Comments on: How to Buy a "Short Sale" House

on 1/1/2010 But what if you need to sell your current home first; will the bank even consider contigency offers?

on 5/8/2009 Great article, I was just researching short sales today. Thanks, 5*.

on 2/1/2009 Thanks for the info. Good to know in this real estate market.

on 10/14/2008 great article very well written

on 9/26/2008 I've heard people mention short sales, but I never knew quite what that meant. Thanks for an informative article.

on 7/26/2008 Thanks for the compliment Susan! We just closed on a short sale house - there are some great deals out there while the market is favoring buyers!

on 7/23/2008 This is a very interesting article. I've not heard of this short sale before, but it is worth keeping in mind! Thanks for sharing an important topic with us Anne.

on 5/23/2008 Gerald,
Stating that "Thank goodness Anne did not represent him on that deal. LOL" certainly sounds like a personal attack. Please do not backpeddle.
Yes, I know that it takes a state exam to hold a real estate license - I have one, and therefore, yes, it is still my professional opinion.
Please try to refrain from more self-promoting comments on an article that is intended to assist people based on my personal experience. You do not have to agree with me, in fact you don't even have to read my articles at all.
Thank you for your time and consideration.
Anne Wanchic

on 5/23/2008 Gerald,

on 5/13/2008 Anne, mine was not a personal attack in any way. Concerning the "professional" opinion I would adamantly disagree. The qualification to become a Realtor are to pass a state test. Wow! [FYI: I have been a licensed agent in two states, held a Brokers License(does that make me more professional) and owned a national franchise office]. It's one thing to be a middleman as an agent and another thing to put your money on the line as an investor. I have 'skin' in the deal. In short we can agree to disagree. Now for short sales if you really want to know about them check out www.kickassshortsales.com for real information. There's much more happening behind the scenes then you realize that involve securities, the actual investors, guarantees, etc that influence who can and can't discount and by how much.

on 5/13/2008 Anne, mine was not a personal attack in any way. Concerning the "professional" opinion I would adamantly disagree. The qualification to become a Realtor are to pass a state test. Wow! [FYI: I have been a licensed agent in two states, held a Brokers License(does that make me more professional) and owned a national franchise office]. It's one thing to be a middleman as an agent and another thing to put your money on the line as an investor. I have 'skin' in the deal. In short we can agree to disagree. Now for short sales if you really want to know about them check out www.kickassshortsales.com for real information. There's much more happening behind the scenes then you realize that involve securities, the actual investors, guarantees, etc that influence who can and can't discount and by how much.

on 5/10/2008 Gerald,
I don't mind people taking different point of views, but there is no need to attack mine personally (no LOL here my friend).
In my professional opinion, and it is a profession, I feel that most people, particularly buyers who are not liable for paying the realtors commission, truly benefit from their expertise. Not everyone can be an investor, like yourself that has "done more short sales than they can count".
As for "your buddy" - Banks don't drop prices of homes worth 400K to 200K like some Kmart blue light special. The home has to appraise for a "fair market value". Then the buyer can still come under, but not by pennies on the dollar. The reason banks all over the country are short selling because the property values are dropping and home owners are upside down in their loans. There would not be reason to short sell otherwise. I am sure when the economy comes bank,

on 5/10/2008 First, a Realtor is not needed for a short sale. I've done more short sales than I can count and MOST of the time the Realtor get's in the way.

Second... Maybe it's because I'm an investor but why would anybody want to buy a short sale property and pay close to the retail value? It takes extra work to deal with a a short sale and I would expect most people would want to make a great buy otherwise it is just easier to buy a property that does not require the work and uncertainty of dealing with short sales.

Third, the part about not making a lowball offer is hogwash. My buddy just got a house accepted in DC and shorted the loan from $350K to 200K and the house is worth about 400K and needs 25K in repairs. Thank goodness Anne did not represent him on that deal. LOL

While I mean no disrespect to Realtors it is important that the subject is fairly covered. Realtors can help wit

on 5/8/2008 Paymonl,
My question to seller would be, if this is truly a short sale, then is not seller's bank paying for her side of the closing costs? All banks are different, true, but the fact that it is selling under seller's amount owed to her lender does not make it a short sale if she intends to make up the difference herself at closing. A true short sale means that it is a mitagation between seller and her lender to avoid foreclosure. Therefore, her lending bank would pay her closing costs which she could not naturally afford if in mitagation - not you the buyer - to my knowledge.
Anne :)

on 5/5/2008 The seller is asking us, the buyers, to pay her expenses in order to agree with the sale even though the bank has already accepted our offer. Is this a reasonable request by the seller?