i found this really nice 3355 sf house in arizona, 5 bed, 3 bath and it is listed for 299.000 as a short sale. a real estate person told my mom that short sales never go for the low price, and that they always sell for more..

so my question is, can you get a short sale house for the listed price?

I am in the process of trying to short sale my parent’s home. I have listed it with a realtor and now am required to give all of my personal information to the mortgage company as well as the realtor to negotiate the short sale. This house is also in probate. I have accepted an offer for the sale of the house however I am now required to give all of my personal information and financial information such as my SSN number, how much I make, what I owe, how much I have in my bank accounts, what liquid assets I have…
My question is if I am only an heir and an executor and I will receive nothing from the estate, why am I required to give all of this information to the person handling the short sale? If so, am I responsible for taxes after the short sale has been approved? Will the credit profile for my parent’s house get mixed up with mine? Why would a short sale be better than foreclosure since I am not the borrower and my parents are now deceased?

I have a signed and accepted contract by the person that owns the house but not by the bank yet does that still count under the 8,000 tax credit? The home is an approved short sale and my offer was accepted by the owner but now I am waiting on the bank(the owners side not mine) Does the contract have to be finalized by the bank before april 30th in order to qualify?

What will a homeowner need to prove to the bank that they need to do a short sale? Does the house need to be on the market for sale for a certain amount of time prior to the bank approving a short sale? Does the homeowner call the lender directly?
lol I don’t have breast implants and not intending to get them if I am on the verge of losing my house. Also, I am not in danger or planing on doing a short sale any time soon, but I was just wondering because I see so many houses in my neighborhood doing that. I didn’t know what you have to do because even people with good jobs in my neighborhood are short selling or foreclosing.

I have an offer in for a “pre-approved” short sale. Instead of signing off on the listed price which had supposedly been pre-approved by the bank, they are going out there to do a BPO. I’m assuming this is to see if they should go ahead with the pre-approved listing price, or counter-offer with a higher price.

If they do counter back, is this just a ploy by the bank to see how much I want the house and try to get as much money as possible from me, or would they be serious about not selling the house below the new price? I’m at $1,000 below my pre-approval loan letter. Should I counter back with my full pre-approved loan amount?

From the comps in the area, my realtor thinks they may raise the price by about $10k. Although I really like the house, and it’s perfect
for me, I’m afraid in a buyer’s market it would be hard to sell because it’s only a two-bedroom.

Please don’t tell me it’s worth whatever someone is willing to pay for it. I’m looking for inside info on how to deal with these banks that are trying to get money back that they never should have given in the first place. Thanks in advance!

A VERY comparable home in the neighborhood, actually two homes down from us, foreclosed and an investment company purchased it for $300k and listed it for $339k. We are trying to short sale our home currently. We owe $410k on our loan and are big time upside down. I lost my job last week so we can no longer make payments. Do we stand a good chance at the bank approving a short sale for somewhere around this same price ($300k)???

Short sales are a tough thing to master. Having negotiated short sales in central texas for almost 4 years, our company, Superior Loss Mitigation, has seen it all, lenders not agreeing to deals and causing foreclosure over $1,000, or less, homeowners that want a short sale, but neglect to get thier paperwork together, buyers that team up with a Realtor to search for short sales to buy, only to say they don’t want to wait for the deal to negotiated, phone hold-times of over an hour, lender representatives telling us they “don’t do short sales”, and small local companies that hold a lien for a couple of thousand bucks refusing to release their position out of spite, etc., etc. If you can think of a short sale scenario, we’ve probably seen it and dealt with it.

Throughout the hundreds of short sale transactions that we’ve negotiated, the hundreds of meetings with homeowners, and the thousands of phone calls with banks, Realtors, and potential buyers, one of the questions we get asked most often is, “How long do short sales take? The answer to this question, unfortunately is a very loaded one.

In a general sense, on average, they take about 3-5 months to complete from start to fininsh. But, more time may be needed depending on the complexity of the short sale. Here are just a few.

1) Multiple mortgages. If there are 2 or more mortgages on the property, ALL of the lenders will need to be in agreement about the terms of hte short sale. Well, you would think that wouldn’t be a big deal since both lenders stand to lose more money if the property goes through foreclosure (especially the 2nd, since they end up with the big goose egg, $0). However, most of the time the 1st mortgage bank is the one foreclosing on the property, so they get to “dictate” what the other lienholders get at closing…a “like it, or lump it” scenario. Their stance is, “Hey, we’re the ones foreclosing. And if we do that, the 2nd gets nothing. If we agree to this short sale, we’re going to decide our TAKE and their GET.” So, common sense would suggest that if the 1st allows even 5 or 10% of what the 2nd lienholder lent as payoff at closing of the short sale, that the 2nd would be OK with that since their alternative is to get $0 upon foreclosure. This used to be the case in most short sales. Not so any more. The 2nd lienholders have lost so much money on a national level to foreclosures, that they are now pushing back for more than the 1st mortgage’s “allotment”. And often, they DO get more from teh deal, whether it comes from the buyer at closing, the homeowner sends in a lump-sum payment on their debt prior to closing, or the Realtors involved contribute to the 2nd from their commission. We’ve also negotiated short sales in which the 2nd lienholder couldn’t be satisfied, no matter what. This is where the common sense breaks down, because instead of taking the $2k, $4k, or $5k, they are willing to accept $0. Working all of this out, can add an additional month to the process.

2) IRS Liens. It goes without saying that every one of our clients is experiencing some sort of financial hardship. Most of the time job loss is the culprit, and with extended job loss, some of our clients cannot pay their income taxes either and find themselves with IRS liens attached to the property. I’ve had negotiators at the mortgage company tell us that these are “deal killers” and useless to address. Not so. What is often misunderstood is that the IRS liens are liens against the PERSON for unpaid income taxes, not against the actual property. If it can be shown to the IRS that they have nothing to gain from their lien attached to a property that has been approved for a short sale closing, they will remove it MOST of the time. Is it easy to do? Not really, but that’s why a short sale specialist is needed to navigate these difficult situations. Most Realtors and investors that say they can “process” short sales, are stumped when they run into this type of issue. Having to have IRS liens removed can add about 2-4 weeks to the process.

There are many other factors in a short sale that can create additional delays in the timeline like judgments, tax suits, mechanics liens, water softener liens, mechanics liens, etc. Additionally, the buyers can cause delays as well if their financing is not completely approved PRIOR to looking for a short sale property. (Here’s a quick tip…if you get an offer on a short sale you are negotiating, require that the buyer have everything done in regards to their financing EXCEPT FOR their interest rate lock, their appraisal, and their inspection. Upon receipt of the short sale approval, pull the trigger on those things to help ensure that you close on time.)

Check our our video series where we address all of the most commonly asked questions we get in our office regarding short sales. We hope that clearing up the misconceptions, misunderstandings, and providing education about short sales will help get more of them closed and more foreclosure avoided. See our link below.

We are actively looking for a home and there are 3 homes out of a BUNCH of homes that we would be happy with. The 3 homes are short sales. Can we submit an offer for more than one home at a time or do we need to submit one - wait to see if it gets accepted/rejected and THEN submit another one?

My concern is if we submit 2 or more offers and they all get accepted, know what I mean?

My mum had me when she was 3 weeks into 19yo. I was born in a SMALL country town N.S.W Australia. my dad was a crazy alcoholic and was sleeping with about 4-5 women as well as my mum, he tried to kill us a few times (cause he is a freak =]) my mum then had my little brother to him 4 years later. Anyway he had another four kids to a couple of women at the same time. My mum eventually got out of that relationship and into another. She got married and had two kids. I went to 2 primary schools and life was pretty good. When i got to high school i found out my step dad was having an affair i told my mum and of course it was a very “messy” time.They got divorced and he took everything we had our car, house money but my mum had a real estate that kept her finacially ok… i got kicked out and my step dad got kicked out. i was forced to go live with my real dad. i was there for 3 months until one night (this is gross)=[ my half brother touched me while i was sleeping i ran to my mums house and begged her to let me back. i told her and she said “that’s was young boys do”. During all this i had changed high schools. My mum took me back and i found out she had another boyfriend (on the 3 months i was gone) it was all a big secret anyway i didnt care. Then a couple of years later i changed schools again twice and got raped at 14 by a 19 year old. my mum blamed THAT on me and said i was probly wearing something that said “rape me” i got over it all and i lost my virginity to a boy i thought i loved. that broke off and since then im ashamed to say i have slept with lots of boys i dont no why i dnt want to if you saw me you wouldnt think i was like that but hey im a little messed up hha. my mum got a new boyfriend after a 5 month relationship of her last one and he moved in the same weekend the other one moved out. my mum bashed me cause i got so angry at her for whoring herself out, (she is stunning wealthy and amazing) she threw mw through a wall and belted me up. kicked me out. and put me through hell. i apologised and she was kind enough to let me back in. about 6 months ago i moved to another state, into a city, completely different, knew NOONE ..once AGAIN a taxi driver took me off the road and touched me..i didnt tell my mum this time i told her fiance, i eventually told my mum and she screamed at me for not telling her blah blah blah. i have found it difficult, my mum still gets real angry at me and belts me up she seems to be unreasonable sometimes, im now 16 and im moving out of home in 2 days. back to my friends house in NSW. i am a strong person although sometimes i just get a little emotional. i push people away that love me. i dont trust anyone. i really need some advice. im pretty smart but i just am a bit confused.

Thankyou for listening. its all i need.

I have seen a property and it says the short sale is been approved by the lender.

1) Now if I wanted to put an offer on this property, will it take too long ?

2) Since its already approved by the sellers lender, does the listing agent know as what offer would that lender accept ? rather than we wasting time put an offer and waiting from the lender for long time ?

3) Any other pros/cons in putting an offer for a short sale approved property ?