define exactly. It could describe any situation where a notice of default is in play. Under some programs it could be after proving a hardship to the lender or a government agency insuring a loan. One could buy a pre-foreclosure directly from the owner, if the owner has equity.

    Pre-foreclosure is apparently a good word to throw around if you want to market something related to buying and selling real estate in the current market.Just google it and you will see what I mean.
    REO’s are post-foreclosures…you probably know that.

    Your real estate agent can clear all this up as it relates to specific neighborhoods or properties you find on sdlookup.com

    March 26, 2008 at 7:56 PM #176752
    Deal Hunter
    Participant

    If you are patient, then you should look into buying a short sale. It takes TIME (3 – 9 months)as lenders are innundated and loss mitigators are swamped. But, if you do your numbers and not get emotional, you can land a GREAT deal.

    March 26, 2008 at 7:56 PM #177102
    Deal Hunter
    Participant

    If you are patient, then you should look into buying a short sale. It takes TIME (3 – 9 months)as lenders are innundated and loss mitigators are swamped. But, if you do your numbers and not get emotional, you can land a GREAT deal.

    March 26, 2008 at 7:56 PM #177110
    Deal Hunter
    Participant

    If you are patient, then you should look into buying a short sale. It takes TIME (3 – 9 months)as lenders are innundated and loss mitigators are swamped. But, if you do your numbers and not get emotional, you can land a GREAT deal.

    March 26, 2008 at 7:56 PM #177114
    Deal Hunter
    Participant

    If you are patient, then you should look into buying a short sale. It takes TIME (3 – 9 months)as lenders are innundated and loss mitigators are swamped. But, if you do your numbers and not get emotional, you can land a GREAT deal.

    March 26, 2008 at 7:56 PM #177202
    Deal Hunter
    Participant

    If you are patient, then you should look into buying a short sale. It takes TIME (3 – 9 months)as lenders are innundated and loss mitigators are swamped. But, if you do your numbers and not get emotional, you can land a GREAT deal.

    March 27, 2008 at 12:02 AM #176828
    SD Realtor
    Participant

    Rus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.

    Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.

    You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.

    SD Realtor

    March 27, 2008 at 12:02 AM #177181
    SD Realtor
    Participant

    Rus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.

    Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.

    You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.

    SD Realtor

    March 27, 2008 at 12:02 AM #177190
    SD Realtor
    Participant

    Rus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.

    Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.

    You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.

    SD Realtor

    March 27, 2008 at 12:02 AM #177194
    SD Realtor
    Participant

    Rus and deal hunter spelled it out very well and I agree with them. I will say that you can do pretty good on a short sale but you need patience patience patience. Any buyers that I work with that like short sales get the same advice… make your offer, then forget you ever made the offer…go look at other homes.

    Your realtor should have already answered all the questions you posted here. Make sure they are experienced with short sales. If they have short sale listings that they are trying to sell that is the best way for them to get acquainted with the short sale process.

    You also should consider that you may get a good deal now, you may get a great deal if you wait another few years.

    SD Realtor

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