Real Estate Short Sale

Posts Tagged ‘Realtor’

I am current on my mortgage payments but my job needs me to relocate out of the state. My home value has gone down significantly since I bought it. I was working with a realtor and was informed that a short sale is my best option. How will this short sale affect my credit? I do not wish to destroy my credit when I am current on my mortgage payments. Is it going to affect my credit at all?

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Hi everyone – I am going through a lot nowadays. I’m single and expecting a baby in Jan. I am late on my house payments and don’t want a foreclosure – I am very scared. I spoke to my Realtor and she offered to do a short sale in which instead of losing my house I would find a buyer for my house for less than I owe, which is about about $405,000, on it and since homes are down right now I can’t even sell it – I will lose money if I do. Is anyone familiar with this please help – I need advise. Thank you.

I have submitted a short sale offer to Citibank. I have not heard back from them for a while. Does anyone know how long it takes for  Citibank to process a short sale offer? Or, how long does it take them to respond at all (whether they accept the short sale offer or not). My Realtor said it usually takes between 6 to 8 weeks and that depend on which back is processing the short sale offer. But she also said she had not previous experience with this specific bank. If anyone does, your information will be appreciated.
Thanks.

I put in an offer for a short sale. I offered the asking price. This is a home that is an unbelievable steal. We were the first ones to make an offer and the homeowner accepted. But we know many others will also be interested. I know that the process takes a long time as our realtor told us it would be 30 days before the bank even assigns the case to someone. If someone offered more than the asking price what are the chances we can increase our bid to get the house? Do you think I’ll get this house?

What is a short sale and how long you have to wait to buy another house again?

I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for 5k and now it cost less, so it is upside downs. I heard that I can hire a realtor and he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

Wait after shor sale?