IreneC (North Carolina)
Posts: 111
Posts: 111
Posted:
I am curious. What is a short pay vs. foreclosure.???? We have one unit selling for way below market value. I asked the realtor the reason and he said it's a short pay.. what is that?
A service of:
Community123.com
Professional websites for HOAs & condos, since 2004
Professional websites for HOAs & condos, since 2004
🎁 1st year FREE for HOATalk members! →
In this crazy economy... short pay.. what is this?
Started by IreneC • 7 replies • 1414 views
💬 Join us to post & get advice from 50,000 HOA & Condo leaders.
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in
HaroldS (Arizona)
Posts: 906
Posts: 906
Posted:
Here's one explanation http://findarticles.com/p/articles/mi_m5072/is_n31_v15/ai_14339957
IreneC (North Carolina)
Posts: 111
Posts: 111
Posted:
So in lieu of a foreclosure this is done... so the man who has been on my HOA, making my life hell trying to get into the Presidential position sending horrible emials. , paying for things without permission.of the HOA actin our behalf without our knowlege.. CANT' PAY HIS MORTGAGE? I AM DRINKING CHAMPAGNE TONIGHT. Karma..is odd is it not?
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
Be careful invoking karma, it can come back to bite you in the butt. Just ask Sharon Stone!!!Just remember he's not gone yet but good luck on his speedy exit.
Studies show that 5 out of 4 people have problems with fractions
CharlesW1 (Georgia)
Posts: 826
Posts: 826
Posted:
Quote:
Posted By IreneC on 05/30/2008 10:09 PM
I am curious. What is a short pay vs. foreclosure.???? We have one unit selling for way below market value. I asked the realtor the reason and he said it's a short pay.. what is that?
I am curious. What is a short pay vs. foreclosure.???? We have one unit selling for way below market value. I asked the realtor the reason and he said it's a short pay.. what is that?
IreneC,
I wasn’t sure exactly what the difference was myself, but after some further searching, on-line, I found this particular article which (IMO) clarifies the difference.
I hope this helps. http://en.wikipedia.org/wiki/Short_sale_%28real_estate%29
Best of luck
Chuck W.
Charles E. Wafer Jr.
CharlesW1 (Georgia)
Posts: 826
Posts: 826
Posted:
HaroldS
Excellent article, certainly better than the one I posted previously. I was curious with either foreclosure or short pay/sale. We've experienced both in our community. Who is responsible for maintaining the lots appearance? I recall reading previously written posts pertaining to such. I just wanted to clarify, once more. Too be certain.
The association has elected to perform “self-help” incurring the initial expense, to keep our community esthetically appealing to all those who reside here. Will we ever see reimbursement for these services?
Just curious. Should the association send them the bill?
Thanks all
Chuck W.
Excellent article, certainly better than the one I posted previously. I was curious with either foreclosure or short pay/sale. We've experienced both in our community. Who is responsible for maintaining the lots appearance? I recall reading previously written posts pertaining to such. I just wanted to clarify, once more. Too be certain.
The association has elected to perform “self-help” incurring the initial expense, to keep our community esthetically appealing to all those who reside here. Will we ever see reimbursement for these services?
Just curious. Should the association send them the bill?
Thanks all
Chuck W.
Charles E. Wafer Jr.
IreneC (North Carolina)
Posts: 111
Posts: 111
Posted:
I appreciate all your input here. I firstly want to say that it is horrible when anyone is going to lose their home due to financial hardship. I am a person who thinks that it really would be a horrible thing to experience. I am blessed and fortunate enough to be in a field where there will NEVER be an issue for work. Nurses are always wanted someewhere.
A quick sale or quick pay is is done in lieu of a foreclosure, this really opens ALOT of questions about this HOA member. I don't get too personal with our fellow board members and this one I wouldn't even try.. BUT IF THE BANK IS SELLING HIS HOME DUE TO HIS NOT PAYING HIS MORTGAGE... WHY OH WHY.
Did he just run for the board again? Make it clear he wants to be president ? Has sent nasty emails as late as last week. Shoots down any attempts to upkeep our property. Made it clear he would not vote to upgrade our property repair major cosmetic things until next year... It is almost like he just wanted to what he could to make things bad for us too!! IT'S IS LIKE JUDGEMENT FROM A MAL ADJUSTED INDIVIDUAL... I personally welcome anyone else to buy his unit. I feel like volunteering to pass out flyers.... no KIDDING. I may just pass out the MLS listing online.
A quick sale or quick pay is is done in lieu of a foreclosure, this really opens ALOT of questions about this HOA member. I don't get too personal with our fellow board members and this one I wouldn't even try.. BUT IF THE BANK IS SELLING HIS HOME DUE TO HIS NOT PAYING HIS MORTGAGE... WHY OH WHY.
Did he just run for the board again? Make it clear he wants to be president ? Has sent nasty emails as late as last week. Shoots down any attempts to upkeep our property. Made it clear he would not vote to upgrade our property repair major cosmetic things until next year... It is almost like he just wanted to what he could to make things bad for us too!! IT'S IS LIKE JUDGEMENT FROM A MAL ADJUSTED INDIVIDUAL... I personally welcome anyone else to buy his unit. I feel like volunteering to pass out flyers.... no KIDDING. I may just pass out the MLS listing online.
HaroldS (Arizona)
Posts: 906
Posts: 906
Posted:
LOL - don't get too excited yet! Your fellow might not be in foreclosure. He could have refinanced to the hilt and pocketed the funds when values were up (our neighbor did that) but now owes more than the current value and has decided to walk away. (They did that.)
He can petition for a short sale, but a lender doesn't have to accept a short sale offer, unless they feel the alternative time required for foreclosure etc. would net them less. They aren't about to give their property away. They generally won't accept an offer unless it is somewhat within the area's current (depressed) values. Of course the condition of the property would affect it's value since the lender will not make any repairs for a short sale. Say they use the area's current values, less cost to bring the property up to that standard, less 4 - 5% for being rid of the problem. Thus then, a short sale could have negative impact on values of neighboring properties.
Also, it is usually investors who look for short sales, so you could end up with a (another) rental.
He could be doing this deliberately for spite - who knows?
He can petition for a short sale, but a lender doesn't have to accept a short sale offer, unless they feel the alternative time required for foreclosure etc. would net them less. They aren't about to give their property away. They generally won't accept an offer unless it is somewhat within the area's current (depressed) values. Of course the condition of the property would affect it's value since the lender will not make any repairs for a short sale. Say they use the area's current values, less cost to bring the property up to that standard, less 4 - 5% for being rid of the problem. Thus then, a short sale could have negative impact on values of neighboring properties.
Also, it is usually investors who look for short sales, so you could end up with a (another) rental.
He could be doing this deliberately for spite - who knows?
🎯 You've read this entire discussion
Join the conversation with 50,000 HOA & Condo Leaders:
- ✓ Ask follow-up questions
- ✓ Share your experience
- ✓ Get expert advice
- ✓ Access 350,000 discussions
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in here