We were going to buy this house from our uncle and then there were more mortgages on the house that we didn’t know about.
The bank called last night and wants to do a Quick Sell. What are we in for? Will they be selling for less than what is owed? They want us to call a realtor and get it appraised. Why? Wouldn’t our loan officer/ bank do this anyways?
Sorry if this is confusing. My uncles house is getting forclosed on, and we were going to buy it from him. Now they (his bank) want to do a Quick Sell to us. Should we do this?
His bank called us knowing we wanted to buy the house 3 or 4 times trying to get us to pay $645 to keep it out of foreclosure. We said no way! That isn’t our bill!
Sell House Quick
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#1 by King Violation. at May 17th, 2009
I am guessing you mean short sale. A short sale is when someone cant afford the home anymore and instead of screwing up the owners credit they make payments but the bank agrees to take a loss on the home. So people submit offers to the bank they probably want a appraiser to see what the home is worth and based on the other comparable homes around. I don’t know why they would ask you too get an appraiser. They usually do that.
#2 by Jon L at May 20th, 2009
any house that is gettin foreclosed on is always cheaper than the actual price. A quick sell usually means what it sounds like, they want to get the house sold quickly which means a better bargaining oppertunity for you. usually thy want what is owed but you can manage to barter down. Yes if you can afford to buy the house I would definetly go for it. But don’t forget don’t let the bank run you or ull get screwed over
#3 by alterfemego at May 20th, 2009
I suggest you find a Realtor quick to write the offer. It doesn’t cost you anything to use a Realtor. And make sure they are representing YOU and you alone. Realtors can’t get it appraised, the loan company you are using orders the appraisal. Best of luck!
#4 by goz1111 at May 23rd, 2009
First, a short sale by the first lender to you, will not wipe out the others notes attached to the house, so if you do it, you still could loose the house if the other notes foreclose on the property only a court order foreclosure can wipe out liens which are junior