still debating rent vs buy, short sales

[SD Realtor]

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

[jimcav]

thanks all,
I don’t have my pre-approval yet, so did not want to approach a realtor until i do. also wanted to learn more about it so i can hopefully judge if the realtor knows the pre-foreclosure process (at least more than i)
thanks
jim

[jimcav]

thanks all,
I don’t have my pre-approval yet, so did not want to approach a realtor until i do. also wanted to learn more about it so i can hopefully judge if the realtor knows the pre-foreclosure process (at least more than i)
thanks
jim

[jimcav]

thanks all,
I don’t have my pre-approval yet, so did not want to approach a realtor until i do. also wanted to learn more about it so i can hopefully judge if the realtor knows the pre-foreclosure process (at least more than i)
thanks
jim

[jimcav]

thanks all,
I don’t have my pre-approval yet, so did not want to approach a realtor until i do. also wanted to learn more about it so i can hopefully judge if the realtor knows the pre-foreclosure process (at least more than i)
thanks
jim

[jimcav]

thanks all,
I don’t have my pre-approval yet, so did not want to approach a realtor until i do. also wanted to learn more about it so i can hopefully judge if the realtor knows the pre-foreclosure process (at least more than i)
thanks
jim

[Nicole]

Hi Jim,

I was in your shoes just a few months ago. So thought you might be interested in what my experience has been. I’m just a joe-smoe home buyer without real estate experience so take it for what its worth…

We also tried to get pre-approval first and have dealt with all sorts of road blocks because we were looking at short sales. It seems that lenders are reluctant to give pre-approval for short sales. Although we finally got it, we could now lose it because of the rapidly changing rules of lending. We’ve been waiting to hear about a short-sale now for 40 days, we’ll get an extension on the rate lock but after that we’ll have to re-apply because the pre-approval expires after 90 days.

Also as you are sitting waiting the value of the house is dropping….I’ve read some articles that say you should put a time table on your offer which decreases over time. The two short sales I’ve been involved in there were multiple offers, so we didn’t do that.

My real estate agent is very experienced in short sales which has been a huge blessing.

I think that the advice to “put an offer in, forget about it, and keep looking for another house” is the best advice any one could give. I wish I’d thought of it that way when we first started.

[Nicole]

Hi Jim,

I was in your shoes just a few months ago. So thought you might be interested in what my experience has been. I’m just a joe-smoe home buyer without real estate experience so take it for what its worth…

We also tried to get pre-approval first and have dealt with all sorts of road blocks because we were looking at short sales. It seems that lenders are reluctant to give pre-approval for short sales. Although we finally got it, we could now lose it because of the rapidly changing rules of lending. We’ve been waiting to hear about a short-sale now for 40 days, we’ll get an extension on the rate lock but after that we’ll have to re-apply because the pre-approval expires after 90 days.

Also as you are sitting waiting the value of the house is dropping….I’ve read some articles that say you should put a time table on your offer which decreases over time. The two short sales I’ve been involved in there were multiple offers, so we didn’t do that.

My real estate agent is very experienced in short sales which has been a huge blessing.

I think that the advice to “put an offer in, forget about it, and keep looking for another house” is the best advice any one could give. I wish I’d thought of it that way when we first started.

[Nicole]

Hi Jim,

I was in your shoes just a few months ago. So thought you might be interested in what my experience has been. I’m just a joe-smoe home buyer without real estate experience so take it for what its worth…

We also tried to get pre-approval first and have dealt with all sorts of road blocks because we were looking at short sales. It seems that lenders are reluctant to give pre-approval for short sales. Although we finally got it, we could now lose it because of the rapidly changing rules of lending. We’ve been waiting to hear about a short-sale now for 40 days, we’ll get an extension on the rate lock but after that we’ll have to re-apply because the pre-approval expires after 90 days.

Also as you are sitting waiting the value of the house is dropping….I’ve read some articles that say you should put a time table on your offer which decreases over time. The two short sales I’ve been involved in there were multiple offers, so we didn’t do that.

My real estate agent is very experienced in short sales which has been a huge blessing.

I think that the advice to “put an offer in, forget about it, and keep looking for another house” is the best advice any one could give. I wish I’d thought of it that way when we first started.

[Nicole]

Hi Jim,

I was in your shoes just a few months ago. So thought you might be interested in what my experience has been. I’m just a joe-smoe home buyer without real estate experience so take it for what its worth…

We also tried to get pre-approval first and have dealt with all sorts of road blocks because we were looking at short sales. It seems that lenders are reluctant to give pre-approval for short sales. Although we finally got it, we could now lose it because of the rapidly changing rules of lending. We’ve been waiting to hear about a short-sale now for 40 days, we’ll get an extension on the rate lock but after that we’ll have to re-apply because the pre-approval expires after 90 days.

Also as you are sitting waiting the value of the house is dropping….I’ve read some articles that say you should put a time table on your offer which decreases over time. The two short sales I’ve been involved in there were multiple offers, so we didn’t do that.

My real estate agent is very experienced in short sales which has been a huge blessing.

I think that the advice to “put an offer in, forget about it, and keep looking for another house” is the best advice any one could give. I wish I’d thought of it that way when we first started.

[Nicole]

Hi Jim,

I was in your shoes just a few months ago. So thought you might be interested in what my experience has been. I’m just a joe-smoe home buyer without real estate experience so take it for what its worth…

We also tried to get pre-approval first and have dealt with all sorts of road blocks because we were looking at short sales. It seems that lenders are reluctant to give pre-approval for short sales. Although we finally got it, we could now lose it because of the rapidly changing rules of lending. We’ve been waiting to hear about a short-sale now for 40 days, we’ll get an extension on the rate lock but after that we’ll have to re-apply because the pre-approval expires after 90 days.

Also as you are sitting waiting the value of the house is dropping….I’ve read some articles that say you should put a time table on your offer which decreases over time. The two short sales I’ve been involved in there were multiple offers, so we didn’t do that.

My real estate agent is very experienced in short sales which has been a huge blessing.

I think that the advice to “put an offer in, forget about it, and keep looking for another house” is the best advice any one could give. I wish I’d thought of it that way when we first started.

[SD Realtor]

Nesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.

It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.

SD Realtor

[SD Realtor]

Nesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.

It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.

SD Realtor

[SD Realtor]

Nesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.

It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.

SD Realtor

[SD Realtor]

Nesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.

It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.

SD Realtor

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