I keep getting these text and see these sites where I can sell my house as-is.
I currently work with a realtor, have a house that is upside down by about 140k and have yet to put it on the market.
I am trying to get out of this house for mental, financial and family reasons as soon as possible. (Single dad)
Would it be possible to take one of these “as-is” offers as a short sale? Is this even a thing?
How much money would I lose? How much would I owe? How is my credit going to be affected? What would I pay out of pocket?
Also, first time homebuyer/seller, I am current on payments, have 2 cats and a daughter and we both work/school remotely so having viewings would be difficult. Would love to get some insight on this process.
Is it possible to short-sale a home “as-is”?
byu/sekushitrash inRealEstate
Posted by sekushitrash
5 Comments
Where is the property?
>Would it be possible to take one of these “as-is” offers as a short sale? Is this even a thing?
Highly unlikely.
Just get a realtor and put it on the market as-is.
You shouldn’t lose any money on a short sale, but you’ll walk away with $0 from the sale at closing. Your credit will take a hit, mostly from any missed mortgage payments (and you might have to stop paying for the lender to consider a short sale), but it will bounce back over 2-3 years.
if you foreclose, your credit will be nuked for 7 years but you shouldn’t owe much. if you can work out a short sale with your bank, you credit will only get bombed instead of nuked for 7 years but you should also not owe much.
I would assume that all short sales are basically as is. the issue is short sales can take forever to get approved we are talking years from time to time. however not being able to show the house usually is a pretty big turn off unless it’s going to sell to an investor. the most important thing for a short sale is waiting for your bank to get a proper BPO so they can tell you how much money they want from the short sale. if they don’t get that and that price is high the house will eventually foreclose
I have done multiple short sales “As Is” so… yes, you can. Usually these are approved when you can show a hardship. If you are current and can afford the home, there’s a higher chance it will not be approved for a short sale. The other questions you asked, can vary on your situation.
Each lender is different, but you can’t just ask for a short sale and get it approved with a snap of the fingers. You have to show some type of hardship on why you can’t continue to make the payments. If you have income and are making the payments, you’re not showing a hardship.
Just because the house is under water on paper-value doesn’t mean the lender is going to eat the difference if you have a job and are making payments. You have an obligation to pay back your promise.
Where in Oregon?