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Short Sales

Discussion in 'Living in Sin (City that is)' started by Relocating Nurse, Dec 28, 2012.

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  1. Relocating Nurse

    Relocating Nurse Newbie

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    I am from Ohio and plan on moving to LV June 2013. Have been involved in a short sale in Henderson since August. I was told it is in the hands of the investor and that is suppose to be the last step. The investor has had the packet since Nov 18th. I was also told that approvals have really slowed down in the past few weeks. Well I will be flying out in Feb if this deal is not done by then I am going to pass on this short sale and find another house. I will not get involved in another short sale again! Wish me luck... thanks.
     
  2. captainron62

    captainron62 VIP Whale

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    I am looking at buying another house right now, me and my GF both agree to pass on short sales, too many horrow stories about how they can go wrong and drag on and on. Nice when they do workout though!!
     
  3. vegasbound

    vegasbound Moderator

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    Some banks drag their feet, others are on top of it. It's really the luck of the draw. Not all short sales are created equal. Good luck!
     
  4. Relocating Nurse

    Relocating Nurse Newbie

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    Thanks for the replies... I agree it is the luck of the draw! Clock is ticking.... I will give it one more month. Ugh
     
  5. tominiowa

    tominiowa High-Roller

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    Guess, i was lucky. I agreed on a short sale price with the owner in July 2012 and we closed by Mid October. He owed $340,000 and my
    offer got approved for $156,000. I do know the owners had to agree to an additional $10,000 note to the bank after it was all done.
    They hope to be able to have good enough credit to buy another house in less than a year. It will be interesting if that holds true.
    What is hard for me to understand is the owners were financially able to make the payments of $3100/month (both have very good jobs)
    but are still able to just walk away. Unless you can buy with cash it will be hard to get anything purchased right now. Things
    don't last long once listed.

    My prediction is in 2-3 years things will improve and it might get back to more normal market. Now what normal is another question.
     
  6. Relocating Nurse

    Relocating Nurse Newbie

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    The short sale we are purchasing belongs to a doctor and we are told he is still making the monthly pymt to keep his good credit. I wounder if that has anything to do with the delay? The amount we offered was accepted by the seller I don't know if the investor will ask us to pay more or not? Wow its nice that your short sale was approved in a reasonable timely manner.
     
  7. tominiowa

    tominiowa High-Roller

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    My owners tried a short sale while making payments and the bank said why approve that when they are not behind. They stopped making payments for around 5 months and then the bank approved my offer. They turned down an offer of $180,000 when they were making payments.

    To be honest you would know by now if the bank is going to approve your offer. Your realtor should be able to get an answer by now.

    Good luck in your search. It can get frustrating at times working with these banks. Wells Fargo was my worse and that deal eventually fell apart. Actually Fannie Mae was the easiest to buy from. A reminder though is to make sure to get a very good inspection. It is a buyer beware market and if not done right some investors will get stuck with houses with many problems.
     
  8. chess

    chess VIP Whale

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    not trying to hijack this thread, but I have been looking to purchase another piece of property here soon... I have thought about Las Vegas...

    Any certain website you suggest or realtor etc ?

    Thanks
     
  9. Gregsmt

    Gregsmt Low-Roller

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    Gee, I had to do a short sale on my house before it was cool I guess. It was because of a divorce and it had to be sold for $54,000 loss. I took out a personal loan and paid it all back in 3 years. What kind of low life's can make the payments or get a loan to cover the difference but get bailed out? Welfare for the rich? No wonder this country is financially ruined. That $54,000 put me way behind but I paid it because I owed it. Why some doctor can do a short sale and have it written off by a bank is asinine . Now there is a case for not getting blood from a turnip, but many are unjustly getting bailed out
     
  10. ken2v

    ken2v This Space For Rent

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    Not Vegas, but our short sale up here took about four months. Good agents and buyer persistence/diligence help, but, yes, the lender is key. Well worth the effort; we love this place.
     
  11. Joe

    Joe VIP Whale

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    We put in a short sale offer in 2008. 90 days later we canceled and were so glad we did. We bought a foreclosure on the same block, with the identical floorplan and saved $125,000.

    Every morning we walked the dog by that short sale house and said thank you bank for dragging your feet!

    Of course two years later when we sold it, we lost $.
     
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  12. Huddler

    Huddler VIP Whale

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    I bought my current house from a very successful dentist. The house was only 6 years old when I bought it back in 2005. When I went to the closing, I noticed that the dentist had to bring a check for something like $100k as he had business loans secured by the house. I dont think that was technically a short sale, but he had borrowed more against his equity than it was worth, thus the shortfall he had to make up in order to give me a clean title. The best thing was he had just built a new house and didnt want two big mortgages so I really got a steal on this place.
     
  13. tominiowa

    tominiowa High-Roller

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    Gregsmt: I am in agreement with you. Remember also when a bank looses money on these houses, Where do you think they get that
    money back from? People who pay their loans. These bailouts are getting too easy. I am self employed and when I make a bad decision I have to pay the consequences. But if they can get full credit for another house in a year after a short sale why would a person even care if they can make the payments. If the houses go up in value they refinace for more money and when it goes down they just walk away. What a country!!!
     
  14. gambler

    gambler VIP Whale

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    I don't know alot about short sales so can someone educate me? Can you walk away from an offer for a short sale at any time or are there certain time limits?
     
  15. Joe

    Joe VIP Whale

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    If the agent wrote the offer correctly, you can walk away any time if you haven't heard back from the lender.
     
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  16. gambler

    gambler VIP Whale

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    Thanks Joe. My only knowledge is from watching real estate shows so I never knew that. It sounds like there can be some good deals out there.
     
  17. tominiowa

    tominiowa High-Roller

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    In reality any offer can be withdrawn at any time. Most offers should have ending times , even if you want to with draw early that is usually done easily with no problems. When I was buying I would often put in several offers the same night after looking all day at properties. Many people will get back to you with an answer on the offer after your ending time. Time will tell what is a good deal. Remember no profit is truely made until sold. Profit on paper is not the same as in the bank in greenbacks.
     
  18. NickyDim

    NickyDim VIP Whale

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    Earlier this year we put in 3 offers on short sales that were outbid. Then we lucked out and came across a beautiful home for sale by owner, but because of the market had to sell for what the SS were going for, so we bid higher than the asking, all cash, just so we wouldn't have to go through the process of the short sale wait and hope. We beat out 13 offers on the first day it was listed and I think cash was the tipping factor. Now hearing some stories I'm glad we didn't pursue a SS. You'll find a nice home, just be patient but prepared to jump immediately.
     
  19. gambler

    gambler VIP Whale

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    What would happen if they all agreed to your offer as presented (within the time limit)? Wouldn't you be on the hook for all the houses since you signed a contract to purchase if they agreed to your price?

    I understand (from what Joe said) that you can pull your offer at any time but after it's accepted by the seller, can you still pull out at that point? I always thought if the seller agrees to all your terms without a single change, then it is a binding contract. I'm from Canada so am curious how this works in the US.
     
  20. Relocating Nurse

    Relocating Nurse Newbie

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    Thanks for all the advice! I believe we were told after 90 days we could get out of the contract if no approval was made by then. Can't wait to live in Vegas! 6in of snow today no sun for days Ugh!
     
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