Realtor doesnt want to deal with short sales

[Anonymous]

seems like they are going just as fast as foreclosures.

And all the good houses are short sales, and most houses out there are short sales.

Just tired of playing the bidding war with others with foreclosures.

Am I missing out? Is it really that bad of a process?

[Lel]

"Fast" and "short sale" are almost never spoken in the same sentence.  Short sales are notorious for taking a long time to close, because the sale needs to be approved by the lender.  Sometimes, without explanation, a short sale offer will be rejected by the lender even if the offer seems to be in line with the listed price.  There's been a handful of exceptions reported here, but the general rule of thumb is that it can take several months for a short sale to close.  Buyers often feel that they're in limbo while they wait for approval.

[Anonymous]

Yeah heard they take longer to close, but if its taking this long to find a house it wouldnt hurt right? I mean you can still look at others if you have a offer in with a short sale right?

So in your opinion is it better just to wait til or if they go to foreclosure? Seems like they are off the market I should say just as fast as foreclosures. Just thought with so many out there like that that it couldnt be that bad. I dunno, just frustrating.

Thanks!!

[pizzadude]

You should realistically expect at least 6 months for the deal to close....maybe longer.   I'm sure there are some exceptions to this, but every realtor I have spoke with winces at the long drawn out time it takes short sales to close.   Banks have their own timeframe and agenda which usually defies all understanding.

So from your realtor's perspective it is not a sure thing ( but what real estate transaction really is ?? ).   However I would be suprised in this economy that anyone would turn down at least the possibility of a sale.   You should find another realtor if that is the case.

[gpeach]

Have you tried going through fannie or freddie directly?

www.homepath.com = Fannie Mae site.

www.homesteps.com = Freddie Mac site

I have been keeping a lookout on the listings and you have to be quick. But here they have had some great deals. And they won't deal with investors until after 14 days. So you actually get a chance to bid before the investors swoop in.

[Anonymous]

Is the homepath program the one where you need to make a certain amount to qualify? Not sure if Im getting it confused with something else. If so we didnt qualify, make too much. (Or maybe its a local program that Im thinking of.) Did check out the homes on the sites, didnt see anything different than what we've seen, but I'll keep a look out. The investors are the ones that are making it hard for us that just want a first house. Thanx!!

Also while Im thinking of this, I want to get this straight on whether this is true or not:

If a bank accepts your offer on a house and while you are waiting to the appraisal, inspection and to close can anyone during that process come in a put in a offer? Say someone with all cash thats more appealing to the banks. Are you only safe once you close with other offers coming in, or once the offer is accepted?

[Anonymous]

Once you are uner contract, they can take back up offers but you are usually safe (as long as you comply).  But, 1 of the reasons they take so long to accept offers and officially get under contract is to get as many offers in as possible.

As far as short sales go here is what I would say.

Only consider short sales where the owner has already gotten all the initiial paperwork/apprival for a short sale from the bank, and where there is only 1 lien on the home.  Period.  If they have not officially started the process, or there is more than 1 lien (eben with the same lender), run away quickly as you are wasting your time.

[gpeach]

There have been only 10 or so new properties on those websites monthly for my county. Half have been good deals. Seems like the best properties never make it to the MLS. If they do usually gone in a day or two. So you have to act really fast.

[fishbjc]

Kick this realtor to the curb.  Find yourself a realtor who is familiar with short sales and one who has handled them.  My realtor has done tons of short sales and knows the ropes.  Start interviewing.  Saving yourself $$$ on a property may be worth the wait.  I plan on doing the same thing.....looking for a short sale or a foreclosure.