short sale experiences

[Alphachino]

So me and wifey are trying to get our first home. We have our sights on 2 and they both are short sales. I really would like to know anyone's experiences in these processes as I am walking in the dark on this one. My agent says she can get the seller to pay closing costs butmy other agent (long story) says since its a short sale it means they r broke. I have saved up money but I'd still like to do this with as little outta pocket as possible.

 

[ballscout1]

So me and wifey are trying to get our first home. We have our sights on 2 and they both are short sales. I really would like to know anyone's experiences in these processes as I am walking in the dark on this one. My agent says she can get the seller to pay closing costs butmy other agent (long story) says since its a short sale it means they r broke. I have saved up money but I'd still like to do this with as little outta pocket as possible.

it doesn't mean they are broke it means they are trying to get from under an underwater mortgage..

the way they pay the closing is by actually incorporating the sale price and closing costs to make it seem like they are selling for more and using the addition for closing.


example


their mortgage holder agrees to take 125k for the property. They will sell it to you for 132k and since its a short sale the apprasal will sustain that amount.

in the contract they will say they are paying the closing costs not to exceed 7k....The closing might be 3-4k and whatever is remaining of the 7k will come to you as a check at closing.

so basically they aren't really paying closing it is incorporated into your mortgage but this way keeps you from having to come up with that cash in advance.

and you'll get a couple grand at closing to get your utilities turned on and other moving expenses like truck rental.

 

[Amajorfucup]

...but my other agent (long story) says since its a short sale it means they r broke

Cut ties with this agent immediately.

 

[Ninja05]

Cut ties with this agent immediately.

Agree - I am helping my father right now with a short sale on a multi-family rental property. He is not broke. But has a pick-a-pay loan that he can no longer justify paying. Kind of depends on the situation. They could be broke - or they could have just got into a home that is underwater and won't sell for their mortgage.

 

[EPDC]

We bought our home in Florida on a bank short sale. Great experience, found the home on November 8th, 2009, closed on December 23rd, 2009. The house was going into foreclosure, the owner and bank came to an agreeement on the price we bought a 175K home for 52K. Had it gone into foreclosure, we pobably could have gotten it cheaper, but we would have had to compete with others.

Our experience was great. It all depends on the owner, bank and situation though.

 

[Famous1]

it doesn't mean they are broke it means they are trying to get from under an underwater mortgage..

the way they pay the closing is by actually incorporating the sale price and closing costs to make it seem like they are selling for more and using the addition for closing.


example


their mortgage holder agrees to take 125k for the property. They will sell it to you for 132k and since its a short sale the apprasal will sustain that amount.

in the contract they will say they are paying the closing costs not to exceed 7k....The closing might be 3-4k and whatever is remaining of the 7k will come to you as a check at closing.

so basically they aren't really paying closing it is incorporated into your mortgage but this way keeps you from having to come up with that cash in advance.

and you'll get a couple grand at closing to get your utilities turned on and other moving expenses like truck rental.

so basically... you just payed your own closing cost... you borrowed 132K instead of 125k....
as a real estate agent, i hated writing contracts on short sales.... The average time from contract to close on a short sale is 4 months.... if you don't believe me, just google it.

 

[Alphachino]

so basically... you just payed your own closing cost... you borrowed 132K instead of 125k....

I wanna avoid that

 

[ballscout1]

so basically... you just payed your own closing cost... you borrowed 132K instead of 125k....

yes

 

[ballscout1]

I wanna avoid that

they may also be desperate to get from under this mortgage and actually be willing to pay closing costs.

If that is the case then they will pay actual closing costs with no kickback to you.

depending on where you are closing isn't that expensive anyway.

 

[Alphachino]

they may also be desperate to get from under this mortgage and actually be willing to pay closing costs.

If that is the case then they will pay actual closing costs with no kickback to you.

depending on where you are closing isn't that expensive anyway.

