Jump to content

  • Welcome!

    Register and log in easily with Twitter or Google accounts!

    Or simply create a new Huddle account. 

    Members receive fewer ads , access our dark theme, and the ability to join the discussion!

     

Short Sales

Panthro

By Panthro,
in Huddle Lounge

Recommended Posts

Panthro Community Regular

Panthro

Posted
Posted

We put an offer in on a short sale and it was accepted by the seller. Now we are heading to the bank to see if they will accept it or reject it. We did comps in the neighborhood and made an offer off of the information we gathered. Any one have any experience dealing/negotiating with bank on a house price?

Yours in Chicken,

Panthro

Link to comment
Share on other sites
Carolina Husker Newbie

Carolina Husker

Posted
Posted

Friends have been going through it. They just heard back on their offer after about 6 months. Takes a long time, obviously, and you're pretty much buying it as is as the bank isn't going to put any more money into it. My friends are actually paying for all the stuff that didn't pass inspection.

Link to comment
Share on other sites
KSpan Grand Master

KSpan

Posted
Posted

Wouldnt you go to a mortgage agent/ firm instead of teh bank? Probably get a few options other than yes or no...

The bank owns the note, so they get final say in a short sale.

Sadly Panthro, in my experience with short sales, logical, rational decision-making (i.e. comps, market condition, retention rate, etc.) is not a part of what a larger bank (BofA, Wells Fargo, etc.) will do. There is also usually very little negotiation - the bank either accepts or rejects your offer, and as Husker mentioned it can take a looooooooong time to hear back. Also, the status of recourse for the bank could affect their decision as well; a short sale with recourse allows them to pursue the seller for the difference, while a short sale without recourse does not.

Link to comment
Share on other sites
thefuzz Mentor

thefuzz

Posted
Posted

Short sales do seem like a good idea, but if you are looking for instant gratification, be patient. The larger banks will not be looking to work with you. IMO I think that many of the banks are fine just holding these properties until the market comes back a bit, and selling them off then.

It's frustrating, but sometimes it can be worth the wait.

Personally I would not have the patience to deal with it.

Link to comment
Share on other sites
thefuzz Mentor

thefuzz

Posted
Posted

We just want the bank to come back and tell us what we can buy it for. We are first in line on the house with our offer. I would hate just a plain rejection vs a rejection with an option for approval.

That's all that most do want.

Who holds the note?

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • PMH4OWPW7JD2TDGWZKTOYL2T3E.jpg

  • Topics

  • Posts

    • Johnstonny
      Ekwonu doesn’t get dog walked under 2 minutes in the 4th, we drive, kick a FG and win

      By Johnstonny · Posted

      Icky is a marshmellow....
    • UnluckyforSome
      TNF: Rams/Seahawks

      By UnluckyforSome · Posted

      I think the book has been fairly written on Darnold, and by and large stays true. He can be rattled by pressure, and will lose his composure. If a team can get to him and have something go wrong in the plan, the mistakes and errors will pile up. Rams have a better offense, Seahawks sport a better defense. Should be a good 1.
    • Mr. Scot
      Why does Bryce get the blame?

      By Mr. Scot · Posted

      Not a defense of him...an understanding of the problem. (something you seem to be lacking right now) 🙄 Bryce in a Canales offense is not an example of a stylistic mismatch, but I can give you one if that helps. When he was playing for the Panthers, Cam Newton sat under OC's running Coryell type offenses. Newton had a big arm and was a strong runner. He fit into that sort of attack very well. Then he goes to New England, where at the time they were running an Earhardt-Perkins system (similar to WCO In a lot of what they do but very different terminology). The Patriot offenses back then were heavily based on timing and rhythm style passing, not something that Newton was especially well suited for. So he washed out at New England, not because he had poor ability (his abilities had been on display here on a regular basis) but because he didn't fit what they wanted to do with their offense. I always go back to Jeff Garcia as one of the prime examples of this issue. Garcia in a WCO looked like a world beater. Put him in any other scheme though...yikes!  So again, Young's issues here have nothing to do with any failure to mesh with Canales. Hell, is say Canales has actually done pretty well at adapting his system to who he has rather than trying to jam square pegs into round holes. Again, it doesn't take an elite level of football knowledge to get this. It's pretty basic. But if you're not even capable of understanding what the real problem is, how are you going to know you to find the right solution? 🤔
×
×
  • Create New...