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Buying a "short sale" house.

Because they are trying to hurry & sale (short sale), do you think the seller is more willing to take little to no down payment?

I wanna cry! We just started trying to save for a house (goal $10,000). But it may take us a year to do that. Right now we have saved $1,000 & I think I just found a home online for sale that may be perfect for us.
It is a short sale home. Being sold for $99,000. But in a good market this house would be worth $115,000. 3 bed/2 bath. 2 car garage. Good neighborhood. In the location we want. Built in 2004.

Where is that money tree! :-( I NEED IT NOW!

 
Anonymous

Asked by Anonymous at 12:49 PM on May. 18, 2011 in Money & Work

This question is closed.
Answers (7)
  • There are programs that help with money down. Where I live the housing authority will give you a number to call and they help you! DH and I aren't even going to think about buying for a few more years but my cousin got help from this program! Good luck!
    Mikayla_lynn

    Answer by Mikayla_lynn at 1:01 PM on May. 18, 2011

  • If a house is in a short sale the seller still has to make a set amount of money in the house. They are selling the house to get the bank to relieve them of their payment which they will not do unless X amount of money is taken form the sale. Short sales can be a LONG process as well. Not to mention the possibility of 'inheriting' back taxes on the property is pretty good. Talk to a realtor about the expectations when looking at a short sale home.
    Anonymous

    Answer by Anonymous at 12:55 PM on May. 18, 2011

  • A short sale will not sell without little or no down payment.
    Anonymous

    Answer by Anonymous at 12:51 PM on May. 18, 2011

  • We \are looking also and just found out the "perfect" house IS a short sale also - which doesn't mean they can also take less than its listed for, they are usually trying to get out of the house however its still means they have to follow banks and real estate guidelines but the bank can also delay what they have it listed for depending on what they owe I guess.. sucks. I'm sorry
    maxsmom11807

    Answer by maxsmom11807 at 12:54 PM on May. 18, 2011

  • Thanks ladies. I knew we would pay "full price" & no asking for less than the $99k listed price.. It was the money down I was thinking about.
    Its very stressful because we live with my mom & have said we would move near her for her comfort &she lives in an area that is mostly above our price range .. So seeing this house, location, condition, layout.. Would possibly fit us perfectly :-(

    LOL I shouldnt even look at houses period until we have $$. But its hard not to dream!
    Anonymous

    Comment by Anonymous (original poster) at 1:08 PM on May. 18, 2011

  • You need more money for a down to get into a house.
    tasches

    Answer by tasches at 4:30 PM on May. 18, 2011

  • need more than $10,000 down to get a house?....
    I may be wrong but our parents & other people around us are saying 3-5k would be good.. I will never own a home if they expect me to save 20% (we will buy about a 100k home).

    For now we are saving what we can. and will be going to some classes in June about getting down payment assistance for 1st time home buyyers.. We have the income to pay bills & keep up with it all. Its the DOWN PAYMENT that is killing me! :(
    Anonymous

    Comment by Anonymous (original poster) at 8:04 PM on May. 18, 2011

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