Well the house is 210 its worth 233, but one thing is the dude took the garage and turned it into a extra bedroom so my realtor said that actually decreases value. The dude was talking about some kind of deadline as well when we checked it out at first too so maybe I can use that yo my advantage because he seems kinda desperate to sell it was first listed at 225 then in like a couple weeks dropped to 210. Idk what my closing costs would look like yet. I did a estimate with the bank for 225 and it said I'd have a 8k closing cost

 

[Alphachino]

Also I asked my Realtor since its a short sale and they r asking for 210 if I should offer like 190-200 dude didn't say no but kinda did in not so many words. Saying 210 is a fair price. I'm like fuck fair I want to pay as little as possible, fuck outta here you think 190 is a slap in the face? Cuz I'm like the worst these niggas can do is say no.

 

[Brother Blaque]

Good info
Props
​

 

[EPDC]

Also I asked my Realtor since its a short sale and they r asking for 210 if I should offer like 190-200 dude didn't say no but kinda did in not so many words. Saying 210 is a fair price. I'm like fuck fair I want to pay as little as possible, fuck outta here you think 190 is a slap in the face? Cuz I'm like the worst these niggas can do is say no.

Is this a bank short sale? If so there is no negotiating on the price they agreed on (owner and bank).

 

[Alphachino]

Is this a bank short sale? If so there is no negotiating on the price they agreed on (owner and bank).

well shit, house 2 keeps dropping in value. it started at 280 now its 240 I may offer 210 and see what happens

 

[Alphachino]

Just a status update;

So at first we had a black realtor, older lady, she was cool at first but she seemed real shady (never on time, didn't ask us for our preferences, seemed to not know much about houses, never went to the property before hand to know if it was a P.O.S or not) so we got tired of her ass and found this white dude on a realtor site, dudes been on top of shit. Even took us to the homes that the old realtor showed us and basically schooled us on foundations and drywall and shit.

A home that the lady was saying we couldn't get for less than 250 he did a walk through with us and said we should start at 175-190. I hate it when our people try to get over on eachother. I know they get paid from the sale but to bullshit my girl and I like that was pretty fucked up.

Anyone buying a home know that these niggas work for you, not the other way around. Fire their ass if they slacking cuz that slacking shit will cause you your future home and make you settle for something else

 

[Non-StopJFK2TAB]

Just a status update;

So at first we had a black realtor, older lady, she was cool at first but she seemed real shady (never on time, didn't ask us for our preferences, seemed to not know much about houses, never went to the property before hand to know if it was a P.O.S or not) so we got tired of her ass and found this white dude on a realtor site, dudes been on top of shit. Even took us to the homes that the old realtor showed us and basically schooled us on foundations and drywall and shit.

A home that the lady was saying we couldn't get for less than 250 he did a walk through with us and said we should start at 175-190. I hate it when our people try to get over on eachother. I know they get paid from the sale but to bullshit my girl and I like that was pretty fucked up.

Anyone buying a home know that these niggas work for you, not the other way around. Fire their ass if they slacking cuz that slacking shit will cause you your future home and make you settle for something else

Now go find someone else and see what they're working with.

 

[jagu]

Just a status update;

So at first we had a black realtor, older lady, she was cool at first but she seemed real shady (never on time, didn't ask us for our preferences, seemed to not know much about houses, never went to the property before hand to know if it was a P.O.S or not) so we got tired of her ass and found this white dude on a realtor site, dudes been on top of shit. Even took us to the homes that the old realtor showed us and basically schooled us on foundations and drywall and shit.

A home that the lady was saying we couldn't get for less than 250 he did a walk through with us and said we should start at 175-190. I hate it when our people try to get over on eachother. I know they get paid from the sale but to bullshit my girl and I like that was pretty fucked up.

Anyone buying a home know that these niggas work for you, not the other way around. Fire their ass if they slacking cuz that slacking shit will cause you your future home and make you settle for something else

It's pretty shitty that you would equate their race to their level of competence. Anyway, the selling realtor does not control the price of a short sale. The listing agent lists it for a price according to the BPO and people are welcome to make reasonable offers close to the BPO price. I wonder how your competent white agent is asking you to offer a price $50k less than the other agent.

 

[Baldhead_Digital]

Just a status update;

So at first we had a black realtor, older lady, she was cool at first but she seemed real shady (never on time, didn't ask us for our preferences, seemed to not know much about houses, never went to the property before hand to know if it was a P.O.S or not) so we got tired of her ass and found this white dude on a realtor site, dudes been on top of shit. Even took us to the homes that the old realtor showed us and basically schooled us on foundations and drywall and shit.

