Advice on purchasing short sale - Chicagoland Sportbikes
Chicagoland Sportbikes
 
Open Forum This forum is for all off-topic discussion.

 
LinkBack Thread Tools Display Modes
post #1 of 13 (permalink) Old 04-11-2012, 09:42 PM Thread Starter
"PC" ,my balls
 
bluebusa60544's Avatar
 
Join Date: Apr 2002
Location: Yorkville
Posts: 1,620
Location: Yorkville
Sportbike: '02 GSXR1000 (street),'02 GSXR600 (track),'94CR125 (dirt), 3x pocketbikes (oval), KTMs x 3
Years Riding: 20 years
How you found us: Google search
           
Advice on purchasing short sale

I've started looking at houses due to upcoming divorce. It seems everything online is a short sale. I'm a little concerned with the amount of time it takes to close. While I'm still living at home (she wants to keep this house) and things are amicable, I don't want to be in a situation where I'm waiting for banks to get off their ass and approve a sale. Any realtors or bankers out there with some insight?

My wife thinks we're a bunch of Top Gun wannabes with our call signs, so for future reference, I'm Roger

I've done some things I'm not proud of...and the things I am proud of are disgusting - Moe on the Simpsons
bluebusa60544 is offline  
Sponsored Links
Advertisement
 
post #2 of 13 (permalink) Old 04-11-2012, 10:00 PM
I miss mopar
 
Drama's Avatar
 
Join Date: Apr 2004
Location: Highlands Ranch, Colorado
Posts: 8,249
Location: Highlands Ranch, Colorado
Sportbike: 2008 Yamaha Zuma
Years Riding: I can't count that high.
How you found us: i don't remember.
           
Send a message via AIM to Drama Send a message via Skype™ to Drama
I had friends that tried to do it about 3 years ago and it was a pain that took 6 months. I heard its gotten better though.

Steve
08 yamaha Zuma 49cc
Dirt: TBD
I love bike shopping.
Drama is offline  
post #3 of 13 (permalink) Old 04-11-2012, 10:03 PM
PIKUACH NEFESH
 
STANIMAL's Avatar
 
Join Date: Jan 2009
Location: G-VIEW
Posts: 6,900
Location: G-VIEW
Sportbike: Italian,British,Japanese,Czech
Years Riding: LONG TIME
How you found us: CRR
           
A lot of short sales have pre approved selling prices now, its gotten easier to buy short sales in the last year . There should be a wave of properties coming on the market this spring . Good luck.

MOTO AND MOTOR
1906 TECHNY RD.
NORTHBROOK IL 60062

SALES*SERVICE*PARTS
847-790-4848
STANIMAL is offline  
post #4 of 13 (permalink) Old 04-11-2012, 10:39 PM
Pierced & tattooed freak!
 
GixxerDave's Avatar
 
Join Date: May 2008
Location: Oswego, IL
Posts: 3,046
Location: Oswego, IL
Sportbike: 1999 GSX-R750
Years Riding: "None of your bleepin' business!" - Joe Pesci
How you found us: Read about it in a fortune cookie
           
I'm very sorry to hear about your divorce. I used to be on top of real estate, knew the ins and outs, but not any more ... it's all radically different now.

Dante: [to Randal] You never go ass-to-mouth!
Randal: [to Dante] Would you grow up!
Becky: [to Dante] OK, I'm only telling you this because we're friends, but sometimes, in the heat of the moment, it's forgivable to go ass-to-mouth.
Randal: [chuckling] Ha! I knew it.
GixxerDave is offline  
post #5 of 13 (permalink) Old 04-12-2012, 01:07 AM
Registered User
 
Join Date: May 2008
Location: Illinois
Posts: 8,696
Location: Illinois
Sportbike: ninja
Years Riding: since I was a kid
How you found us: K.I.T.T.
           
make sure there are no liens on the property and you have a really good home inspector, or 2 inspectors.


I recommend a realestate attorney, a lot of real estate idiots are just yuppies that just care about getting their 10% of the sale.
taledarkside is offline  
post #6 of 13 (permalink) Old 04-12-2012, 11:36 AM
King Nothing


 
Kegger's Avatar
 
Join Date: Nov 2004
Location: Ur Moms House
Posts: 17,944
Location: Ur Moms House
Sportbike: I ride Ur Mom
Years Riding: As long as Ive known Ur Mom
How you found us: u found me
           
Cant help you with the short sale advice, but I can tell you to move the fuck outta there while the divorce is going on. Living there will prolong the divorce.

"When in doubt, use full throttle. It may not improve your situation, but it will end the suspense."
Kegger is offline  
post #7 of 13 (permalink) Old 04-12-2012, 12:34 PM
Grid Marshall.
 
Cerk's Avatar
 
Join Date: Mar 2005
Location: Naperville
Posts: 29,343
Location: Naperville
Sportbike: Tweener
Years Riding: Do I have to start over now?
How you found us: Followed the Bread Crumbs...
           
Send a message via AIM to Cerk
It's generally 60 days minimum for a Short Sale....usually a bit longer.

Some short sales go very smoothly, others get drawn out for months and months. It's just a matter of what offers come in when, you know.

