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Forums » Short Sales » Buying SS for Personal Residence?

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Tag Tags: short-sale bank-response


Ralph S.

Real Estate Investor


Forum_avatar_avatar-rgs3

Sep 22 '10, 09:57 PM

Ok, SS masters, help me understand. I know some SS's take forever, yet a lot of people seem to gravitate towards them. While I've bought numerous HUD's, a Freddie and REO, I've not ventured into SS territory. I found a house I'm interested in and will be looking at it tonight. It'll be for my personal residence.

I've read many "blast out 20 offers and hope to get one" posts here, but this is not for a flip or investment, it's just got all the bullet points we're looking for.

My biggest concern is time. Does the amount being shorted, the lender involved or other considerations influence the bank's response? Are there any indicators I can watch for that would suggest, at least, whether the lender would get off the bench and do it in a timely manner? Anything I can do, or not do, to influence a timely closing?

Other than that, any good (in general) do's and don'ts would be helpful.

Or, am I just dreaming?

Thanks
Ralph


Maryann L.

Real Estate Investor · Methuen, Massachusetts


Forum_avatar_avatar-smitnlit

Sep 22 '10, 10:37 PM

There is no crystal ball answer. Every short sale is different, and every lender is different, along with the time it takes. It also depends on who is negotiating the short sale, their experience, etc.

If the mortgage has MI it may be better for the lender to foreclose. There are too many factors to weigh.

If you like the house, put in a strong offer and hope for the best. If it's a HAFA short sale you could hear fairly quickly. If it's a traditional short sale, it may take longer.

There is nothing you can do to influence a timely closing other than put the stongest possible offer in and hope someone experienced is working on the file.

If the seller doesn't have all their paperwork together, that could hold things up as well. There are far too many variables to predict an outcome.

Have a CMA ready to support your offer, and make sure the BPO agent is met with that information.

Good luck.


Ralph S.

Real Estate Investor


Forum_avatar_avatar-rgs3

Sep 23 '10, 11:49 AM

Thanks for the reply. Turns out they just got an offer and was sending the package to the bank today. I'm still waiting on some information. Nuts. Don't know if I want to follow another offer and get into a bidding war.


Maryann L.

Real Estate Investor · Methuen, Massachusetts


Forum_avatar_avatar-smitnlit

Sep 23 '10, 10:05 PM

I wouldn't. Move on. There are plenty of distressed properties on the market right now.




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