Wanting to buy a CW short sale...

[sluri]

Hi everyone,
first of all sorry to hear about all of these real life events and my sincere best wishes to everyone with saving their homes, credit, and their lives.

i need some guidance. i am looking to buy or make an offer on a CW short sale. the short listing on the house is 225 (preapproved by CW) and the owed amount is 250. the house has been on the market for almost a year and will go into sherif sale scheduled for the end of august.

i would like to buy the home for aprox. 180 i know this is a wish but with the market and the area (comps) i want to make sure that i am not going to be in a bad situation myself.

what is the best course of action? will the owner of the home be offended by my offer? does he really care? will CW get back to me with just a plain denial, acceptance or a counter offer?

if it is refused, do i just wait until it goes to sherifs sale and try to buy it then? i am outside of pittsburg, pa. any links or help about pa law on sherifs sales?

thank you for your help.

[sluri]

Faith,
thank you for your quick response. there is no second mortgage on the property, and unfortunately the owner of the mortgage is CW.
i do have a real estate agent, but i am not sure how versed he is with short sales. i am assuming if the house does not sell, it will def. go to sherifs sale and i wanted to find out what the % is for these kind of sales. obviously if CW is owed 250 at a foreclosed housed they are not going to get that. are there sites out there that show how much these homes are sold for at auctions? since there is no 2nd mortgage, I am assuming the seller does not care what happens since they will not be personally liable for the difference.
thanks for your help again

[Cat Damiano]

Sluri,

Some counties provide information on foreclosed home sales for free, others you would need to pay a fee................

You would need to go to the County's Public Trustee site in which the property is located and see if you can do a foreclosed property search through it for free or as I said you might have to join and pay a monthly fee to obtain information like that..........you might also have to find this section on the main page of the County Assessor's Office.

[sluri]

Cat,
thank you for your quick response as well. My realtor had seen the house before and he said it was pretty nice. that was about 1 year ago. I just saw the house, and the house was a s%it hole. i don't mean to use such a strong word, but the word crap would actually make it sound too nice.
i was thinking about going at 180 but even that would be too much, considering what would have to be done at the house.
do appraisers or the bank (CW) come and take a look at the house rather then just get info on comps and look at sq etc. etc.
thank you again for all of your answers to my basic questions.

[Cat Damiano]

The Borrower's lender will order an appraisal or Broker's Price Opinion (BPO). This is usually conducted by a real estate agent and submitted to the lender. It will most likely be a drive-by BPO unless the condition of the property warrants an interior inspection. The purpose of the BPO is to determine the property's fair market value. This will pivot point for the lender's negotiation.

You Real Estate agent really should be able to tell you all of the steps in the Short Sale process.............

that is what they are hired for and get paid to do..........