Buying A Home
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Short-sales
I really do not understand them now. We found a listing for $100,650 but our REA said that the lienholder(bank) will not go below $110,650?
Re: Short-sales
From what we were told, a short sale is b/c the owner owes more on the loan then what the house is worth. The bank wants to sell it for a certain amount b/c they want to get as much money as they can for the house. Our REA told us 85% of short sales are a mess...you're dealing with the bank - not the homeowner, so they take forever before they'll even look at your offer. Especially if the bank is Bank of America, I've heard it could take them up to 90 days to approve an offer.
Good luck!
This.
The bank that holds the mortgage has to approve a short sale, since they are taking a loss on the sale (the amount the buyer pays will not cover the amount owed by the seller).
The seller can list the house at whatever price they want, but it doesn't mean you can get the house for the price it's listed at because the seller doesn't get to negotiate the sales price. It's the bank that decides what price they're willing to accept since the bank is taking the loss.
Mr. Sammy Dog