Anyone experinced in short sales?

[reefmaniac]

Just wanted to know if anyone had any dealings with them at all. I know you need to get all the inspections and the CFO as well. I heard this can take up to a year depending on where the bank is with the house. Does it need to be a cash only buy or can you take a mortgage on one? I found a nice 5 bedroom 3 bath in NJ on a 75 x 120 lot. The house was built in the 80's and the bank is asking 190,000. They will let you in the house from what I was told, but got no answer as if I could bring an inspector with me.

 

[dherrera83]

My cousin got his house on a short sale last year. Took him a year and at one point he gave up, that's when the bank finally started moving papers. However, keep in mind that banks are trying to lose as little money as possible. The bad part it that they don't tell you anything till a few months later if they had taken your offer. Oh and yes u can get a loan but some short sales do call for cash. Your realtor would know best, even though some are clueless... Lol

One more thing I heard is that laws have changed and short sales are now done much sooner. Not sure how soon though.

 

[reefmaniac]

that sounds like a problem if you put in a bid and you don't hear anything for several months. By then you could have a house already or be in contract to get one. I'm going to look at the house tomorrow now.

 

[jerl77]

Its a long long long long time before you get in the house but if you have the time god bless ya

 

[reefmaniac]

Well I still have my house I live in. The plan is to buy a larger house and to rent my current home out. There is no time limit or rush, But this is a nice house listed. I'm sure there will be another. I want to find out more details before I go in after this one.

 

[TRIGGERMAN]

Short sales are basically that the people who own it owe a lot on their mortgage usually more than what the market value is now so they make a deal w/ the bank that instead of going into foreclosure they sell the house for less than is owed on their current mortgage. The process can take a long time but it could be worth it because you can negotiate and get a really good deal. It's all opportunity. The 1st thing you want to do is find out how long it has been on the market. If it has been on the market for 3 days odds are it's going to take a while but if it's been on for 6 months or more your chances are very good to close or at least get an answer fairly quick. Sometimes even if it's only been a short time you might still be able to get it anyway because most of these banks have TONS of properties and want to get rid of them. I have a really cool woman who ONLY does short sales. I know she works in Long Island a lot I'll give her a call and see if she does Jersey also. PM me so I have your sn in my inbox. Include the info about your house in staten also I might have a potential buyer for you.

 

[reefmaniac]

The house in Staten I'm actually just gonna rent out, I'm not gonna sell it.

 

[4realestate]

I do alot of that in NJ. It really all depends on which bank it is.
If you PM me the address I can give you some info.
Joe

Just wanted to know if anyone had any dealings with them at all. I know you need to get all the inspections and the CFO as well. I heard this can take up to a year depending on where the bank is with the house. Does it need to be a cash only buy or can you take a mortgage on one? I found a nice 5 bedroom 3 bath in NJ on a 75 x 120 lot. The house was built in the 80's and the bank is asking 190,000. They will let you in the house from what I was told, but got no answer as if I could bring an inspector with me.

 

[reefmaniac]

I do alot of that in NJ. It really all depends on which bank it is.
If you PM me the address I can give you some info.
Joe

Thanks, I'm gonna pass on it though, I went into the house and everything is destroyed not to mention broken windows, Ripped down Siding, There is an actual hole cut into the outside wall and you can fit your arm through it.