Buying or Selling a Home/short sale - Run

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Expert: Jim Root - 1/7/2010


Question
HI Jim,
I read your piece on shorts sales and I must say everything we have heard is very discouraging. We put an offer in 4 months ago and finally they sent an appraiser out 3 weeks ago ( just before Christmas and nothing). This is of course B of A. My question is we are happily in a rental with no time limit, we really love the short sale house - if we just hang in there does it usually go through?
We offered what were told had been previously approved for an escrow where the buyers ran out of patience, but then they ordered a new appraisal.
I am happy to wait another 6 months if that means one usually gets it.. but if not I should move on as it is nearly listing season.
What do you think

Thanks
Melinda


Answer
HI MELINDA--

If you read my several responses to questions about SHORT SALES you must realize that I'm not a "big fan!" Both the Buyer & the Seller are at the mercy" of the Lender and the Mortgage Insurance or Guarantee Provider, who enter into a negotiation over whether or not to accept less than what's owed and/or if so how will the loss be handled?

Neither wants to be the "Biggest Loser" and they often take several months deciding what to do. Yes, Short Sales usually go through--but I've never seen one take over 4 months!However, the "sorry state" of the Real Estate & Mortgage Markets is making everything take longer!

You say you'd be willing to wait another 6 months, so if you really like the Home and it's a "good buy" at the price you've offered, and you have a comfotable rental unit that has no time limit for your occupancy,wait it out--but keep looking for another Home. Remember, until they  
fully Approve your Short Sale you can "pull" your Offer and move on!

Good Luck!

JIM

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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