Learn me: Short Sales at ridiculous prices

Quote from romodome : Wow, never heard of that. I am in a shortsale right now, slow process ,but if it goes through, my dreamhome and saved about 80k over market. Even if they ask for some money, have 80k to bargain with. Takes 4-6 months but gives me more time to have more for the downpayment.

I'd be careful assuming you "saved" something over market. The market is what the home sells for. You may get lucky and get a bounce like we did after we bought our Utah short sale (about 25%) or you may get unlucky and see other homes short sell/foreclose in your neighborhood (like we are experiencing on our original home in GA). Though nearly 1/2 of the homes in the GA neighborhood have changed hands in the past four years, even the people who bought the short sales in 2011 are now underwater

Quote from crazygrow : I'd be careful assuming you "saved" something over market. The market is what the home sells for. You may get lucky and get a bounce like we did after we bought our Utah short sale (about 25%) or you may get unlucky and see other homes short sell/foreclose in your neighborhood (like we are experiencing on our original home in GA). Though nearly 1/2 of the homes in the GA neighborhood have changed hands in the past four years, even the people who bought the short sales in 2011 are now underwater

I disagree, I know what the home is valued compared to comps in the neighborhood with homes selling within the month. This home is 80K off that price. Each area is different, I dont think I drank the kool-aid, and am making an informed decision.

Quote from romodome : I disagree, I know what the home is valued compared to comps in the neighborhood with homes selling within the month. This home is 80K off that price. Each area is different, I dont think I drank the kool-aid, and am making an informed decision.

Fair enough and good luck. Ours turned out well, but that isn't always the case. It is likely the case more often today than two years ago.

We bought a short sale 3 years ago. The process is long and slow. It took 3 months for ours to be approved by the bank.

* The #1 thing we learned was go directly to the listing agent. We started with an agent and every offer we put in was declined. When we got hip and went directly to the listing agents our offers were submitted for consideration. When asked if we had an agent we always said no. Unfortunately the thing is, is that realtors are still dirty. They are losing commission on a short sale so they want to submit offers from their own client. Seriously, we had several realtors assure us that our offer would be the only offer submitted.

* We had multiple offers in on different homes at the same time (i'm talking like 20+ offers). We did give a check deposit, but only a copy of the check, not the actual check. We were always told that because the process takes some time the bank will want a fresh check at time of approval.

Good luck with finding your perfect home

Avoid short sales in newer area's...Pick a older area with good school district.You don't want to get a short sale in a area they are still building.

Quote from romodome : Wow, never heard of that. I am in a shortsale right now, slow process ,but if it goes through, my dreamhome and saved about 80k over market. Even if they ask for some money, have 80k to bargain with. Takes 4-6 months but gives me more time to have more for the downpayment.

I don't think you are using the word market right in this sense.

Quote from saladdin : I don't think you are using the word market right in this sense.

elaborate.learn me.