Buying A Home
cincychick35
member
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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.
Under contract on a SS
My husband and I just had the seller accept our offer on their house that is a short sale. It is now being sent to the bank.
Has anyone else bought a short sale? Any advice, words of encouragement, things you learned during the process?
Re: Under contract on a SS
My Valentine Bookends (2~13~13, 2~15~09)
Agreed. We had 2 SS fall apart on us after waiting each out 4-5 months. That being said, there are a decent number of people on this board who have had them work out and gotten great deals on their houses. Good luck!
Agree! Make sure you have a Plan B because a very high % of SS never end up closing and go to foreclosure auction. That said, it does seem that some banks have taken steps to process SS more quickly, but there are no guarantees.
Good luck, hope all goes smoothly for you!
I'd pick out who I wanted to use for my inspection and have everything ready for the final loan application so that when the bank did accept it I wouldn't have to spend time figuring out what I wanted to do. For us, putting it out of our heads (as much as possible) and focusing on other, non home-related things, worked best. We had an extremely flexible time frame and this was our dream home, so we decided not to expect to hear anything for a month at a time.
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Thanks ladies. Our REA said this was an approved short sale. That the seller had already done everything with the bank and the process was almost complete. I know that doesn't mean it is a slam dunk, but hopefully it helps.
She said they have ordered an updated appraisal, which should be back by the end of the week. As long as our accepted offer with the seller is within 80% of the appraised value, we should be good to go!