Should i buy a house on a short sale?
February 23, 2010 by
Filed under realestate rentals
My next door neighbor passed away 1 year ago and the house has been for sale His brother was ther 2 days ago so i went over to talk to him. he said they where going to make next months payment then the estate is out of money. The house will go to forclosure i talked to the realestate agent he said he would talk to the bank $115,000 short sale. If the market goes just back to normal in 3 to 5 years the house should be worth $185,000 it was worth $250,000 4 years ago. I was not looking to buy another house but at $115,000 i can afford it and make it a rental. I think I just need a lawer on my end right? My head is spinning for 2 days now just to see if I could afford it even without a renter in the house and I can. should i get it under contract ASAP Any help would be nice Thanks
I think you should go for it. Real estate is rarely a bad investment.
First off, the realtor has to convince the bank to accept a short sale. They may not. If they do agree to one, your offer of 115k may not be what they want. They may want more. Another thing, banks are notorious for sitting on offers when it comes to short sales.
Do not expect this process to be a quick and painless one. IF the bank even agrees to a short sale.
If you think you can get the home than go for it but then it makes you look like you been waiting for the deceased man to go to get the house talk to the brother and see if its ok if you was friends whit that person but if you can get it rent out and earn money at the same time y not
what do you figure is “normal” for realestate?
http://mysite.verizon.net/vzeqrguz/housingbubble/