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will it be hard to resell a short sale property when the buyer realize that it was a short sale before? do I need to disclose that it was a short sale property when I purchased it?
does purchasing a short sale property effect my credit score in any way? thanks for those whom always respond to me.
All can be summed up in one word.... NO!!! A short sell is when the current owner needs to sell and there isn't enough equity to sell and for what he has into the property in mortgages. It doesn't effect your credit. There isn't any it could. And no you don't need to disclose it was a short sale. it didn't affect the property in anyway. the short sale is with the current owners, it is their problem.... Not yours and NOT the properties problem.
All can be summed up in one word.... NO!!! A short sell is when the current owner needs to sell and there isn't enough equity to sell and for what he has into the property in mortgages. It doesn't effect your credit. There isn't any it could. And no you don't need to disclose it was a short sale. it didn't affect the property in anyway. the short sale is with the current owners, it is their problem.... Not yours and NOT the properties problem.
OK????
shelly
sorry for all the silly questions it may sound. thanks for your help always.
One thing to keep in mind: This is a VERY TOUGH market right now. If you're thinking about buying a short sale and "flipping" it, consider this:
There are two homes in my area that were purchased within the last year, fixed up and then re-listed at a higher price. They are NOT moving. I believe part of the reason is that the internet has made public sales records very accessible. Therefore, a buyer can see that (for instance) one of the homes was purchased earlier this year for $505k, prettied up a bit, then listed at $675k.
With all the inventory out there right now and the market behaving the way it is, buyers are not inclined to purchase something where they can see at a glance exactly how much you're trying to flip it for.
In the case above, the property has sat for months and months and is currently listed at $599k. Still greedy by most standards in a declining market. Still sitting with no interest.
Don't know if this applies to your situation or not. Figured a little more info couldn't hurt.
One thing to keep in mind: This is a VERY TOUGH market right now. If you're thinking about buying a short sale and "flipping" it, consider this:
There are two homes in my area that were purchased within the last year, fixed up and then re-listed at a higher price. They are NOT moving. I believe part of the reason is that the internet has made public sales records very accessible. Therefore, a buyer can see that (for instance) one of the homes was purchased earlier this year for $505k, prettied up a bit, then listed at $675k.
With all the inventory out there right now and the market behaving the way it is, buyers are not inclined to purchase something where they can see at a glance exactly how much you're trying to flip it for.
In the case above, the property has sat for months and months and is currently listed at $599k. Still greedy by most standards in a declining market. Still sitting with no interest.
Don't know if this applies to your situation or not. Figured a little more info couldn't hurt.
thanks for the input. we're not trying to flip it, that's not our goal. the goal is to find a place to own rather than rent. the resell part won't happen till later if we need to move away, then that above was part of my concern....thanks though.
Good for you for asking questions!!! As my dad always said " the only stupid question is the one never asked". I agree with the above post that responded "NO" to all questions. Sounds like you're on the right track - good luck!!!
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