Viewing Short Sale properties?
- Thread starter irvinian
- Start date
usctrojancpa
Well-known member
[quote author="irvinian"]I've been reading IHB for awhile and am missing the vast info on there. Anyway we can have some stickies on RE short sales and foreclosures?
On to my question, are we able to view short sale properties? [/quote]
Of course you can view short sale properties, you just need an agent with a SupraKey. That being said, some short sale properties can be difficult in seeing as the tenants/occupants limit the access to them.
On to my question, are we able to view short sale properties? [/quote]
Of course you can view short sale properties, you just need an agent with a SupraKey. That being said, some short sale properties can be difficult in seeing as the tenants/occupants limit the access to them.
graphrix
New member
[quote author="frank69m"]In my experience with short sales, there seems to be a lot of fraud going on....Homeowners in short sales are filtering offers and giving it to friends or relatives and working with their agent on this fraud. Lots of it going on out there. Wish I can report it.[/quote]
Funny, I was starting to wonder the same thing. Especially when I see regular sales from 07 and 08 getting foreclosed on a lot lately. Looks a lot like first payment defaults to me. That doesn't bode well for the future, for banks, not buyers. You can take the fraud away, but you can't take the fraudsters away from fraud.
Funny, I was starting to wonder the same thing. Especially when I see regular sales from 07 and 08 getting foreclosed on a lot lately. Looks a lot like first payment defaults to me. That doesn't bode well for the future, for banks, not buyers. You can take the fraud away, but you can't take the fraudsters away from fraud.
usctrojancpa
Well-known member
[quote author="frank69m"]In my experience with short sales, there seems to be a lot of fraud going on....Homeowners in short sales are filtering offers and giving it to friends or relatives and working with their agent on this fraud. Lots of it going on out there. Wish I can report it.[/quote]
Yeah, not surprising...I put in several offers on short sales and the majority of times the agents went radio silent on my buyers and I. Almost makes me wish that you couldn't list a short sale until you had bank/s approval.
Yeah, not surprising...I put in several offers on short sales and the majority of times the agents went radio silent on my buyers and I. Almost makes me wish that you couldn't list a short sale until you had bank/s approval.
I'm not in a hurry to purchase but this is the year that I think I am considering to purchase. Are SS still worth a try? I think I have given up on Irvine. It doesn't make sure financially to buy there. I am thinking of going the FHA because I would like to have cash on hand to invest.
irvinerealtor
New member
[quote author="irvinian"]I'm not in a hurry to purchase but this is the year that I think I am considering to purchase. Are SS still worth a try? I think I have given up on Irvine. It doesn't make sure financially to buy there. I am thinking of going the FHA because I would like to have cash on hand to invest.[/quote]
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
[quote author="IrvineRealtor"]
[quote author="irvinian"]I'm not in a hurry to purchase but this is the year that I think I am considering to purchase. Are SS still worth a try? I think I have given up on Irvine. It doesn't make sure financially to buy there. I am thinking of going the FHA because I would like to have cash on hand to invest.[/quote]
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
[/quote]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?
[quote author="irvinian"]I'm not in a hurry to purchase but this is the year that I think I am considering to purchase. Are SS still worth a try? I think I have given up on Irvine. It doesn't make sure financially to buy there. I am thinking of going the FHA because I would like to have cash on hand to invest.[/quote]
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
[/quote]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?
usctrojancpa
Well-known member
[quote author="irvinian"]
[quote author="IrvineRealtor"]
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
[/quote]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?[/quote]
Getting a conventional loan vs. an FHA will improve your chances on a short sale. That being said, the higher the percentage that you put down the better your chance gets with a short sale (I've seen several short sales go through as cash purchases).
[quote author="IrvineRealtor"]
FHA + SS = bad bedfellows. Your odds are very slim anywhere in OC with that combo.
[/quote]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?[/quote]
Getting a conventional loan vs. an FHA will improve your chances on a short sale. That being said, the higher the percentage that you put down the better your chance gets with a short sale (I've seen several short sales go through as cash purchases).
[quote author="USCTrojanCPA"]
[quote author="irvinian"]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?[/quote]
Getting a conventional loan vs. an FHA will improve your chances on a short sale. That being said, the higher the percentage that you put down the better your chance gets with a short sale (I've seen several short sales go through as cash purchases).[/quote]
At this time, I dont have the option of purchasing a property with all cash. SC, Any tips on how to bid on a SS without going all cash?
[quote author="irvinian"]
IR2 (not sure if IR is on this site), Thanks for the info. Do you think 15% on a $350k SS property would yield better results or is 20% the only way to go?[/quote]
Getting a conventional loan vs. an FHA will improve your chances on a short sale. That being said, the higher the percentage that you put down the better your chance gets with a short sale (I've seen several short sales go through as cash purchases).[/quote]
At this time, I dont have the option of purchasing a property with all cash. SC, Any tips on how to bid on a SS without going all cash?
roundcorners
New member
I wrote about this Open House this past weekend... what does it mean when short sales go into back-up offers so quickly?
