House Repossession Assistance

Question by : How to buy a short sale house?
My husband and I are thinking of buying a short sale. We want to make a reasonable offer. The list price was 115000 last week and this week has dropped to 110000. It has been on the market for about 3 months. We really want this house and want to make a strong offer. We also want the bank to pay closing costs. Any opinions? Any past experiences?

Best answer:

Answer by spalmer
The bank will not pay closing costs because they aren’t selling the house, the owner is; however, the bank has to approve the amount (of the offer). It is highly unlikely that you will receive closing costs because the owner’s don’t have any equity in the house and it’s doubtful that they’ll be able to bring the money to the table if they’re short-selling. You can ask, but don’t keep your expectations too high. Make your offer based on the comps that have recently sold in the neighborhood (your realtor can run the comps for you). Remember that you may wait several weeks and even months to hear if the bank has accepted your offer… closing may take months on a short sell. If you have the time to wait though, you can get a great deal.

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Question by help_please: when and how to buy a short sale house?
I think I now understand what a short sale conceptually means. I want to buy a second house at discounted price.
How do i get the process started? Where do I find a frustrated seller? Do I need to work with an agent on the short sale process?

Best answer:

Answer by Mopar Muscle Gal
drive up and down the streets of Metro Detroit..
you’ll find many frustrated sellers

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