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Question by advisor20: Has anyone dealt with a house that is a “short sale”?
I put a bid in on a house listed for short sale – it’s in pre foreclosure. Our bid is only k below asking price. It’s been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I’m already approved for financing. It seems like every house I look at is in foreclosure

Best answer:

Answer by Lisa L
The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.

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There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit. Contact a knowledgeable RE/MAX agent to find out more.
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Question by motya: What does it mean when a house is a “short sale” ?
We want to buy a house and it is great in every way, but we were reading the description and it said that it was a short sale. What does it mean? And also, is it bad if a house is so close to the railroad it seems like it is in your backyard? ( literally probably 5 y or 10 yards away – very, very close) Will the house shake?

please answer!!!!
Thanks!

Best answer:

Answer by William
Go to wikipedia.org and look up “short sale.” The railroad issue is one that only you can evaluate.

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Question by Hong L: after I have sold my house under ” Short Sale”,?
do I still liability between sale price and loan amount ? such as I have owed more than house value; that means I have sold my house ” short sale” was 6,000 after the lender has approved but I have bought my house 0,000; the different was 4,000 that is amount do I still owe or ” Forgiveness” by IRS? Thank

Best answer:

Answer by BloodBath
The lender has to approve the short sale
You lender takes the hit, not you.

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Question by DBA: After doing a “short sale” of a house when does a bank typically send out a 1099? (if they do at all)?
I recently had to short sale a house I owned. The bank accepted the short sale as full and final satisfaction of the loan I owed them. I did not owe them as much as some people I have heard stories of. I am hoping I do not receive a 1099 form from them. If I do I am just wondering when I will receive it. The house closed 2 weeks ago (approx). thanks in advance!

Best answer:

Answer by Henry
You will get a 1099 January 2011.

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Question by Ms. MD: In real estate what does a “short sale” mean to a buyer?
I’m looking to buy a new home. I know what a “short sale” means for the owner of the home but I’m not sure what it means for the buyer. For example, if the house is listed for ,000 does this mean that I should make an offer higher than that or could I get the house for cheaper than the ,000? I realize that all sales are different but I was just wondering what is the general rule for buying a “short sale” house. Thanks for your help!

Best answer:

Answer by stephen t
It all depends on what the lender is willing to take for the property. You can offer less than 80K but you should do a little research. Look on the days on the market, the longer on the market the more willing they will take a lower price, beware of where in the foreclosure process they property is. It does not hurt to offer a lower price, it is a buyer’s market and there is plenty of inventory so buyers can be picky. Beware, short sales can be a headache/nightmare dealing with getting the approvals from the lender/seller and a lot of potential buyers move on due to frustration.

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Question by vee_ann84: What does it mean if a house is listed as “possible short sale”?
We are looking for a house and there is one we want to look at, but on the web listing it says “possible short sale”. What would this mean if we wanted to buy it??

Best answer:

Answer by MadMan
It means that it will take a lot longer for the sale to go through as the mortgage lender has to approve thew sale as well as the owner. This is because the sale price will not cover the mortgage and the lender will lose money on the sale.

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Question by downshiftmagazine: I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?
We put in an offer (1 of 5) for a home in Tampa, FL and it is in the early stages of Lis Pendens. It is a Short Sale, but the current owner signed off on our offer contract, and were informed that the Title Company has said we have the best offer, but the owner’s lender has to approve this. Our Realtor says that this may take up as much as 45 days. Should we keep looking, or are we almost there? Can someone else still make a better offer, even though we have a signed offer contract? I have my apartment lease until July 31st.
We did put a time limit, and it was last Sunday. We have that signed..but it probably does not hold much water anymore.

Wish there was a way to convince the bank to make a decision.

Thanks for the input, I’ll have to either do some legal sluthing or hire a real estate lawyer myself.

Best answer:

Answer by Wango138
If you have made an offer, you need to stop making offers on other properties. Otherwise, you could have two accepted offers, and you would be in trouble.

Short sales take a LONG time to get approved. Your agent should have prepared you for this. From everything you have said, you are in good shape. Relax.

You may want to see about extending your current apartment lease if need be.

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