Detroit Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
what is short sale?
Can someone explain this to me? I've never heard of it.
Lovin' Life: M+D 7/06, T 1/08, B 5/10
Getting back to it- my diet and exercise blog
Losing it...Without Losing it
Getting back to it- my diet and exercise blog
Losing it...Without Losing it
Re: what is short sale?
It is very complicated and confusing.... but in the simplest terms I can explain it.....
The bank agrees to take less for the house than you owe on your mortgage. You get to keep $0 of the sale of the house and you get a ding on your credit. You MAY owe taxes on the cancellation of debt, but otherwise you pretty much walk away free and clear if the bank agrees to "write off" your mortgage.... as in they say they won't ever come back and sue you for the difference.
You basically have to have a hardship (for us, I lost my job and we couldn't pay the mortgage). Other examples would be sickness of a relative that you have to take care of, death, moving etc.
You have to find someone who wants to buy the house for a price the bank will deem acceptable. There is a ton of paperwork and typically months of waiting. It is a very frustrating process but if you want out of your house it is a much better option than foreclosure.
Most people give you the *tisk tisk* when you say you are short saling, but for us it was the best decision ever.
interesting.... I wish we loved everything about this house. Rumor is our landlord will be short saling this house after our lease.
So there's no harm to the buyer, just the seller, right?
Getting back to it- my diet and exercise blog
Losing it...Without Losing it
Correct.
The only problem for the buyer is the waiting. When they put in an offer, they don't really know WHEN or IF the bank will accept it.
The people who bought our house put in the offer in April. We didn't close until Sept 30th and we didn't know until Sept 29th that the bank would approve it.
And the buyer is almost always accepting the house as is... there really isn't much negotiating power but they are getting a house super cheap.
Or your neighborhood turned into a funky, funky ghetto and crime infested and you had no choice but to move.
McVay stated it all perfectly.
There is no harm to the buyer, you just have to be patient because the approval process can take forever and at the very end the bank could ask you to pay more than you originally offered...if you say no, the bank can say "no deal". Sometimes the bank asks the seller to pay more money to which if that person says no, the bank says "no deal". So it is frustrating and risky process sometimes.
Correct.
The only problem for the buyer is the waiting. When they put in an offer, they don't really know WHEN or IF the bank will accept it.
The people who bought our house put in the offer in April. We didn't close until Sept 30th and we didn't know until Sept 29th that the bank would approve it.
And the buyer is almost always accepting the house as is... there really isn't much negotiating power but they are getting a house super cheap.
Ditto all this.
If you have the time to wait it out, it's not a problem. But you need to anticipate waiting several months and potentially not getting the house if the bank says no to the price you offer.