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Old 04-12-2011, 09:54 PM   #1
Ratters
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Default Re: Real Estate - Can we talk short-sales?

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Originally Posted by colimo View Post
expect the unexpected, as in additional $$ for something or other, once we had the deal done with the seller and 1st mortgage lender, the title company discovered a second mortgage on the property, who even though they would have been foreclosed out, refused to release unless they got something...ended up doing a 3 way split (us and both realtors) of a nominal amount just to get the deal done.
Had the exact same thing with mine, though the bank (BofA) actually approved it in a month, but it was the third go around with people dropping out with the wait. Day before closing found out there was a second, even though I asked, and they wanted $3k to approve. Ended up splitting it with the realtor and seller. But other than that mine went really smooth and I love the hell out of the house. One nice thing about short sales is the houses are still lived in and cared for. I looked at a lot of forclosures but they were all beat to hell or ransacked. Good luck on finding something you like.
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Old 04-12-2011, 10:10 PM   #2
althekillr
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Default Re: Real Estate - Can we talk short-sales?

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Any recommendations on the best resource(s) to find short or foreclosed residential real estate in any specific location?
most are location specific. the national companies don't do a good job. if you are in a state where foreclosureradar.com covers, they are very good and reasonably priced. realtytrac is junk.
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