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Anyone who knows about buying/ selling homes! Please!

Posted by on May. 29, 2012 at 1:33 AM
  • 37 Replies
We are looking at homes to purchase one fairly soon. I made some smart investments a few years ago and they just cashed in big time, and it couldn't be a better time because we need to move from our rental soon! Anyway, we'll be getting a realtor this week but I was browsing homes a d I found one I just fell in love with. Only problem is I know nothing about the jargon, but this listing did set off a few red flags in my mind. Can you please explain it to me?

Short Sale, Sold As-Is, Subject To Third Party Approval. All Reasonable Offers Submitted To The Bank. Spacious Rancher W/Many Upgrades Incl New Roof, On Large Lot Near Bulle Rock Golf Course & Apg. Incl 2 Garages, Shed, Barn & Fenced Rear Yard. Huge 2,424 Sq. Ft. Unfin Walkout Basement Framed For Additional Rooms. House Needs Updating & Some Finishing Touches. Awesome Potential - Don't Wait!
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by on May. 29, 2012 at 1:33 AM
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Replies (1-10):
amyrw
by on May. 29, 2012 at 1:35 AM
It's either a foreclosure or its about to be foreclosed on.
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mamaelle88
by Bronze Member on May. 29, 2012 at 1:37 AM
Get an inspector out to look at the home. It will knock down the price. :)

I bought my first home at 19. It was a foreclosure but i hired an inspector and he told me about things that will need to be done or in the future. And they took a good 5k off of it. :)

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abstractmommy
by on May. 29, 2012 at 1:38 AM
That doesn't mean there is anything wrong with the home necessarily, right?

Quoting amyrw:

It's either a foreclosure or its about to be foreclosed on.
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JoshRachelsMAMA
by JRM on May. 29, 2012 at 1:38 AM
A short sale is not a foreclosure. It is a sale where the bank has to agree to the purchase price between the buyer and the seller, which is typically less than the seller owes on the house. A SS can take anywhere from 2-6 months to close.
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abstractmommy
by on May. 29, 2012 at 1:39 AM
How much do inspectors cost?

Quoting mamaelle88:

Get an inspector out to look at the home. It will knock down the price. :)



I bought my first home at 19. It was a foreclosure but i hired an inspector and he told me about things that will need to be done or in the future. And they took a good 5k off of it. :)



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mamaelle88
by Bronze Member on May. 29, 2012 at 1:39 AM
Someone basically bought it, was upgrading and ran out of money so whatever work is there, is what was left from the previous owners. Its being sold as in. Again for the inspector.
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JoshRachelsMAMA
by JRM on May. 29, 2012 at 1:39 AM
You get a home inspection to do that. Short sales are sold AS-IS

Quoting abstractmommy:

That doesn't mean there is anything wrong with the home necessarily, right?



Quoting amyrw:

It's either a foreclosure or its about to be foreclosed on.
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abstractmommy
by on May. 29, 2012 at 1:39 AM
Would paying cash be an advantage or disadvantage in this type of sale?

Quoting JoshRachelsMAMA:

A short sale is not a foreclosure. It is a sale where the bank has to agree to the purchase price between the buyer and the seller, which is typically less than the seller owes on the house. A SS can take anywhere from 2-6 months to close.
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EyEmTuRtLe
by Turtle on May. 29, 2012 at 1:40 AM
1 mom liked this

I'm not an agent but I've seen enough homes lately.

The owner is selling it for less than what's owed against the house which referred to as a "short sale". Their bank has to approve the buyer. As for "Sold as is" ... they aren't paying for anything to be fixed if an inspector finds issues. 


JoshRachelsMAMA
by JRM on May. 29, 2012 at 1:40 AM
Depending on where you live 400-500$

Quoting abstractmommy:

How much do inspectors cost?



Quoting mamaelle88:

Get an inspector out to look at the home. It will knock down the price. :)





I bought my first home at 19. It was a foreclosure but i hired an inspector and he told me about things that will need to be done or in the future. And they took a good 5k off of it. :)





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