Good Morning;
Just a short note here today.
We have had this 'fog' thing going on for the past few days-
Imagine it will be worse tomorrow (the temps are to quit acting like September). This has been some nice weather for Flintville for November!
But I don't think I have to be anywhere early.
That is a good thing.
I have a question for anyone "in the know".
What is a short sale, and how does it affect a potential buyer?
*** Maybe those of you that get this in your email would reply too?
My email is Anna_Loves_Life@Yahoo.com
I will be back to see if anyone comments on this later.
Methinks I broke my sewing machine yesterday; and I must go see if I can salvage it now.
Mad- Mad- MAD about that.
♥ Love to all. ♥
May you all have a 'wunnaful' Thursday!
XOXO
Me
Sweet Annie,
ReplyDeleteThe owner and the mortgage company agree to sell the property for less than it is worth. All monies go to the mortgage company. I can't see how it would adversely effect the potential buyer as they are two completely different transactions. The potential buyer would pay what the realtor has the house appraised/offered for and the homeowner would still be liable for the amount shorted the mortgage company by the short sale.
The fog with your willow is beautiful. My I?
Hope you didn't kill your sewing machine too badly.
oxox,
forever your snotball
^^^^What she said^^^^^
ReplyDeleteYeppers... L's brother just did a short sale. The joys of living in Michigan. The house is worth well below the mortgage and the bank agreed to take less than what was owed - they got a buyer and vola.
ReplyDeleteHowever, I think a short sale does affect the seller's credit but if you need to or can do a short sale you probably don't care
That is how my Mom got her new place. They offered a price to the seller. The seller (who had to move to Texas for work) called her mortgage company and told them she couldn't afford to keep paying 2 mortgages and was fixing to quit making the payments on her house in GA....and they excepted the offer my Mom was offering. Mom got an excellent deal in the end. Be sure if you are buying a place get a "home warranty" to cover any unexpected things that come up...well worth the cost. Its saved my Mom some money so far.
ReplyDeleteShort sales are when the seller is selling for less than what they owe on the house. It means that they need to negotiate with the bank as the remaining portion of the loan will be "unsecured"
ReplyDeleteTo the buyer, it means things can drag on forever... you are not only dealing with a seller but with their bank as well.
Sorry about your machine..... if I can help, yodel.
Anna, a short sale is when a house is being foreclosed upon by the bank....but the owner is still trying to make good on the loan and wishes to sell the house before being foreclosed upon. What happens is that the bank if they accept the offer will allow the loan and the house to go for much less than what is owed, but this is a good thing instead of letting it go all the way to foreclosure because then the bank will be stuck with the house and have to sell it themselves at an auction which means the house may go for even less than what they might have gotten for the short sale. however, most mortgage companies now days don't seem to give a hoot if the house actually goes into the foreclosure and are auctioned off for less, they are getting bail out money from the government so they are happy enough. meaning, most mortgage companies are not willing to put out the effort to negotiate a short sale. it's a shame really. I had an offer, my mortgage company neglected to respond, the offer fell through. they waited for it to go to foreclosure and sold it at the auction for $30K than what I had an offer for!! YES, you heard that RIGHT, $30K LESS than what I had a legitimate offer for! So instead of losing just $20K, they went ahead and took the loss of $50K and probably got all that back from the bail out! You may as well wait for a sheriff's sale and buy your next home that way!
ReplyDeleteWhat the lovely people said above and only if you get time Anna here is a little bit on the scams people pull
ReplyDeletehttp://www.newswire.net/newsroom/permalink/69193.html
Love the photo, a breathe of lovely fresh cool air, Julie love sewing, knitting and all that crafty stuff that cost me an arm and a leg hehehehe
all i know is my friend justin has been told by his r. agent to forget short sales ,too much trouble . ??? i'll be back to see if you have the answer below or above lol
ReplyDeleteIf you are talking about property then a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It usually occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This doesn't necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency
ReplyDeleteoh my goodness I loooooooooooove your willow tree :)..........yep to the above on the short sale.....I would try to sell for the price of the loan.......try to hold on hon.
ReplyDeleteWell....I too, have just learned something new! Here I was beginning to think it was the line my mama stood in when she was pregnant with me to get my height! lol
ReplyDeleteLove the foggy willow! With a few decorations it would have made an excellent Halloween photo. Oh well.....maybe next year it will appear "ahead" of time in October instead.
It's when there is a sale on shorts...
