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Old 06-30-2010, 06:02 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,218,665 times
Reputation: 2661

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Quote:
Originally Posted by yellowsnow View Post
Trying to buy REO's/shorts on a tight timeline just doesn't work even if you have cash. Period.

You can trust me on this one, I know.
I would not go that far. REOs generally yield quickly or not all. I don't think I have seen more than a couple of weeks delay in 30 or 40 of them.

Shorts are more treacherous...but there are tactics...still need 2 or 3 months though.
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Old 06-30-2010, 07:52 PM
 
194 posts, read 398,327 times
Reputation: 115
truly great info thx guys.

So wifey and I decided to make cash offers at list price on 3 our agent is telling us are avail. I rather wait a little longer and really like the house.

In the meantime we'll keep looking in that area and keep the offers rolling. Happy we have the Earnest money to tie up.

Cheers!
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Old 06-30-2010, 08:04 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,162,924 times
Reputation: 3900
Quote:
Originally Posted by youngblud View Post
But theyre all freaking short sales, none pre approved by the lenders (or so i've been told). I'm not picky, theyre all new, beautiful and exactly the same. Perfect for our young family.

Should I take a shotgun approach and make higher offers on 4 or 5 at a time? I can't stomach waiting 6 months 1 offer at a time, only to be denied.

I wanted a place in 1 or 2 months.

Why can't this be easier. Any advice on approaches? TIA!


Some of those are not bad.

$134,900
4 Bedrooms
3 Bathrooms

Home Size
1,854 sq. ft.
Lot Size
4,862 sq. ft.
Home Type
Single Family
Year Built
1994
Days on Market
169 days

Last edited by scirocco22; 07-01-2010 at 11:04 PM..
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Old 06-30-2010, 08:09 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,218,665 times
Reputation: 2661
Quote:
Originally Posted by youngblud View Post
truly great info thx guys.

So wifey and I decided to make cash offers at list price on 3 our agent is telling us are avail. I rather wait a little longer and really like the house.

In the meantime we'll keep looking in that area and keep the offers rolling. Happy we have the Earnest money to tie up.

Cheers!
You don't have to tie up what they ask for on shorts...

That is as much as you get...you ain't my client.
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Old 07-01-2010, 12:52 AM
 
Location: Here and there, you decide.
12,908 posts, read 28,007,241 times
Reputation: 5057
Quote:
Originally Posted by youngblud View Post
truly great info thx guys.

So wifey and I decided to make cash offers at list price on 3 our agent is telling us are avail. I rather wait a little longer and really like the house.

In the meantime we'll keep looking in that area and keep the offers rolling. Happy we have the Earnest money to tie up.

Cheers!
your agent told you to offer list... get a new agent.. doubt you're getting any of them... 5-10% over...
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Old 07-01-2010, 02:43 AM
 
194 posts, read 398,327 times
Reputation: 115
Interesting, conflicting advice. He didn't suggest upping the price, but I just did.
Wow, the new bimmer I had planned too just got downgraded to a lower model
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Old 07-01-2010, 07:17 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,218,665 times
Reputation: 2661
Quote:
Originally Posted by youngblud View Post
Interesting, conflicting advice. He didn't suggest upping the price, but I just did.
Wow, the new bimmer I had planned too just got downgraded to a lower model
I don't see any particular reason why you would go over list on the short. You may need to later but not now. If you should get a multiple offer counter you can consider getting more aggresive.

On the REO you do the comps and make a rational offer. It may well go over list.

Shorts are not necessarily listed below fair market. May be. But you need to know what fair market is...
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Old 07-01-2010, 07:27 PM
 
Location: Here and there, you decide.
12,908 posts, read 28,007,241 times
Reputation: 5057
i was referring to the reo, not the shorts.. shorts are a pain the arse.. i would never consider waiting months for an answer
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Old 07-02-2010, 06:34 AM
 
194 posts, read 398,327 times
Reputation: 115
So whats a good site to filter out all thse short sales listed? I've made the 3 offers and i'm willing to do a couple more, but not short sales. I'll take whatever bites first.

realtor, google maps and realestate.com don't differentiate short sales well.

Any other good sites to search off?
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Old 07-02-2010, 06:41 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,218,665 times
Reputation: 2661
Quote:
Originally Posted by youngblud View Post
So whats a good site to filter out all thse short sales listed? I've made the 3 offers and i'm willing to do a couple more, but not short sales. I'll take whatever bites first.

realtor, google maps and realestate.com don't differentiate short sales well.

Any other good sites to search off?
Virtually the only good way is to have your agent set up an auto feed from the MLS. The MLS does differentiate shorts.

Note that you are also rejecting about 80% of the available houses.
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