|
In response to
"question, i am sure st has discussed this, but what are the issues with buying a home via a short sale?"
by
tRuMaN
|
Based on my parent's househunting in Florida and mine in Chicago, I believe there are two different 'types' of short sale listings
Posted by
ty97
Mar 27 '11, 12:06
|
1. Bank approved, where the bank has already said "okay, we'll allow a short sale" and have (or probably have?) approved the short sale price.
2. The other type of short sale listing, which appears to be the prevelant type, is one where the bank has not approved a short sale to occur and have not approved the price that the house is listed at. As such, the price on the listing is, effectively, made up. After you offer, your offer could sit with the bank for an indeterminate amount of time (I've heard cases of 6 months or more, though I don't know what 'normal' would be) and that bank may still reject your offer, putting you back at square one. I've also heard rumors of houses going into foreclosure while a short sale was pending. There seems to be a lot that could go wrong.
If you have the time to wait, and the constitution to handle the stress and possible falling through if the bank rejects the offer, short sales can be a deal.
I don't know for sure that the 'approved' versions work through the process faster, but would expect they have to be somewhat faster
|
Responses:
|