Looking at a home that is a short sale.
Is it safe to buy this way ?

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In article 1...@adenine.netfront.net>,
 "desgnr" <d...@nospam.invalid> wrote:

> Looking at a home that is a short sale.
> Is it safe to buy this way ?

There isn't anything intrinsically dangerous about short sales, unless 
you count becoming so irritated with the fraud and deceit that surrounds 
most of them that you go postal somewhere along the line.

On May 5, 10:28=A0am, "desgnr"  wrote:
> Looking at a home that is a short sale.
> Is it safe to buy this way ?
>
> --
> Dell Inspiron
> Pentium dual-core 2.2 GHz
> 2 GB DDR2 SDRAM
> Windows Vista Home Premium SP1

What is a short sale. Short Selling to me means 'selling short" to
profit on price falling.  I have no idea what that means for houses.

It mans that the bank is letting the current owner out of the mortgage
by selling the house for less than they owe, because the bank thinks
it will lose less money this way than by foreclosing and selling it
themselves.

I have no useful info on whether buying one is good idea or not.

On May 5, 3:23=A0pm, Larry The Snake Guy  wrote:
> It mans that the bank is letting the current owner out of the mortgage
> by selling the house for less than they owe, because the bank thinks
> it will lose less money this way than by foreclosing and selling it
> themselves.
>
> I have no useful info on whether buying one is good idea or not.

Its only a bad idea if you cant sell it or live in it after you get
it.

Jimmie

On Tue, 5 May 2009 11:28:20 -0400, "desgnr" <d...@nospam.invalid>
wrote:

>Looking at a home that is a short sale.
>Is it safe to buy this way ?

Absolutely a good way to buy a home. I believe there are no 
guarantees from the bank as to the condition of the house so 
if you go short sale make sure you get a thorough competent 
inspection done.

"desgnr" <d...@nospam.invalid> wrote in message 
news:gtplul$1g6v$1...@adenine.netfront.net...
> Looking at a home that is a short sale.
> Is it safe to buy this way ?
>


Assuming Larry's definition is correct.
>It mans that the bank is letting the current owner out of the mortgage
by selling the house for less than they owe, because the bank thinks
it will lose less money this way than by foreclosing and selling it
themselves.
>

And the home is not located in Florida, Nevada or CA and is in a good 
neighborhood I would seriously consider.

On May 5, 11:54=A0am, ransley  wrote:
> On May 5, 10:28=A0am, "desgnr"  wrote:
>
> > Looking at a home that is a short sale.
> > Is it safe to buy this way ?
>
> > --
> > Dell Inspiron
> > Pentium dual-core 2.2 GHz
> > 2 GB DDR2 SDRAM
> > Windows Vista Home Premium SP1
>
> What is a short sale. Short Selling to me means 'selling short" to
> profit on price falling. =A0I have no idea what that means for houses.

Its the latest "morph" of the English language....
it "now" also means
giving the house back to back,
walking away,
"jingle mail" (keys in the envelop to the mortgage servicer, w/o a
payment)

I have no idea how it got started but it spread faster than the swine
flu...might be to il-informed on the TV news

cheers
Bob

On May 5, 8:28=A0am, "desgnr"  wrote:
> Looking at a home that is a short sale.
> Is it safe to buy this way ?
>
> --
> Dell Inspiron
> Pentium dual-core 2.2 GHz
> 2 GB DDR2 SDRAM
> Windows Vista Home Premium SP1

It transacts pretty much like a "normal" sale expect the "seller" is
usually the bank.  Here in SoCal even traditional realtors are
handling some of the sales of bank owed homes.

Just evalulate like the purchase of any home.

Check local rents
getting a house in decent shape for 10x yearly rents (or less)  is
most likely a great bargain
getting a house in decent shape for 20x yearly rents (or more) is not

in between is where most normal deals get done (not in 2004 thru 2006)

cheers
Bob

desgnr wrote:
> Looking at a home that is a short sale.
> Is it safe to buy this way ?

http://homebuying.about.com/od/buyingahome/bb/BuyingShortSale.htm

Some very interesting information on this in the above link


-- 
PV

"Little men with little minds and little imaginations go through life
in little ruts, smugly resisting all changes which would jar their
little worlds. Zig Zigler