House deal

[Welderd]

anyone know anything about short sales?

We made an offer on a house we thought was a foreclosure but turns out to be a short sale

Anyways we've done inspections, and appraisals and all that. Our offer was accepted and we had put close date of 12/23
after all this the bank that is doing the short sale says they can't close after 12/12 - just found out for sure today

so they've sent us an email asking if we can do that. We can but I don't want to and already told them I'd close earlier if they gave us some kind of credit or $$ off.

So here's my plan - try to remember my wife REALLY wants this house and i want to save as much money as possible.

they haven't sent us any paperwork to sign to accept the newer close date. I know the short sale ends 12/12 and they will have to either foreclose on it or redo the paperwork for another short sale. I want to string them along as long as I can. Legally they have to have us sign something accepting the sooner date and they have to give us 3 working days to do so. Perfect timing as next week is thanksgiving.

I string them along until Dec1 and tell them I don't accept the close date and by the way here's an offer of 3-5k less than previously with a close date of 12/10 since all my ducks are in a row on this house and it is currently listed as "under contract" so they shouldn't be getting any other offers and the ones they recieved at the same time as mine have expired and would have to be resubmitted and then they'd have to do all the groundwork that we've already done.


On the other had the inspections found 2 things
NO insulation in the attic -800-1k to insulate it.
5.3 reading average for radon - this could be due to it being uninhabitted but we'll still do something to be safe.

 

[Welderd]

sorry if that's confusing - it's confusing to me

Not even my real estate agent is familar with short sales

Alls I know is they won't negotiate for the inspection findings and the "seem" to have to have it sold by 12/12
Seems kind of a **** move on my part but my way of negotiating for inspection findings.

 

[muchado]

where the bank lets the seller sell the house for less than they owe---and bank agrees to take a loss.. They are a pain in the ass. I was making an offer on one until I got the inspection back and it was not worth buying..

 

[Welderd]

I know that much but it seems they have an "end" and sounds like that might not be an option after 12/12

I know the real estate agent bumped the price 5k when she listed it as a short sale instead of foreclosure.
i also know the guy owes about 35k more than my offer
also sounds like short sales are starting to get banned or frowned upon??


These 2 stupid agents working on this are about to loose their comission for 2-5k deal breaker and they haven't even thought of offering me 1500 out of their commission to just sign the damn thing and get it done. Guess that's why I don't make much when selling stuff - I give in too quick

 

[cash talks]

depending on what the sale price is, their commision might not be that much, plus if they give you a cut, they still have to pay taxes on it since agent s all work under contract labor

 

[doug38s]

this is me: http://www.beltwaytitle.com/corp_marketingteam.htm

I wouldnt screw with the bank too much or you might just get the horns. if your agents are too stupid (which most are) to comprehend a short sale and get the deal done call me and I'll find you a good one through my network. it runds pretty deep across the country.

 

[Welderd]

cool **** Doug - all perfessional and such!

My house is on the market now and we'll stay with this lady till Jan 1, then I might give you a shout. thanks

 

[doug38s]

right on let me know if I can do anything in the mean time. Short sales have become a necessary evil in this market. 2009 will be the biggest year for foreclosures unfortunately so the short sale will become even more popular. walking the fine line between getting what you want from the bank and pissing the processessor that has worked for the last 30 days on the deal is tough. if you could see the stacks of short sales that each bank has it is mind numbing. the processor that is working on the deal could care less. honestly could care less. if you were to get on their bad side. not good.
our company has actually set up another firm to do nothing but negotiate short sale procedures for people so that you as the client doesnt have to be in the position you are in. Not knowing the process you are pretty much flying blind into this deal that revolves around a couple hundered thousands of dollars.

Just holler if you need anything.

 

[cbchambles]

If I were you I would try to rent the house you are trying to sell until the market comes back a round. I have had good luck doing that. Try advertising it for sale or rent. Just an idea

 

[Welderd]

right now I was just feeling out if I should **** with the seller to save a few bucks and make them go into foreclosure and get it cheaper.

We decided not to and just go thru with the house. We've heard that the trend now is for the bank to foreclose on them and just not sell until the economy and market come back around. Makes it sound like the banks have hopes for the future at least.

We're closing by fax/email/mail by the 12th - our 8 month old is scheduled for surgery on the 12th is why we didn't want to hassle with it around that time, but it sounds like they can have everything to use soon so we can look it over and have time to sign and return.

Our house is still on the market and if we don't sell by the time we move (Jan/Feb) we'll start considering renting with our neighbor being the property manager. What do you think is a fair percentage/fee for him to do the work? If it's rented he'd be the repair man and if not he'd have to do the upkeep. Should I pay him a percentage of the rent or just a monthly fee? The yard is ~3/4acre to mow, no leaf raking or driveway shovelling.