ReplyDeleteSo... Are you saying that we can't make an offer on it then?
ReplyDeleteThat we pay full listed price?
As far as the machine goes... I took some of it apart after it clucked and died.
It works better, but not good enough to get through what I need to do yet.
So mad about that.
I have older machines that I don't use anymore.
Then again, there is a REASON I don't use them anymore.
*sigh*
ReplyDeletehehehe
Since I *might* be the buyer, it doesn't affect me at all?
ReplyDelete
ReplyDeleteDid they offer the asking price, or less?
I would do nothing withOUT a warranty. hehehe
I saw the 'forever' part and cringed inside.
ReplyDeleteThank you for your PM too. I have replied.
But I can't yodel. Dammitallanyway.
I can scream, and cuss; but I can't do it to music.
ReplyDeleteDamn.
I hate the long term implications therein.
ReplyDeleteThank you for the link- It is opening in another window as I type.
As far as sewing goes, why does it cost you lots of money?
I sew to save money...
That is much like my banker friend has told me.
ReplyDeleteTo quote, "A short sale is usually when a bank is foreclosing on a property and work out a deal with the borrower to sell at less than the price owed the bank - sometimes the balance is forgiven or otherwise the people still owe the money. I don't think you need to be worried about buying a house like that."
You can only guess that this is disheartening...
So... then I am thinking that the worst of it all is the 'wait' as a potential buyer?
ReplyDelete
ReplyDeletePatience is not one of my strong suits.
Then again, I did allow all of my kids to survive hormones in puberty...
(I would be the buyer, by the way- my home is paid for).
ReplyDeleteYou are funny!
Guess I could have decorated it and taken a picture anyway... Who would know?
hehehe
ReplyDeleteSo, potentially I could buy LOTS of shorts?
hehehe
HAHAHA
ReplyDeleteIt did not "cluck"... It clunked and then croaked.
My fingers are not yet awake...
I bet your friend actually said "A short sale is usually when a bank is ABOUT TO START foreclosing on a property and IS WILLING TO FIRST TRY TO work out a deal with the borrower to sell at less than the price owed the bank TO AVOID FORECLOSURE
ReplyDeleteI didn't say you had to yodel WELL just yodel.
ReplyDeleteThe thing to look for is if it is a BANK APPROVED SHORT SALE or is it a PENDING SHORT SALE.
If it is bank approved then the waiting part is already done, the price is set and approved.
If it is pending they have not yet fought that out with the bank and will do so AFTER someone makes an offer.
With a short sale you will only get as good a deal as market value.
If you find a foreclosure sometimes you get a better deal if the bank owns it for less than market value and just needs to unload it. They can only hold so many properties at a time by some law so they put them all out there and as the deadline looms to report they will sell whatever they can just to get it off the books.
That is how I am sitting here in my office in a $750,000 house that I bought for $250,000. Bank was desperate to sell and in the condition it was in they had no other offers.
short sales do not financially impact the BUYER other than in time and in the sale price as I noted in my last comment.
ReplyDeleteif it is APPROVED SHORT SALE the price is already agreed with the bank and it is a done deal at accepted offer.
ReplyDeleteIf it is PENDING or you offer LESS than list on an APPROVED you have to wait for the bank to agree but you can always offer less....
This is where a realtor helps you out... they can tell you what it is worth, what to offer, and good ones usually have enough contacts to be dead on the money with their advice.
Hehehehe because she goes to Spotlight and spends hundreds buying up for
ReplyDelete" I might need this one day " the stores are huge and I can't keep up with a crazy crafty woman on a shopping spree :D
US homes are for sale over here but we have been warned about these "Short Sales" Anna
They offered less and it was accepted. The realtor they were working with helped them come up with an acceptable bid working within what they had been pre-qualified for....plus..my Mom is the QUEEN of bargin buying...lol She shopped for almost a year before finding a house she was comfortable with.
