It can be very frustrating to the buyer who already has his loan ready to close and is on the contract to buy that house. What would you advise that buyer to do?

Does the seller pay the mortgage, taxes, utilities on a house with an offer waiting for bank approval? Once the bank approves and accept the short sale offer might there be additional charges if the seller has not been paying mortgage on a home where he no longer lives? If they accept my offer do they often come up with other charges left behind by the former owner?

1. Official record: 1bedroom/ 0.75 bath (shower+toilet), the back patio has been converted to a bonus room and used as a second bedroom (small).
2. 720 sq ft indoor, 2040 lot sz. Built in 1915, very well maintened. Previous owner did put a lot of interior upgrades with new appliances and new paint. It’s in move-in condition.
3. It’s a Bank-owned REO property. The previous owner’s unpaid mortgage balance to the bank was $359K. Listing price now is $380K. The comps in the area is about $425K to 475K.
4. Located in a very good neighborhood in Los Angeles. Close to freeway and shopping. School district is just ok, not excellent.
5. Officially, only one parking space available (not a covered garage). Street parking is not a problem.
6. Just listed in the market for 7 days.
7. Buyer would like to pay 20% down, and the credit is excellent.

How much do you think this house is worth?

4 br/2 ba. 1180sf built in 1972 at 615 Monica near the back gate. Call Jim the Realtor 760-434-5000

The bank approved my short sale. However, I found out that if I don’t buy, it will go to foreclosure in the next 2 months. Do I have more bargining power with that being known?

thanks to everyone for their honest answers

We been at this short sale since Feb. The short sale negioater approved everything and submitted his approval to be signed off by his manager. That was 3 weeks ago and we are still waiting.

We had to do a short sale a months ago due to a new job overseas. We owed more on our house than it was worth and could not afford to make up the difference. Fortunately, we were never late on our payments and our lender approved our short sale to avoid potential late payments, etc.
We will be overseas for three years and once we return to the USA we will be settling down and want to purchase a home again.
My question is …..is it difficult to purchase a home after having to do a short sale? Will lenders be worried about that? We will have money to put down on a house and have no plans to move after that.
We already sold the house in April and our credit is fine. We were told before that this would be reported to the IRS as income (i.e. the “forgiven” part of the mortgage). We are already in Germany.
I just want to know when the time comes in 3 years to purchase another home, will the short sale in any way hinder us from getting a loan from a lender? Our FICO score is great right now.

peggyslappeyproperties.atlantanewhomesdirectory.com The Springs at Rock House offers bank approved short sales with 100% percent financing and owner financing available. Amenities include an oversized swimming pool with mushroom water feature & a large clubhouse and playground. Plus great Gwinnett schools!