• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Serious Thread: Anyone here ever done a short sale before?

Page 2 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Thump553 said:
Find a credible local attorney and a credible local broker who are experienced in short sales and disregard everything else in this thread.
Click to expand...

No worries... I'm doing that. It's nice to hear from other people who have gone through the process, though. I knew that not everyone on ATOT makes $250K a year 🙂
 
Update: I found a buyer for my condo at $70,000 a few months ago. I'm STILL waiting on the bank to give approve my short sale, though. As far as I know, they haven't even done their own appraisal of the property yet.

What's interesting is that I see that the bank already closed out my account and marked it as "Closed, never late, balance paid for less than full amount" on my credit report. I'm not sure what to make of that, but it dinged my FICO score by 50 points 🙁
 
Last edited:
UglyCasanova said:
You may have a difficult time getting a mortgage for the next few years.
Click to expand...

That's fine with me... I'll need a few years to rebuild my savings and put down a proper 20% downpayment next time.

Besides, I'm still not sure how much of the deficiency the bank wants me to pay. For all I know, they still might want me to come up with the remaining $60K in cash... and then I'm screwed.
 
ultimatebob said:
That's fine with me... I'll need a few years to rebuild my savings and put down a proper 20% downpayment next time.

Besides, I'm still not sure how much of the deficiency the bank wants me to pay. For all I know, they still might want me to come up with the remaining $60K in cash... and then I'm screwed.
Click to expand...

I don't think that's how short sales work, but it should all have been in the paperwork that you haven't signed yet.

Anyway, good luck with your new relatively debt-free lifestyle.
 
dave_the_nerd said:
I don't think that's how short sales work, but it should all have been in the paperwork that you haven't signed yet.

Anyway, good luck with your new relatively debt-free lifestyle.
Click to expand...

If the bank wants to be nasty, they can require additional cash or a promissory note for the remaining balance of the loan.
 
jpiniero said:
IIRC, How much you now owe on the mortgage is what matters, not what you paid. Presumably if you put 20% down you shouldn't be underwater.
Click to expand...

Not really...I paid $265,000 for my house, it's worth $110k 8 years later. Nothing is selling for close to that unless they have a pool.
 
from talking to experienced agents at the office, short sales basically suck. they tend to take forever and then fall through. when i do MLS searches on homes for my buyers, i include a field for Days on Market. Anytiime you see a ridiculous number for days on market it's virtually always a short sale.
 
PixelSquish said:
from talking to experienced agents at the office, short sales basically suck. they tend to take forever and then fall through. when i do MLS searches on homes for my buyers, i include a field for Days on Market. Anytiime you see a ridiculous number for days on market it's virtually always a short sale.
Click to expand...

It's clear you don't work for the seller's.
 
alkemyst said:
It's clear you don't work for the seller's.
Click to expand...

nope. i'm relatively new to the business so i'm working as a buyer's agents right now. my goal of course is to become a top listing agent.

however, i shoot and have shot real estate photography in a highly competitive Jersey City market for awhile now, and have worked with the top listing agents. usually only the best listing agents hire pro photogs and i always pick their brains for advice.

i also am in the top office in our region and my mentors are some of the top realtors also in the region.

most of them are huge listing agents. it's pretty much universal across the board, short sales suck, take forever, and fall through often. of course they recommend as a new agent take what you can both listing and for your buyers. but these are very seasoned agents, 10+ years in the biz and always in the tops - it's just a universal piece of advice they give. maybe it's different out of NJ - but around here - I can say the best of the best say short sales are a drag, if you are a busy agent with other opportunities - don't even bother with short sales.

i have heard of some success stories from another new realtor who has been an RE investor the last few years that his pops had good luck with a short sale. both short sales he went for? took forever, fell through. it's not like it never works. it's just a very low percentage that do.
 