A home that the lady was saying we couldn't get for less than 250 he did a walk through with us and said we should start at 175-190. I hate it when our people try to get over on eachother. I know they get paid from the sale but to bullshit my girl and I like that was pretty fucked up.

Anyone buying a home know that these niggas work for you, not the other way around. Fire their ass if they slacking cuz that slacking shit will cause you your future home and make you settle for something else

It's pretty shitty that you would equate their race to their level of competence. Anyway, the selling realtor does not control the price of a short sale. The listing agent lists it for a price according to the BPO and people are welcome to make reasonable offers close to the BPO price. I wonder how your competent white agent is asking you to offer a price $50k less than the other agent.

I would Typically agree with the race/ competency thing...BUT I just had a similar experience in Fla.. I when through 3 agents..the first an old blk dude who was a part time Church Deacon... the next a younger blk dude who was the son in a Family own realty company...I had a young blk woman who has started up her own company ..( with her white husband's money)... and then two other the blk agents I approached acted like I was stupid and wanted me to pay them finders fee before even working with me.
I ran across this older Jewish woman in the gym, she had me at the table closing in almost 60 days.
I'm not sure what the deal is but I'm never hearing any good stories with black agents and black buyers

 

[jdb1911]

Long story short we bid on July 2nd 2012. Didnt hear a word from the bank until late October 2012. They didnt even counter just asked if this was my best offer. My real estate agent advised what my final offer should be. Gave that and played more of a waiting game. We closed on 2/1/2013. But some of it was due to our lender messing up mixing up paperwork. If say be patient. We weren't in a rush at all. All in all great experience. We already got offered 30gs over what we paid from a neighbor who never knew it was for sale.

 

[jagu]

I would Typically agree with the race/ competency thing...BUT I just had a similar experience in Fla.. I when through 3 agents..the first an old blk dude who was a part time Church Deacon... the next a younger blk dude who was the son in a Family own realty company...I had a young blk woman who has started up her own company ..( with her white husband's money)... and then two other the blk agents I approached acted like I was stupid and wanted me to pay them finders fee before even working with me.
I ran across this older Jewish woman in the gym, she had me at the table closing in almost 60 days.
I'm not sure what the deal is but I'm never hearing any good stories with black agents and black buyers

I've seen black agents get a short sale to closing in 30 days, like my sister in law's house.

 

[Alphachino]

It's pretty shitty that you would equate their race to their level of competence. Anyway, the selling realtor does not control the price of a short sale. The listing agent lists it for a price according to the BPO and people are welcome to make reasonable offers close to the BPO price. I wonder how your competent white agent is asking you to offer a price $50k less than the other agent.

No not really, I said wtf I said and meant it. I get tired of our people always trying to fuck eachother over. She was recommended to us by a white dude at my job and he said she was on top of everything with them. My fiancee and I have more money than they did, all she every did was talk our heads off about "I'm so happy OUR people are buying properties" Fuck all that shit, help me get my house. I gave her ass so many chances and she still fucked up.

And I c/s what the other poster said the other 3 realtors asked for finders fees

 

[BGcruiser]

It all depends on the owner, bank and situation though.

I totally agree! In my case, the owner was very cooperative, the bank (BofA) were total assholes and my credit union was very conservative in moving things along. I made the offer in early June. Deal didn't close until the end of September (one day before BofA was going to pull the strings, cancel the deal and sell the paper to another financial institution)!

 

[Alphachino]

I totally agree! In my case, the owner was very cooperative, the bank (BofA) were total assholes and my credit union was very conservative in moving things along. I made the offer in early June. Deal didn't close until the end of September (one day before BofA was going to pull the strings, cancel the deal and sell the paper to another financial institution)!

If you don't mind me asking, did you get anything taken off of asking price? And what were you closing costs like?

 

[jagu]

No not really, I said wtf I said and meant it. I get tired of our people always trying to fuck eachother over. She was recommended to us by a white dude at my job and he said she was on top of everything with them. My fiancee and I have more money than they did, all she every did was talk our heads off about "I'm so happy OUR people are buying properties" Fuck all that shit, help me get my house. I gave her ass so many chances and she still fucked up.

