Ask Experts Questions for FREE Help !
    rlrlopez's Avatar
    rlrlopez Posts: 3, Reputation: 1
    New Member

    Oct 23, 2008, 07:42 AM
    What's the process for buying a "Short Sale" or Foreclosed home?
    New to FL and looking for Homes many great deals are offered as bank approved for short sale... the term is new to us... What's the process or risks associated with a Short Sale?
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
    Ultra Member

    Oct 30, 2008, 02:26 PM

    There are really no risks. Basically what short-sale means is that the bank is willing to sell the property for less than what the home owner owes at the time of the sale (or at the time the property was foreclosed on - if it's already bank-owned.)

    There are some good deals to be had this way, but not every short-sale is a good deal. With the recent real estate climate many loans were 100% of the property value, then values tanked. So the bank HAS to take less than what they originally owed just to be competitive in the current market. That doesn't mean it's a "steal".

    Did that make sense?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692

    Oct 30, 2008, 03:10 PM

    Yes, you work with a local real estate agent, they may know homes that are far behind in their payments. You make a offer on them that is less than what the mortgage is for, and then the lender decides if they will accept that offer or not.

    The rest of the closing remains the same.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

What is the theme and the symbol in the short story "The turtle" by george vukelich? [ 1 Answers ]

I really need the answer... so if anyone can help me with these two things that would be great.. thanx!!

Eviction of current "resident" during home sale [ 2 Answers ]

We are in the process of purchasing the home of my husband's grandfather, who died in mid-February. His aunt, who has lived in the house for over 20 years, will live with us and is the executrix. His uncle lives in the house sporadically (as in one day out of each week, at most), and otherwise...

Jeweler buying "hot " merchandise from 1st time thief. [ 1 Answers ]

A family member stole from a relative 2 antique rings which were Family heirlooms worth over $7000 (that needed repair), not realizing their worth, and then sold them to a jeweler for far less than they are worth. The thief is a kind but learning disabled 20 years old on probation for 1 year for...

What exactly is a "short" sale? [ 1 Answers ]

Is this a transaction between the mortgagor and the mortgagee, or is this term also used in finance when selling or buying stock. In finance - selling "short" is an options phenomena, but it apparently means something entirely different in real estate transactions. Any commentary, or answer would...

View more questions Search