ReplyDeleteShe was wanting enough space for her and my Dad..which she really has ALOT of space..and then she wanted a finished basement/ or Mother-inlaw suite(not that either of theirs is alive) for my sister,her son and my niece that is a spastic quadraplagic(wheel chair bound) with Cebral Palsy to live in (long story..my sister married and idiot...and his reason for leaving was he couldn't come to terms with my nieces condition..he is total scum..he doesnt even provide support for them...my Mom and Dad have for probably the last 10 years). This house has 3bdrms upstairs,2full baths, 1/2 bath in the laundry room off the BIG kitchen, a den w/fireplace,formal dinning rm, front porch,garage, deck and screened in back porch. Downstairs their is a full kitchen area, laundry room, a large room that my sister and my niece share...its that big..and its where my sis(Carol) can get to her daughter(Lisa) in a hurry should she need assistance, a full bath, another smaller room..where my nephew(Jeff) sleeps off the living room w/fireplace and thru a pair of bi-fold doors is an L-shaped storage area where they had started framing in another bathroom...and oodles of storage space..that could even be another bedroom and still have storage area down there. There is a horse barn(they don't have horses..lol) but a good storm/wind is going to take that thing to the ground one day..there is a large detached garage(think building cars type). They have all this on about 4 acres of land. Mama got alot of bang for her buck!
I don't remember the sell taking that long once they made the bid. The home owner also telling the bank they were fixing to "own" the house whether they wanted to or not helped as well....lol She already had her new place and was not worried about the reprecussions..lol
ReplyDeleteIt took her longer to pick a place..lol
This Thanksgiving will be 2 years since she signed the papers...and she is still not moved totally out of the other house(they own it so she feels she can take her time...lol did I mention...she's sloooooooww!!). They didn't start moving till the summer after so school would be out and not disturb my nieces routine. Then it was another 6-9 months before my Dad ever spent the 1st night in the house..lol He was pissed she bought them the adjustable beds( she has reflux problems and he has blood clotting issues..lol) and they weren't pushed together..and the room she had picked out as her craft/sewing room was the one he wanted thier bed from the other house put in so he could sleep on it.
They are a real pain in the ass sometime..lol I told her I could have had them moved lock,stock and corner dirt 10 times by now( my last move was done in 3 weeks..thats finding a place here and packing and moving and Bruce getting a stent in his heart).
I wish you happy house hunting! Think I have pics of my Moms house up..I will check..if not I will post!
Methinks I'll focus on the lovely picture.
ReplyDeleteI may be in foreclosure at any time. My property is worth less than one third of the loan. Both right & left of me were foreclosed; the family on the left held on as long s they could. They have two daughters, & 'no place to go.' Their condo was gobbled up immediately. The lender knows they'll never get anything from the prior owners, but they don't care. We have about 10% foreclosures here.
Methinks I'll focus on the lovely picture...I'm glad for people who don't have to worry about getting dumped in the street. I really am.
Such are the actions which cause revolutions.
ReplyDelete(I imagine you could keep making payments and wait for the market to turn around in thirty years - but that might not make sense, either).
I actually quoted her reply.
ReplyDeleteI have not yet made an offer. Maybe next week- Just don't tell Casey...
Been doing a lot of practice of yodeling at my sew machine- Does that count?
ReplyDeleteHopefully the offer will come at a time that it is 'deadline' for it.
Hope so.
All power to that duplex is shut off as I type. It would be a shame then to encourage the bursting of water pipes...
XOXO
me
I do this type of 'shopping' at thrift stores and such. (One can get lots of 'patches' out of a simple cotton housecoat for 49 cents).
ReplyDeleteBut gosh thread is spendy- And I curse that fact the most!
See my reply to my Sweet Pea about this particular short sale.
ReplyDeleteI love that you have posted the pictures of their pot of gold! It is quite perfect!
Casey will move in, and they WILL have horses. hehehe
XOXO
Me
Holy crap! I can't believe what you- and the surgeons, accomplished in such a short period of time!
ReplyDeleteI am happy that I posted the picture then! hehehe
ReplyDeleteI see many many 'for sale' signs in the Suamico area.
And those are very nearly 90% of people that have been here for a LONG time!
And a notice in the paper this past week that, even with the recession, the wise Suamico Board has approved a raise in the tax base.
Go figure. No wonder people are leaving.
But at least that brings my price up here a bit- Only those that can afford to will be able to buy and move in.
I don't think I'll get dumped in the street- But I do wish that street was much closer to Casey.
Now PLEASE go find that attorney I told you to find. Misappropriation of your monies is a winnable suit.
XOXO
Me
ReplyDeleteWith the runaround she is getting... waiting and sending in more monies is not an option.
I can only imagine how many deaths this winter will hold for those that are homeless.
And yes, that will be cause for a revolution of sorts.
Maybe even death will not wake up people.
But we can always hope.
I have the answer. I'm going to flush myself down the loo.
ReplyDelete