Last edited:
PixelSquish said:
nope. i'm relatively new to the business so i'm working as a buyer's agents right now. my goal of course is to become a top listing agent.

however, i shoot and have shot real estate photography in a highly competitive Jersey City market for awhile now, and have worked with the top listing agents. usually only the best listing agents hire pro photogs and i always pick their brains for advice.

i also am in the top office in our region and my mentors are some of the top realtors also in the region.

most of them are huge listing agents. it's pretty much universal across the board, short sales suck, take forever, and fall through often. of course they recommend as a new agent take what you can both listing and for your buyers. but these are very seasoned agents, 10+ years in the biz and always in the tops - it's just a universal piece of advice they give. maybe it's different out of NJ - but around here - I can say the best of the best say short sales are a drag, if you are a busy agent with other opportunities - don't even bother with short sales.
Click to expand...

Dude, you are not helping your cause.

I am sure your 'firm' latches onto any deal they can to split the commission.
 
alkemyst said:
Dude, you are not helping your cause.

I am sure your 'firm' latches onto any deal they can to split the commission.
Click to expand...

i don't even think you know my cause. my cause is to post factual info from actual very successful professionals in the RE market.

i am posting straight up real advice from top agents at a top agency office and other offices since i shoot for all agencies. i'm not saying agencies or agents do not list short sales or do not show short sales to buyers they are working for if requested.

i am giving factual information that by and large majority short sales take forever and most often fall through. at least in my market area. not sure how much clearer i can be.
 
PixelSquish said:
i don't even think you know my cause. my cause is to post factual info from actual very successful professionals in the RE market.

i am posting straight up real advice from top agents at a top agency office and other offices since i shoot for all agencies. i'm not saying agencies or agents do not list short sales or do not show short sales to buyers they are working for if requested.

i am giving factual information that by and large majority short sales take forever and most often fall through. at least in my market area. not sure how much clearer i can be.
Click to expand...

I understand, however; you don't get it.
 
PixelSquish said:
i don't even think you know my cause. my cause is to post factual info from actual very successful professionals in the RE market.

i am posting straight up real advice from top agents at a top agency office and other offices since i shoot for all agencies. i'm not saying agencies or agents do not list short sales or do not show short sales to buyers they are working for if requested.

i am giving factual information that by and large majority short sales take forever and most often fall through. at least in my market area. not sure how much clearer i can be.
Click to expand...

There is some truth to what you're saying. The first lawyer I talked to wasn't even interested in working on my short sale because he said that the ones that he worked on usually fell through.
 
Good luck OP and double check the rental clause as suggested -- may have been a timeframe on that for you. If you can rent it, hire a property management company and rent that puppy out.
 
Last edited:
Short sales don't really seem worth the effort. You have to jump through all sorts of hoops and stay current on the loan. If you just let it foreclose you get to live rent free for a long time and the difference in impact to credit is marginal. Either way you need to watch out for possible deficiency judgements and tax on the forgiven amount. A lot of the time you can get deficiency waived if you cooperate with the foreclosure. Short sales the banks have a lot less reason to work with you. Local laws vary. Talk to a lawyer for specifics.
 
ultimatebob said:
There is some truth to what you're saying. The first lawyer I talked to wasn't even interested in working on my short sale because he said that the ones that he worked on usually fell through.
Click to expand...

i know there is truth to what i am saying but thanks.

when i do searches for buyers i include Days on Market. The ones that have insane days on market are always short sales. And seasoned agents all say the same thing, they take forever and fall through.

Better off looking at foreclosures. Those close quicker. The bank set the price so if you generally offer at listing, you'll get it.
 
The main issue condos had were many were supposed to be non-investor yet everyone had a friend of a friend that knew someone to allow them to buy one as an investment.

So many condos had every unit sold, but like 90% vacancy...it freaks many people out to be alone on their floor and many move to condos to enjoy the community aspect of things.

My old company built a ton of units which lead to businesses building a ton of businesses to cater to them. With 90% of that traffic not present many folded.
 
Blackjack200 said:
But Connecticut is a non-recourse state, so not sure why he had to pay anything at all? Maybe the $12k was realtors fees?
Click to expand...

No, Connecticut is a recourse state unfortunately. Most of the $12K was owed as a promissory note, while the rest was me losing what I had left in my escrow account.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top