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Disadvantages of buying a short sale:
- The price you see advertised is never approved by the seller's lender...meaning that you may never be able to buy the house at the advertised price
- It takes 30-45 business days to get an approval from the seller's lender...if one ever comes
- In most cases, multiple offers from different buyers are submitted for approval, meaning you are in a bidding situation
- At least 75% of short sale listings never get approved & end up at the foreclosure auction & then usually go back to the bank
- They require a level of patience that most people do not have.
What else can I help you with?
What is the typical commission rate for a buyer's agent when purchasing a home listed for sale by owner?
The typical commission rate for a buyer's agent when purchasing a home listed for sale by owner is around 2.5-3 of the sale price.
Can you buy home after short sale?
Yes you can buy a home after shortsale, remember your credit with be ok for the simple fact it will show you paid your debt of your home by doing a short sale.
Can you short sale your house if you have two mortgages?
Yes you can. I am currently purchasing a short sale house from people that had a 20/ 80 loan with two banks. It has been very long and tough but it can definetly be done!
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What is the typical commission rate for a buyer's agent when purchasing a property that is for sale by owner?
The typical commission rate for a buyer's agent when purchasing a property that is for sale by owner is around 2-3 of the sale price.
Are there any disadvantages to buying a used motor home?
There is a limited amount of used motor homes for sale and you do not know what the owner of the motor home did or did not do to it. If you are interested in purchasing a used motor home, make sure you have a professional check it out to make sure you are not purchasing something that will not bring you enjoyment.
What is involved in the process to purchase a home in the Viera master planned community?
Research has shown that there are no specific processes in purchasing a home in Viera Master Planned community. There are homes for sale as well as short sales, and one would go through the usual processes of purchasing a home such as making an offer on the home, getting a mortgage and closing the sale.
What is the typical commission rate for a buyer's agent when purchasing a home listed for sale by owner?
The typical commission rate for a buyer's agent when purchasing a home listed for sale by owner is around 2.5-3 of the sale price.
What is a short fall sale?
A "short sale" refers to a home that is being sold for less than the balance owed to the mortgage company. For example, a home is listed for 450,000, but the owner owes 600,000 on the home. This would be a short sale.
Do you have to pay your mortgage when you short sale your home?
From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid.
Can you buy home after short sale?
Yes you can buy a home after shortsale, remember your credit with be ok for the simple fact it will show you paid your debt of your home by doing a short sale.
If you use call options to hedge a short sale does exercising the call close out the short?
No. The only way you can close a short is by purchasing the stock and returning it to whoever you borrowed it from.
Can you short sale your house if you have two mortgages?
Yes you can. I am currently purchasing a short sale house from people that had a 20/ 80 loan with two banks. It has been very long and tough but it can definetly be done!
Buyer's short sale savings?
Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale.
Can I file for Bankruptcy after a short sale of your home?
What does selling my home have to do with your filing bankruptcy? If it was your home you sold short, assuming an arm's-length sale to a 3d party with no fraud or deception, you should not have a problem with filing bankruptcy.
Purchasing from an estate sale?
Purchasing from an estate sale can be easy. All you have to do is go in and tell them what your budget is and what you are looking for.
What is a private sale when purchasing handguns?
Its a sale between 2 people. Not actually purchasing from a firearms dealer.
