Short sales

SLIVER · Dec 10, 2012

I'm going to vent, so prepare yourself.

We are in the process of trying to buy a short sale home. As all the details unfold we find out that the current owners have a $3500 lien on the home for unpaid child support. The current owners obviously aren't going to pay for it, they haven't been paying their house payment for months. The bank says that they aren't going to take the hit, and that if we want the house we will have to pay their lien off!

In the words of Bessy WAMFJ.

I can't believe how worthless some people are. A complete drain on society. I hope that if we do get this home, that these retards move a long long long way away from us!

Done venting.

Thanks.
}}-SLIVER-->

sageadvice · Dec 10, 2012

Welcome to the games that they play!

Before finally buying my home, i put at least full price, all cash offers on 4 different places! There was no give and take with the Banks, it was all take. Then, the realtors also got in the act by putting buyers against each other seeking way above asking price bids. I'm now just glad it's done with.

All said and done, i still, after paying 5K all cash over asking price, got a home way cheaper than i ever thought possible.

Joey

"It's all about knowing what your firearms practical limitations are and combining that with your own personal limitations!"

shepherd · Dec 10, 2012

They should have to mow your lawn and rake your leaves and clean your gutters at minimum wage until that 3500 is paid off!

Idahoron · Dec 10, 2012

I would walk away from it. There are other houses without the baggage. Ron

WapitiBob · Dec 10, 2012

Give the bank the finger. They got billions from the taxpayers and are sitting on it. They're a long way from "taking a hit".

out4elk · Dec 10, 2012

+1 on the walk away from it, the bank will change it's mind or you will find a better one.

Hardway · Dec 10, 2012

Took me a long time to learn there was a better deal around the corner. Cars, Houses, Guns, etc. My old man is an expert at walking away from a "good" deal. If it dont feel right....walk. Patientce grasshopper.

one_dryboot · Dec 10, 2012

What's the value of the home compared to what you have to pay? We just bought a short sale and got a very very very good deal so if I had to pay 3,500 more I would do it in a second because of how much more the home is worth compared to what I paid.

On a side note, Be thankful you are in the position to buy rather then have to short sale your home like the previous owner. Maybe they lost their job and are struggling to even buy food ect. Instead of bashing them why not have a little compassion for someone that just lost alot!!!

RELH · Dec 10, 2012

One_dryboot is making alot of sense. The bottom line is the home worth it to you with the added cost of the lien. If it is, go for it. One thing you have to look at is that home sales is starting to go up in some areas and that means the price will go up with the sales.
My son bought a short sale at the end of last year. It was a home that had a lot of custom features over the other homes in the area. The good thing was the owners had pride in the home and kept it up including the landscaping that was done by a professional. They only lost the home due to the husband being laid off from his job due to employee reduction by his company.
The house sold for over 350 thousand 4 years ago and my son picked it up for less then 160 thousand. Took about 3 months for the sale to go though and my son had to jump though hoops to close the sale. The bank even questioned him about if he was related to the homeowners selling the house and what time of day he wiped his butt.

RELH

lineguy · Dec 10, 2012

What exactly is a "short sale?"

akamissedagain · Dec 11, 2012

Sounds like something title insurance should cover

SLIVER · Dec 11, 2012

One dry boot..... You are probably right. I try to see the upside of every situation, but it is hard for me to be required to take additional money away from my family to bail out this one (people who give us the stink eye when we walk through the house). Compassion is something that I need to work on, and I will change my attitude toward them. Sometimes I need a "wake me up" Thanks.

I was more posting in regards to the system of short sales. How is it fair that the buyers are responsible for the lien money that the sellers incurred, no matter what the modalities?
The home is worth it. The original selling price in 2007 was $415, and we are negotiating $240.
}}-SLIVER-->

one_dryboot · Dec 11, 2012

The only reason I mentioned it is because the homeowner i dealt with lost everything including his job and marriage and it was a low point in his life. His loss was our gain. We had to pay some extra that they walked away from because they had nothing. it sucked but in the long run we'll be better off.
Good luck, hope it all goes well.

pauns08 · Dec 11, 2012

Hopefully you get the house and it works out for you and your family sliver

WapitiBob · Dec 11, 2012

"How is it fair that the buyers are responsible for the lien money that the sellers incurred, no matter what the modalities?"

You aren't responsible. The owners are and the state leined their house to collect from them. At this point, the lein goes with the house. The bank thinks you want the house and they're willing to bet you'll pay the lein to get it.