Short sale transactions have to be one of the most frustrating types. The banks play at their own pace and by their own rules, making it difficult for consumers to get clear, timely answers.
I spend a lot of time on Trulia.com where I try and help people get answers to their questions and to provide some expertise that will hopefully build relationships and credibility for me and my business.
Here are a couple problems that I’ve seen on Trulia and in some cases my answers to their questions! You’ll see that while many agents have gotten used to the short sale process, consumers still struggle with the way banks work.
How do Short sale offers work?
How many short sales are closing?
Also, if you haven’t already, check out the forums here at BoiseRealEstateSoup and ask your questions about real estate or share some experiences that you may have had as a homeowner!
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There has got to be a better way to go about the short sale process…I am sure that the government will TRY to come up with something, and I am sure it will favor them in some way…ie: a Tax of some sort
, but the current process the lenders are using just is not working.
This was very god information. I especially like the varied comments on the question. All of it makes me very afraid of even trying a short sale.
You have to be careful if you are a buyer on short sales. Let me give you an example. My brother was trying to buy a property her in Nevada on a short sale. Everything was going fine until the owner skipped town with his deposit and left the house for foreclosure. Yes, I know it is partially my brother’s fault, but these kind of things happen.
Can a buyer back out of a signed real estate contract on a short sale 4 days till closing?
In many cases a buyer CAN back out of a signed real estate contract on a short sale up until closing.
There are however, some very important considerations that must be addressed prior to doing so. A buyer default on a contract may be acceptable, but could come at a cost of paying for certain damages to the seller.
I recommend that every short sale buyer in Idaho use the Realtor Form RE-44 “Short Sale Addendum”. This addendum allows you to rescind the agreement without loss.
This is quite an interesting piece of information. This should alarm home buyers to be careful with what they purchase. Before buying a house, thorough research and scrutiny should be done to avoid being ripped off!!!
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