And I c/s what the other poster said the other 3 realtors asked for finders fees

She must have seen you coming, because I close an average of one short sale a day and most of them are with competent black realtors. All ther clients always leave happy

 

[brickwall92]

She must have seen you coming, because I close an average of one short sale a day and most of them are with competent black realtors. All ther clients always leave happy

Seen him coming or not... you're actually not making a good case for her "Lawyer" whether someone is green or seasoned beyond belief you're suppose to look out for your clients interest 100 percent

 

[jagu]

Seen him coming or not... you're actually not making a good case for her "Lawyer" whether someone is green or seasoned beyond belief you're suppose to look out for your clients interest 100 percent

I wasn't here to make a case for a particular realtor, "lay boy". I was making a comment about how thoughtless his racist statements were. I could give you 1000 examples of similar things done by white realtors or loan officers to black folks, just as recent as Friday.

When you're ready to pay me as a lawyer, trust me you will always receive top notch representation with me. We piss excellence in my firm, my friend. I've been at this for 13 years with no bar complaints

 

[Alphachino]

I wasn't here to make a case for a particular realtor, "lay boy". I was making a comment about how thoughtless his racist statements were. I could give you 1000 examples of similar things done by white realtors or loan officers to black folks, just as recent as Friday.

When you're ready to pay me as a lawyer, trust me you will always receive top notch representation with me. We piss excellence in my firm, my friend. I've been at this for 13 years with no bar complaints

First off gtfoh with that racist shit, I never even said her race til my last post. I described the bitch back in my OP. So shut that mess down.

Her job is to look out for me and my girl not fuck us over. If she saw me coming a mile away then guess what she can watch me walk away the other mile cuz she fired.

IDGAF about what color anybody is in this situation, I went with a AA sister first and she was lazy as shit, now she's gone, case closed, stop fighting a battle you know nothing about nigga. I never even knew this dudes color til we met him at a house that SHE for some odd reason kept getting denied a showing.

Fuck outta here

 

[Baldhead_Digital]

I've seen black agents get a short sale to closing in 30 days, like my sister in law's house.

I'm not sure if I know your sister in law or not...


But My experience with working with a blk agent was not good... I spent 2yrs with 4 agents.. all blk. I purposely made it a point to seek out blk agents. According to the rating an paperwork theses folks were reputable...and had different awards But when it came to work with me nothing ever got done. I'm finding that from a lot of business minded blk people that using a blk agent never works out. However I am seeing that quite a few blk agents do well with people who don't do any self schooling on the buying process and how it all works.

But again that's my experience. I'm not knocking ALL blk agents...but there is a market out there that's not being served.

 

[Louis Koo]

my fave realtor

 

[godofwine]

So me and wifey are trying to get our first home. We have our sights on 2 and they both are short sales. I really would like to know anyone's experiences in these processes as I am walking in the dark on this one. My agent says she can get the seller to pay closing costs butmy other agent (long story) says since its a short sale it means they r broke. I have saved up money but I'd still like to do this with as little outta pocket as possible.

I had a VA loan and I didn't have to pay any closing costs. We ended getting it for $10K less than they asked and that is a great thing because the market is still a lil funny AND the house is valued on Zillow at $40K more than I bought it for. That isn't an actual appraisal but it works.

In the end, they paid closing and I didn't have to pay any out of pocket. It works differently for different people. Either way, don't let them fuck you. Stand by what you are willing/not willing to concede. I got a 2600 sqft house valued at a quarter mil in 2007 for $165. My agent sucked. She didn't even want to show us the house because she would have to split the money with another realtor. She wanted us to buy one of her crappy houses, but we said fuck her and had her show us houses WE wanted and we got the house we always wanted.

 

[brickwall92]

I wasn't here to make a case for a particular realtor, "lay boy". I was making a comment about how thoughtless his racist statements were. I could give you 1000 examples of similar things done by white realtors or loan officers to black folks, just as recent as Friday.

