Dismiss Notice

Welcome To CK5!

Registering is free and easy! Hope to see you on the forums soon.

Score a FREE t-shirt and membership sticker when you sign up for a Premium Membership and choose the recurring plan.

Real estate question "Short Sale"

Discussion in 'The Lounge' started by 73k5blazer, Mar 30, 2007.

  1. 73k5blazer

    73k5blazer Unplug the matrix cable from the back of your head Premium Member

    Joined:
    Dec 28, 2001
    Posts:
    4,987
    Likes Received:
    38
    Location:
    The Rustbelt
    If you saw a home listing with

    "Sale subject to bank accepting a short sale."

    at the bottom, what does that mean exactly.
    I've a feeling it's a foreclosure and the bank needs to approve the price for less than what they are owed?
     
  2. gjk5

    gjk5 3/4 ton status

    Joined:
    Mar 17, 2004
    Posts:
    5,312
    Likes Received:
    0
    Location:
    Grand Junction, CO
    You got it. If your market is soft they are likely to to take it.
     
  3. Fubeca

    Fubeca 1/2 ton status

    Joined:
    Dec 18, 2002
    Posts:
    2,100
    Likes Received:
    2
    Location:
    Denver Area
    I think a "Short sale" in the real estate market means that a property is being sold for less than the payoff amount on the mortgage.

    The house may or may not be in foreclosure.

    My silly neighbor bought a house for 215,000, refinanced 2 years later for 250,000 and took out some cash for the downpayment on another house. Now he's looking to sell his first house and it isn't worth more than 200,000 - so he's trying to convince the bank to let him out of the loan for the $224,000 offer price he got. That's a short sale - but the bank ain't gonna suck it up :)
     
  4. 73k5blazer

    73k5blazer Unplug the matrix cable from the back of your head Premium Member

    Joined:
    Dec 28, 2001
    Posts:
    4,987
    Likes Received:
    38
    Location:
    The Rustbelt
    Well, I was interested in this house.
    So I called on it, asked what the short sale thing is.

    I get this real fishy anwer.

    This was the broker directly I was speaking too, and an agent.

    There was a offer on this house for $260, ($260 is the listing price). The bank refused. We're going to re-list it for $329.
    What? $329, that's 70k more, at that price, I'm not interested.

    I started asking about the situation of the house and how that came to be. Another agent in the office 'aquired it', and listed it for $260.

    So, WTF, why would you try to list a home for 70k less than what was owed.
    Further more, banks aren't dumb, there's no way they are 70k upside down on the house, so, I'm wondering what gives here.
    I know this area well, the house is worth probably $300 on the high side, $329 no way, $300 would be a fair price., $260, the listing price, had me foaming at the mouth.

    I think I'm gonna call the county offices on this one and see who's owning the place. I've a feeling the listing office was brokered by the bank and is purposely steeering people away from the $260 in attempt to make some extra dollars. Their anwers on the whole thing were short and vauge.
     

Share This Page