October 2009 Weddings
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Update (house)

Ok, I just talked to my realtor and it sounds like the bank with be "entertaining" our addendum.  We will have more details as the day goes on.  My broker thinks we will be able to close this by the 4th but I am not holding my breath.  This is a short sale and FHA......but it looks like I may not have to extend our 30 day notice.

 This is my 3rd house that I have bought in my life and none have been nearly as stressful as this one.  If I had to do it all over again I would have NEVER put an offer on a short sale lol.  Ok maybe I would I seriously can't wait to get into the house!

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Re: Update (house)

  • Hope it goes well.  My fingers are crossed for you!
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  • Thanks so much!  This has to be the craziest process ever.  I fully underdstand why so many buyers walk away from short sales now.  I have seen so many houses off and on the market that were short sales.  This one is through Bank of America and I have been told they are the worst.
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  • Hi, here I am again! The banker turned realtor! Big Smile

     At this point, you need a back-up plan and you need to prepare yourself for the possibility that you will have to move twice. Now that you have put in your 30-day notice with your landlord, the circumstances behind it are irrelevant. You are obligated to move now, even though he/she was being an MFer and trying to get more money out of you after you made other arrangements. Shame on him/her!

    That being said, I know first-hand that short sales can take many, many months to close and that the bank can reject you at any stage of the game. I would not be holding my breath that they are suddenly going to move and close my the time you need to be in, especially with the holidays in between.

    I feel like I'm being the bearer of bad news, but I wouldn't want you to be homeless for an indefinite period of time! Do you have family you can stay with temporarily? Can you beg the landlord to let you stay and you'll start paying the higher rent from this point forward (and of course agree to these new terms in writing)? They may have someone who is willing to pay that amount which would be why they are now insisting upon it. Ugh, I don't envy your situation right now, but I am sure it will all work out somehow and you'll be in your home, looking back on this and laughing.

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  • Good vibes your way! I know how stressful buying a house can be, especially a short sale. We didn't buy one, but we did buy from for sale by owners and they were somewhat clueless and not willing to budge, so it made the process longer and more stressful.

     

    Fingers crossed!

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