Tom

Quote:
Originally Posted by Tacitus
In a state where corruption abounds, laws must be very numerous.
Cerk is offline  
post #8 of 13 (permalink) Old 04-12-2012, 12:46 PM
You got the talkin' done
 
jrock's Avatar
 
Join Date: May 2006
Location: Alaska, WI
Posts: 15,711
Location: Alaska, WI
Sportbike: 2016 Honda Africa Twin & 1979 Honda CB750F
Years Riding: long enough to have fallen off a few times - glad I wear a helmet!
How you found us: Loose Lips Sink Ships, Loose Wires Cause Fires
           
Quote:
Originally Posted by taledarkside View Post

I recommend a realestate attorney, a lot of real estate idiots are just yuppies that just care about getting their 10% of the sale.
you should always use an attorney. isn't it required in IL?

Also, the comission is 6% or less and is split between the two real estate office involved. Then each realtor goes back and splits their half with their office based on their comission schedule. The seller pays the comission.

If you ain't with us, then it's just bad news.
jrock is offline  
post #9 of 13 (permalink) Old 04-12-2012, 12:46 PM
Joe Momma...
 
JoJo's Avatar
 
Join Date: Jul 2003
Location: Oak Park
Posts: 3,822
Location: Oak Park
Sportbike: None
Years Riding: 1,2,4,5 count d'z rocks biatch!
How you found us: member
           
Send a message via AIM to JoJo
If you're going to do a short sale make sure you get either an agent or lawyer that specializes in short sales. Most of the time the delays are caused by people dragging their feet on the many steps of the process. A good agent or lawyer will know how to keep the process moving to eliminate any unnecessary delays.

I'd also get an month to month apartment and put my stuff in storage so I could GTFO until I bought a place.

My name is JB, people call me JB

Quote:
Originally Posted by flinchy
"I wouldn't be surprised to see this guy catch a pass with his ass cheeks"
JoJo is offline  
post #10 of 13 (permalink) Old 04-12-2012, 02:17 PM

 
GunshowNick's Avatar
 
Join Date: May 2008
Location: Joliet
Posts: 1,371
Location: Joliet
Sportbike: R6
Years Riding: 12
How you found us: Sportbike Track Time
           
I deal with short sale purchases all the time and they are a complete pain in the ass.

Nick Amelio
Northern Division Director and Gunshow provider
SPORTBIKETRACKTIME.COM

[email protected]
GunshowNick is offline  
post #11 of 13 (permalink) Old 04-12-2012, 02:29 PM
Registered User
 
Join Date: May 2008
Location: Illinois
Posts: 8,696
Location: Illinois
Sportbike: ninja
Years Riding: since I was a kid
How you found us: K.I.T.T.
           
Quote:
Originally Posted by jrock View Post
you should always use an attorney. isn't it required in IL?

Also, the comission is 6% or less and is split between the two real estate office involved. Then each realtor goes back and splits their half with their office based on their comission schedule. The seller pays the comission.


I believe during the closing.


But I'd rather have the realestate attorney handling the entire show vs the yuppie realestate agent, which is only looking for a cut in comission.


making sure the mortgage is legal (before the crisis, there were some fishy loan broakers working at banks that would do things)
checking the property is legal to purchase etc..

Last edited by taledarkside; 04-12-2012 at 02:34 PM.
taledarkside is offline  
post #12 of 13 (permalink) Old 04-12-2012, 05:32 PM
lust for bikes!
 
nouseforaname's Avatar
 
Join Date: Jun 2008
Location: a prostitute
Posts: 3,941
Location: a prostitute
Sportbike: a prostitute
Years Riding: a prostitute
How you found us: a prostitute
           
took me about three months.

"Why are all these people here? There are too many people on this earth. We need a new plague…"

"Thats it, nobody gets out of here alive."

Quote:
Originally Posted by JRobbins View Post
I agree completely with Steve (nouseforaname)
nouseforaname is offline  
post #13 of 13 (permalink) Old 04-13-2012, 01:21 PM
***
 
Esme's Avatar
 
Join Date: Apr 2008
Location: Pingree Grove, Illinois
Posts: 1,514
Location: Pingree Grove, Illinois
Sportbike: Working on it...
Years Riding: Hmm... let me see....
How you found us: Google
           
Short sale purchases definitely require the following:
1. Patience
2. A knowledgable Realtor with experience in dealing with short sales and negotiating what is in your best interest
3. A Lender that knows how to best prepare you for a pre-approval and to move forward at lightning speed once the Short Sale Approval is issued by the Seller(s)' mortgage company. - Note: There is plenty of waiting involved but once said SS Approval is issued, the time alotted for closing is minimal and your Lender will need to be prepared to get the loan closed timely or the SS Approval will expire and extensions are not easily, if ever, granted.
4. An Attorney with experience in Short Sale Purchases. The contract offer you and your Realtor prepare will be presented to the Seller(s)' mortgage company for approval. It will be imperative to have legal representation to protect yourself from fees/costs that should be borne by the Seller. Not all attorneys know how to best handle this and you want to avoid being saddled with hefty fees that could have been negotiated.

I hope this helps you to better digest the Short Sale option, but if it doesn't, please PM me or post more questions and I'll be happy to further clarify.

With regards to the divorce, I wish you the best and may it all work out for you and her.

The real art of conversation is not only to say the right thing at the right time, but also to leave unsaid the wrong thing at the tempting moment.

R.I.P. Ashwin
Esme is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chicagoland Sportbikes forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome