some friends looking to delay foreclosure on their home have asked us to submit a short sale offer. the claim is any reasonable offer will delay the foreclosure at least several months and that we can withdraw the offer at any time with no repercussions.
anybody seen, heard or been involved in a similar situation??
anybody seen, heard or been involved in a similar situation??
I would say short sale is a waste of time. Been there done that and have more dings on my credit then if I would have done a bankruptcy. though I was advised it may foreclose. Would have been better to keep on the market and make less money then short saling. Often times you get no money when you do. So I lost it on doing a shortsale instead of the full foreclosure. It went into foreclosure and I lost all the extra money my house was worth on top. Which was alot as I built it 12 years ago. Had a profit of almost 50 k when I foreclosed. Wish I had more time then I had but it was meant to be.
The first mortgage like the short sale offer. However the second did not cause they would not get as much money. So in the end I had to do a foreclosure instead. Then they put another ding on my credit with a judgement instead of one whole foreclosure.
So that is why I would do bankruptcy instead of the whole draining ordeal of trying to save your house or get money out of it. This usually is not the case ever when you loose your house.
So play smarter instead of working harder and do make sure if you do a short sale that you know it may still go into foreclosure and that may take upto a year or more to be sold.
sara
The first mortgage like the short sale offer. However the second did not cause they would not get as much money. So in the end I had to do a foreclosure instead. Then they put another ding on my credit with a judgement instead of one whole foreclosure.
So that is why I would do bankruptcy instead of the whole draining ordeal of trying to save your house or get money out of it. This usually is not the case ever when you loose your house.
So play smarter instead of working harder and do make sure if you do a short sale that you know it may still go into foreclosure and that may take upto a year or more to be sold.
sara
I thought the short sale also would slow down the foreclosure but it only does if they accept the offer you offer.
So its a 50/50 shot!!! YOu also have 50/50 shot in someone buying it in the time of foreclosure. So do both and then your odds are greater of no foreclosing!!!
Hope it works out for them.
So its a 50/50 shot!!! YOu also have 50/50 shot in someone buying it in the time of foreclosure. So do both and then your odds are greater of no foreclosing!!!
Hope it works out for them.
Gotta love that hyper-inflation and the greed of lenders who prayed on unsuspecting home buyers.
KANDD wrote:
some friends looking to delay foreclosure on their home have asked us to submit a short sale offer. the claim is any reasonable offer will delay the foreclosure at least several months and that we can withdraw the offer at any time with no repercussions. anybody seen, heard or been involved in a similar situation??
That can work but you may have to show rather quickly that you have the means to actually close on the deal if it went that far. Usually what the best thing to do is find a real buyer quickly after you submitted your offer.
Post that question on Trulia or Google a R.E attorney and ask on a Forum. I got some good advice from licensed Pro's for free about my LLC Hope this points you in the right direction...
HOTFIRELOVERS wrote:
I would say short sale is a waste of time. Been there done that and have more dings on my credit then if I would have done a bankruptcy. though I was advised it may foreclose. Would have been better to keep on the market and make less money then short saling. Often times you get no money when you do. So I lost it on doing a shortsale instead of the full foreclosure. It went into foreclosure and I lost all the extra money my house was worth on top. Which was alot as I built it 12 years ago. Had a profit of almost 50 k when I foreclosed. Wish I had more time then I had but it was meant to be.
The first mortgage like the short sale offer. However the second did not cause they would not get as much money. So in the end I had to do a foreclosure instead. Then they put another ding on my credit with a judgement instead of one whole foreclosure.
So that is why I would do bankruptcy instead of the whole draining ordeal of trying to save your house or get money out of it. This usually is not the case ever when you loose your house.
So play smarter instead of working harder and do make sure if you do a short sale that you know it may still go into foreclosure and that may take upto a year or more to be sold.
sara
Thought a short sell was selling it for less than what was owed the lender so how would you have 50k in equity? Also if the house was worth 50k more than what you owed you would think that you could dump it easy for what you owed on it to avoid the foreclosure but save your credit rating a bit. Just wondering.