home short sales/foreclosures
#1
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Wish we had known this sooner -
If you are behind on your house payments or in financial trouble - before your get that dreaded "sheriff sale" notice - contact an experienced real estate agent to learn about "short sales" - one will probably still lose one's home, but one may be able to protect some of one's other assets such as one's retirement fund.
How do I know this? Because of our son ----
From what this agent said, the lenders make the rules - and it seems to be "heads, you lose; and tails, you don't win"
If you are behind on your house payments or in financial trouble - before your get that dreaded "sheriff sale" notice - contact an experienced real estate agent to learn about "short sales" - one will probably still lose one's home, but one may be able to protect some of one's other assets such as one's retirement fund.
How do I know this? Because of our son ----
From what this agent said, the lenders make the rules - and it seems to be "heads, you lose; and tails, you don't win"
#3
When we were shopping around for a new house. We ran into several short sales. The house we did buy was a foreclosure. A great deal at $154,000, we seen some disasters going for more than that. Our house is 5 years old and 1700 sq ft.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.
#6
Short sales SOUND good -- and in some cases, they may help. My son tried to do a short-sale on his home...a $400,000 plus home. The short-sale would have been $10,000. less than what he owed....the bank drug it on for 9 months and then denied it!!! He ended up going bankrupt.
A friend tried to buy a house with short-sale and found the same thing happening. They were in different cities and different banks.
A friend tried to buy a house with short-sale and found the same thing happening. They were in different cities and different banks.
#7
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the realtor that our son is working with says that the lenders can be - she did use polite language - my translation/interpretation is - real jerks and that they seem to enjoy ****ing the person trying to sell the place or rework the loan
I understand we aren't supposed to get political on this board -
so I will stop with the following comment
this agent also said that these so-called bailouts aren't bailing many people at the bottom of the heap
I understand we aren't supposed to get political on this board -
so I will stop with the following comment
this agent also said that these so-called bailouts aren't bailing many people at the bottom of the heap
#8
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Location: Northern Indiana
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A friend of mine did a short sale in Florida.. bought the house for $130,00.00 still owed about $120,000.. bank accepted short sale of $56,000.00 hard telling what is going on out in the housing market
#9
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Originally Posted by sharon b
A friend of mine did a short sale in Florida.. bought the house for $130,00.00 still owed about $120,000.. bank accepted short sale of $56,000.00 hard telling what is going on out in the housing market
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