Comments on: Short sale? http://www.prucalvoices.com/2009/05/short-sale/ Conversations in Real Estate Wed, 08 Feb 2012 15:43:51 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Lee Ginsburg http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-1016 Lee Ginsburg Sat, 16 May 2009 00:32:58 +0000 http://www.pruvoices.com/?p=1170#comment-1016 Francis, In short sales banks still do an appraisal just as if it is a REO. I believe the selling prices are similar. I have heard it costs a bank as much as $30,000-$40,000 to foreclose so there is something in it for them to leave it as a short sale. They also have to pay property taxes, HOA fees, and maintain the home. Francis,

In short sales banks still do an appraisal just as if it is a REO. I believe the selling prices are similar. I have heard it costs a bank as much as $30,000-$40,000 to foreclose so there is something in it for them to leave it as a short sale. They also have to pay property taxes, HOA fees, and maintain the home.

]]> By: Kathy Wall http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-997 Kathy Wall Wed, 13 May 2009 18:32:48 +0000 http://www.pruvoices.com/?p=1170#comment-997 Hi Francis, Short sales are a pain, but if the buyers are patient there can be a big payoff in the end. My clients just closed escrow on a 1,700 sq. foot home in the Hayward Hills with City and bay views. It was a short sale and they ended up getting it for only $360,000. Amazing...Stressful right up to the end, but well worth it. Hi Francis,

Short sales are a pain, but if the buyers are patient there can be a big payoff in the end. My clients just closed escrow on a 1,700 sq. foot home in the Hayward Hills with City and bay views. It was a short sale and they ended up getting it for only $360,000. Amazing…Stressful right up to the end, but well worth it.

]]> By: Michael Monozon http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-996 Michael Monozon Wed, 13 May 2009 16:34:47 +0000 http://www.pruvoices.com/?p=1170#comment-996 Francis, comfortable explaination of a short sale for the buyers consideration, on the flip side it is hard not to see some advantages mixed in with the disadvantages for the seller. If the value is vastly lower than the loans, and the seller also has difficulty with making payments, there can becompelling reasons to do the short sale. One biggie is the understanding that on a primary residence there may be no obligation to pay the short funds or any taxes due on the short funds.A seller should always check with a professional tax person for up to date information. There are so many options to consider. Francis, comfortable explaination of a short sale for the buyers consideration, on the flip side it is hard not to see some advantages mixed in with the disadvantages for the seller. If the value is vastly lower than the loans, and the seller also has difficulty with making payments, there can becompelling reasons to do the short sale. One biggie is the understanding that on a primary residence there may be no obligation to pay the short funds or any taxes due on the short funds.A
seller should always check with a professional tax person for up to date information. There are so many options to consider.

]]> By: Brian Boisson http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-994 Brian Boisson Wed, 13 May 2009 15:05:07 +0000 http://www.pruvoices.com/?p=1170#comment-994 Francis, Great points and thanks for explaining the process and making it easier to understand. Brian Francis,

Great points and thanks for explaining the process and making it easier to understand.

Brian

]]> By: Adam Chinn http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-993 Adam Chinn Wed, 13 May 2009 02:23:22 +0000 http://www.pruvoices.com/?p=1170#comment-993 Great description of a short sale Francis. I have had my fair share of experiences with short sales. I have had some clients put in an offer wait it out and rewarded with being able to purchase the home and I have had others that waited and for one reason or another were not able to purchase the house. There has been lots of talk about the possibility of banks actually shortening the time it takes to sell a home via short sale. One of those reasons is because once the bank has forclosed on the home they do need to put money into their reserve to cover it, hence the money is "tied up" and can not be used by them. Hopefully the short sales become shorter in length for everyone's best interest. Only time will tell. Adam Great description of a short sale Francis. I have had my fair share of experiences with short sales. I have had some clients put in an offer wait it out and rewarded with being able to purchase the home and I have had others that waited and for one reason or another were not able to purchase the house. There has been lots of talk about the possibility of banks actually shortening the time it takes to sell a home via short sale. One of those reasons is because once the bank has forclosed on the home they do need to put money into their reserve to cover it, hence the money is “tied up” and can not be used by them. Hopefully the short sales become shorter in length for everyone’s best interest. Only time will tell.

Adam

]]> By: Larry Franzella http://www.prucalvoices.com/2009/05/short-sale/comment-page-1/#comment-990 Larry Franzella Tue, 12 May 2009 18:54:14 +0000 http://www.pruvoices.com/?p=1170#comment-990 Hi Francis, A great explanation of Short Sales. They can be a real trying experience for buyers and patience is key! Larry Hi Francis,

A great explanation of Short Sales. They can be a real trying experience for buyers and patience is key!

Larry

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