When you're ready to pay me as a lawyer, trust me you will always receive top notch representation with me. We piss excellence in my firm, my friend. I've been at this for 13 years with no bar complaints

"lay boy" ? anyway your comment came across as you were cosigning her.. by saying she "seen him coming" ie someone she can get over on

I don't cosign whites being any more honest are you kidding ?

 

[jagu]

"lay boy" ? anyway your comment came across as you were cosigning her.. by saying she "seen him coming" ie someone she can get over on

I don't cosign whites being any more honest are you kidding ?

You put lawyer in quotes, thus the "lay boy" quote
The "seen him coming" statement was said to point out the abjectness of his racist claims.

First off gtfoh with that racist shit, I never even said her race til my last post. I described the bitch back in my OP. So shut that mess down.

Her job is to look out for me and my girl not fuck us over. If she saw me coming a mile away then guess what she can watch me walk away the other mile cuz she fired.

IDGAF about what color anybody is in this situation, I went with a AA sister first and she was lazy as shit, now she's gone, case closed, stop fighting a battle you know nothing about nigga. I never even knew this dudes color til we met him at a house that SHE for some odd reason kept getting denied a showing.

Fuck outta here

Ermm.. it was not necessary to state their races but you did so while foaming around your mouth.

Again, you have not proven that she did anything wrong. She did not tell you to offer above the listing price. Maybe she had very good reason to ask you to offer close to the listing price, which is low to start with. BTW, have you closed on the price that white boy asked you to offer? If so, please post a settlement statement

LOL at you getting all hot over an argument on a house that you have not bought yet.

 

[Alphachino]

You put lawyer in quotes, thus the "lay boy" quote
The "seen him coming" statement was said to point out the abjectness of his racist claims.


Ermm.. it was not necessary to state their races but you did so while foaming around your mouth.

Again, you have not proven that she did anything wrong. She did not tell you to offer above the listing price. Maybe she had very good reason to ask you to offer close to the listing price, which is low to start with. BTW, have you closed on the price that white boy asked you to offer? If so, please post a settlement statement

LOL at you getting all hot over an argument on a house that you have not bought yet.

This nigga. Ain't nobody mad on a internet messageboard. You missing me with that mess. Like I said the reason I stated her race later in the post is because she wanted some kind of bonus points because she was black. I listed why she was fired before but ill relist them if it helps you comprehend.

She knew nothing about homes
She would never gather any area info
She was usually late
She would cancel appointments due to personal reasons
She couldnt get us in two homes that we both wanted to see but mysteriously the nnew Realtor got us access in one call
She wanted us to start offers high

There are a few extra that I added but like I said in my op it was a long story on why I fired her. All you saw was some shit about a black realtor and jumped to that racist trash.

 

[Alphachino]

I'm not sure if I know your sister in law or not...


But My experience with working with a blk agent was not good... I spent 2yrs with 4 agents.. all blk. I purposely made it a point to seek out blk agents. According to the rating an paperwork theses folks were reputable...and had different awards But when it came to work with me nothing ever got done. I'm finding that from a lot of business minded blk people that using a blk agent never works out. However I am seeing that quite a few blk agents do well with people who don't do any self schooling on the buying process and how it all works.

But again that's my experience. I'm not knocking ALL blk agents...but there is a market out there that's not being served.

Bingo!! I took classes read up on processes and etc. They saw a young couple and thought they could get over simple as that. I'm a smart consumer and I do research first. This shit ain't buying a car its a big freaking deal and its like she just wanted extra commission and she wasn't getting that from me. I'm not saying I know everything about this but I know enough about construction and home improvement to know she was in over her head synergy it came to seeing issues and future problems in a home that would cause me not to offer asking price. She knew nothing about building codes or electrical codes.

As I stated before, when u get into this know that they work for you, you can hire or fire as you would if it was your future they are handling because it is

 

[Famous1]

as a real estate agent i must admit that i would much rather have a white client than a black one... because you niggas in't never got no dmn money saved up and your credit is always fucked up... and i'll be god damned if you ain't wanting to buy a 5400sq. ft house for 110k...dumb ass black people making offers 50k below what the comps in the area are... now white people are always schooled and have always done thier research ahead of time and all of them have A-1 credit and at lest 20% saved up for a down payment..butter baby..30 days from offer to close...gotta love them white folks...especially the old jewish ones...