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050
usctrojancpa
Well-known member
[quote author="roundcorners"]I wrote about this Open House this past weekend... what does it mean when short sales go into back-up offers so quickly?
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050[/quote]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050[/quote]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.
roundcorners
New member
[quote author="USCTrojanCPA"]
[quote author="roundcorners"]I wrote about this Open House this past weekend... what does it mean when short sales go into back-up offers so quickly?
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050[/quote]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.[/quote]
thanks for answering T-Man... so the way I understand it is...
If the short seller is motivated, they can just accept the first good offer, submit that offer & package that the buyer puts together to the bank for approval right? If it gets approved in a timely manner, then a sale will transact. If the bank sits on the offer, then this is where short sales get stuck in Back-Up offer status for a long time right?
However, as we see in many short sales, the seller aren't that motivated, they receive offers but they either deal them out to their friends or just sit on them; that way they can stay in the house longer and live rent/mortgage free...
But a buyer can submit a short sale package directly to the bank without the sellers knowledge, then again it's up to the bank to accept or decline the offer or just sit on it, right? The house then stays active as a short sale forever...
[quote author="roundcorners"]I wrote about this Open House this past weekend... what does it mean when short sales go into back-up offers so quickly?
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050[/quote]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.[/quote]
thanks for answering T-Man... so the way I understand it is...
If the short seller is motivated, they can just accept the first good offer, submit that offer & package that the buyer puts together to the bank for approval right? If it gets approved in a timely manner, then a sale will transact. If the bank sits on the offer, then this is where short sales get stuck in Back-Up offer status for a long time right?
However, as we see in many short sales, the seller aren't that motivated, they receive offers but they either deal them out to their friends or just sit on them; that way they can stay in the house longer and live rent/mortgage free...
But a buyer can submit a short sale package directly to the bank without the sellers knowledge, then again it's up to the bank to accept or decline the offer or just sit on it, right? The house then stays active as a short sale forever...
usctrojancpa
Well-known member
[quote author="roundcorners"]
[quote author="USCTrojanCPA"]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.[/quote]
thanks for answering T-Man... so the way I understand it is...
If the short seller is motivated, they can just accept the first good offer, submit that offer & package that the buyer puts together to the bank for approval right? If it gets approved in a timely manner, then a sale will transact. If the bank sits on the offer, then this is where short sales get stuck in Back-Up offer status for a long time right?
However, as we see in many short sales, the seller aren't that motivated, they receive offers but they either deal them out to their friends or just sit on them; that way they can stay in the house longer and live rent/mortgage free...
But a buyer can submit a short sale package directly to the bank without the sellers knowledge, then again it's up to the bank to accept or decline the offer or just sit on it, right? The house then stays active as a short sale forever...[/quote]
If the seller really is motivated they'll hire a good agent that has experience with short sale listings and maybe a professional short sale negotiation firm (cost paid out of the agent commissions). There are a lot of factors that go determine whether a short sale will close in a somewhat timely manner or if it will linger out there forever. I have 3 offers out on short sales that are in "back-up" and/or "pending" status. One of the offers is on a home in Northpark that I submitted back in June of 2009 (already found a home for these buyers). The property is still on MLS as "pending" and I haven't heard from the listing agent since August of 2009. That being said, I've seen short sale listings actually close within 2-3 months of being listed so it all just depends. Not all short sales are created equally.
[quote author="USCTrojanCPA"]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.[/quote]
thanks for answering T-Man... so the way I understand it is...
If the short seller is motivated, they can just accept the first good offer, submit that offer & package that the buyer puts together to the bank for approval right? If it gets approved in a timely manner, then a sale will transact. If the bank sits on the offer, then this is where short sales get stuck in Back-Up offer status for a long time right?
However, as we see in many short sales, the seller aren't that motivated, they receive offers but they either deal them out to their friends or just sit on them; that way they can stay in the house longer and live rent/mortgage free...
But a buyer can submit a short sale package directly to the bank without the sellers knowledge, then again it's up to the bank to accept or decline the offer or just sit on it, right? The house then stays active as a short sale forever...[/quote]
If the seller really is motivated they'll hire a good agent that has experience with short sale listings and maybe a professional short sale negotiation firm (cost paid out of the agent commissions). There are a lot of factors that go determine whether a short sale will close in a somewhat timely manner or if it will linger out there forever. I have 3 offers out on short sales that are in "back-up" and/or "pending" status. One of the offers is on a home in Northpark that I submitted back in June of 2009 (already found a home for these buyers). The property is still on MLS as "pending" and I haven't heard from the listing agent since August of 2009. That being said, I've seen short sale listings actually close within 2-3 months of being listed so it all just depends. Not all short sales are created equally.
roundcorners
New member
for those stubborn "Pending" status short sales, what are the chances the bank will even look at any new offers that might happen to come in?
irvinehomeowner
Well-known member
If you really like the place... submit another offer... it couldn't hurt.
You never know if the offers they are looking at may fall through, or like we've read on the IHB, people who were first moved on because it took too long so they contacted the next offer in line.
You never know if the offers they are looking at may fall through, or like we've read on the IHB, people who were first moved on because it took too long so they contacted the next offer in line.