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Short Sales

Panthro

By Panthro,
in Huddle Lounge

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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

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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.

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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.

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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.

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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?

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