bearisgray

Wish we had known this sooner -

If you are behind on your house payments or in financial trouble - before your get that dreaded "sheriff sale" notice - contact an experienced real estate agent to learn about "short sales" - one will probably still lose one's home, but one may be able to protect some of one's other assets such as one's retirement fund.

How do I know this? Because of our son ----

From what this agent said, the lenders make the rules - and it seems to be "heads, you lose; and tails, you don't win"

sharon b

So sorry... I hope things start to get better soon :?

Chasing Hawk

When we were shopping around for a new house. We ran into several short sales. The house we did buy was a foreclosure. A great deal at $154,000, we seen some disasters going for more than that. Our house is 5 years old and 1700 sq ft.

Short sales work if you have the time to sell before foreclosure proceedings start. Our son in California bought a house last year on a short sale a 4 bedroom house and they paid something like 120,000 for it.

Marjpf

Warning - also have him check with his tax preparer. I think they consider this difference "income" and you might have to pay taxes on it!

bearisgray

the agent has already advised him of this

the process from the seller's viewpoint is totally demeaning when one's funds have all been exhausted

amandasgramma

Short sales SOUND good -- and in some cases, they may help. My son tried to do a short-sale on his home...a $400,000 plus home. The short-sale would have been $10,000. less than what he owed....the bank drug it on for 9 months and then denied it!!! He ended up going bankrupt.

A friend tried to buy a house with short-sale and found the same thing happening. They were in different cities and different banks.

bearisgray

the realtor that our son is working with says that the lenders can be - she did use polite language - my translation/interpretation is - real jerks and that they seem to enjoy ****ing the person trying to sell the place or rework the loan

I understand we aren't supposed to get political on this board -

so I will stop with the following comment

this agent also said that these so-called bailouts aren't bailing many people at the bottom of the heap

sharon b

A friend of mine did a short sale in Florida.. bought the house for $130,00.00 still owed about $120,000.. bank accepted short sale of $56,000.00 hard telling what is going on out in the housing market

bearisgray

Makes a lot of sense, eh?

sharon b

Crazy is what it is :shock: