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  1. 02-12-2010, 06:05 PM #1
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    solid-d
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    Real estate question?

    Im looking to buy a house.. Its nice and I can afford it.. Nice neighborhood, and nice size land.. Good deal too.. My question is that it is already under agreement, but its a short sale.. What exactly is a short sale, and do those fall threw.. Also, what if I gave a higher offer then the current one??
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  2. 02-12-2010, 06:44 PM #2
    FranciscoG
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    Short sale is when a bank allow the homeowner to sell the property without going through foreclosure. Generally, much less than what the home owner owes.

    An agreement for a short sale is when there is contract with contingencies for the house. Until the contract falls through the bidding is closes. It can fall through for many reasons like things not disclosed, inable to get a loan, not passing appraisals...
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  3. 02-12-2010, 06:51 PM #3
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    POPS
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    Im on my fourth piece of real estate and I have yet to pull $$ out of my pocket!!!

    One thing I have learned, no matter how much it costs, MAKE SURE YOU HAVE A REAL GOOD REAL - ESTATE ATTORNEY!!!!!

    It will be the best $400 youll ever spend.

    Good Luck!!!
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  4. 02-13-2010, 12:25 PM #4
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    warchild
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    short sales take forever...
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  5. 02-13-2010, 12:25 PM #5
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    warchild
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    Quote Originally Posted by POPS View Post
    Im on my fourth piece of real estate and I have yet to pull $$ out of my pocket!!!

    One thing I have learned, no matter how much it costs, MAKE SURE YOU HAVE A REAL GOOD REAL - ESTATE ATTORNEY!!!!!

    It will be the best $400 youll ever spend.

    Good Luck!!!
    would you recommend this on all new purchases or short sales???
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  6. 02-13-2010, 12:34 PM #6
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    soulstealer
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    I would recommend an experienced real estate agent and attorney on all new purchases... Also Solid-d if you have any questions regarding the mortgage application/terms feel free to PM me... I'll tell you what the deal is... and also feed you the wholesale rates of the lender so you dont get shafted...
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  7. 02-13-2010, 12:39 PM #7
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    warchild
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    what about me soulstealer???
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  8. 02-13-2010, 12:50 PM #8
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    soulstealer
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    Quote Originally Posted by warchild View Post
    what about me soulstealer???
    LOL... you too warchild... feel free
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  9. 02-13-2010, 01:05 PM #9
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    POPS
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    get an attorney no matter what. Think of it as cheap insurance..
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