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Redfin Real Estate Forums :
Seattle :
Short Sale
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Short Sale
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AnotherBuyer
Contributor
Posts: 20
Registered: 02-13-2008
Message 1 of 20
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What does short sale mean? How do find these?
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04-04-2008 02:24 PM
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Re: Short Sale
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ndgeek
Contributor
Posts: 16
Registered: 02-18-2008
Message 2 of 20
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A short sale means that the sale price is lower than the current mortgage with the bank. Someone will need to make up the difference between the sale price and what's left on the mortgage. Typically this is the bank, but I imagine, not always. I don't think there's a way to key in on short sale's other than to look at each listing. They usually seem to state this in the listing if its the case.
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04-04-2008 06:35 PM
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Re: Short Sale
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Keely
Regular Contributor
Posts: 107
Registered: 12-12-2007
Message 3 of 20
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Unfortunately or fortunately I suppose, I have 4 short sale listings right now and, after successfully negotiating several of them, have become an expert if I do say so myself! You may be able to find my listings via google? Not sure how to get them to you as I don't believe we are allowed to post contact info. . .
Keely Jared, ABR
Broker/Owner
RE/MAX Metro Associates
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04-09-2008 02:35 PM
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Re: Short Sale
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Ken
Regular Contributor
Posts: 55
Registered: 10-02-2007
Message 4 of 20
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So does a short sale usually preclude foreclosure or is it a totally separate thing? IE - a home owner owes more than the propertyis worth and just wants to get out from under it? I saw a 20/20 or 60 minutes or one of those where people are just walking away from there homes and leaving the keys on the table. I would think that is probably one of the worst things to do but it sounds like many people in CA and FL are in very bad shape.
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04-10-2008 12:42 PM
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Re: Short Sale
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Keely
Regular Contributor
Posts: 107
Registered: 12-12-2007
Message 7 of 20
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lmaca2z I don't understand how this happened. How was it possible for the bank to change the mutual agreed upon purchase price? They should not have been able to do that so not sure why you lost out that way. Did you go back to try to renegotiate after inspection or? I'm sorry that was your experience, that's a shame.
Keely Jared, ABR
Broker/Owner
RE/MAX Metro Associates
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04-26-2008 10:22 AM
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Re: Short Sale
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JanelleS
Redfin Staff
Posts: 1262
Registered: 07-05-2007
Message 9 of 20
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Contracts that involve the transfer of land much be in writing to be considered valid. Since you had a verbal agreement, for all intents and purposes, you had no agreement at all.
Sorry to be the bearer of bad news.
Janelle Saylor | Real Estate Operations
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04-28-2008 03:27 PM
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