Real Estate Question About Short Sales & Foreclosure in Evansville, IN HELP!!!!!!?

Real estate question about short sales & foreclosure in Evansville, IN HELP!!!!!!?

Real Estate Question About Short Sales & Foreclosure in Evansville, IN HELP!!!!!!? 1

If you want to now buy as a foreclosure you will probably actually get it for cheaper. The bad news is that there may be a bit of a delay. Your real estate agent or real estate broker should be able to tell you specifically the process. If they can not to your satisfaction, then get a new agent

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What to do about declining home value...Is a short sale a good idea?

There's nothing you can do about the declining home value

Real Estate Question About Short Sales & Foreclosure in Evansville, IN HELP!!!!!!? 2

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How are short sales affecting the value of my home?

First of all, do you know and understand what a Short Sale is? The lender is not giving a discount, and it is not considered a distress sale. The value of your home is only what the market in your area can bear. Having properties that are run down, renters who do not take care of the home, abandoned vehicles, those are the things that bring down property values. Now about the comps, it depends on if the comps are from a website that you just happened to use (and by the way they are 6 months behind) or from an agent who knows the area and has taken all types of property in his comps. A good agent will do just that and a lazy one will just consider the best and thats why homeowners are worried about property values.

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Is It faster to close on bank owned properties or short sales?

Short sales require VERY lengthy paperwork, and take approx 30-90 days for the bank to even respond regarding your offer. Typically, multiple offers are sent to the bank and many buyers back out in the process since it takes so long. Thus, there's nothing short about a short sale. In comparison,when purchasing an already bank owned property, banks usually get back to you regarding your offer within 3-5 days, and you can close within 30! clean title, so the lengthiest process is usually waiting for you to get your mortgage settled, and all the town requirements(c of o, termite inspections, etc). I am a realtor in NJ, so i am only speaking of what I know from this state. Hope that helps!

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Why do short sales on properties usually not close?

Seller owes lender 200k and short sale will only produce 125k payment. Lender does NOT want to take the loss. Other reason is home does not appraise for asking amount and no buyer can find a mortgage

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We are looking at a short sale what should we know money wise?

A short sale should not be any different for you as the buyer than any other sale, except that you may find yourself waiting for long periods of time to get approval from the bank. In terms of closing costs such as real estate fees. Nothing changes with a short sale. If there are $10,000 worth of real estate fees that are normally paid by the seller, then the seller still needs to pay those fees and that just further reduces the amount that the bank gets for their loan. If the seller asks you to pay $10,000 in fees that should be their responsibility, then you lower your offer by $10,000 to compensate. You are not there to buy the seller's problems from them. The original purchase price and original loan amount are irrelevant to you as the buyer. All that matters is the value today compared to similar properties in the area. Being $100k short might make it harder to get bank approval than if you were $20k short, at the bottom line the bank is still having to choose between foreclosing, or taking what they can get as a short sale. Banks do not like to foreclose because there is a lot of expense to them, so they will usually take a little less from a short sale if they figure out that its going to result in a smaller loss than if they foreclose. Basically, the only difference to you is that you need to know the process can take a long time and the bank can reject the sale. All the other problems are between the seller and their bank and if they can not work their problems out to give you a fair price on fair terms (compared to current value), then you walk away from the deal and buy a different house. You are not there to buy the seller's problems.

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