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

    • Bear Hands
      TNF: Rams/Seahawks

      By Bear Hands · Posted

      Good game so far.  Solid trench battles, two young well built defenses, and my 2 fave coaches.  Stafford is really damn good.  SEA OL is overperforming.  
    • strato
      Why does Bryce get the blame?

      By strato · Posted

      Okay then. To me that means Russell Wilson was Coryell. Because I see the proposition completely in the Russell Wilson punt/pass put it up for grabs mold. Count on the receiver to catch it or knock it down.    And the reason I thought that was the intent with Legette is the abysmal downfield game from 2023. As in, there was barely any.   I look at it as if… the result of a deep attempt isn’t as important as the opponent understanding they have to defend it. So I was all for some 50/50s. Coryell, Walsh whoever.  I do favor the Coryell approach personally but also very much value versatility, it doesn’t have to be strict. Just make the defense defend the whole field, however you do it. It has to include downfield throws.     
    • Mr. Scot
      Why does Bryce get the blame?

      By Mr. Scot · Posted

      Sold, or in the process of being sold. Could be either way. Consider this for a second... Last season, our defensive coordinator steered what many have called the worst defense in NFL history.  Canales would absolutely have been justified in firing him, and no one would have blamed him if he had.  But what did he do? He gave Evero another chance to come back and prove he could be better. Does that tell us something about Canales? I think it does. Now apply that to Bryce 😕
×
×
  • Create New...