Short sale stories - the good, bad and ugly...

amwadas · October 2011

We liked a short sale yesterday and are pretty positive we are going to put an offer in. The realtor warned us it could take some time which is fine and there could be other issues...

Anyone want to share their good, bad and ugly short sale experiences? Just wondering what I'm in for.

gracie2762 · October 2011

We're hopefully going to close on one next week. The sellers only had one bank (Sun Trust) and we received approval from them about 5 months after we made our offer. We had to up our offer by $1k over the asking price in order for them to make their margin. We had to do the repairs ourselves to pass the inspection and now we're just waiting to hear when we can close.

onceuponadisaster · October 2011

I had a pretty good experience.

Put offer in 4/25/09
Sellers accepted offer 5/2/09
Offer went to bank 5/4/09
Bank "verbally accepted offer" 6/1/09
Bank signed and mailed acceptance 7/31/09
Closed 8/6/09

After the "verbal acceptance" we went ahead and had our appraisal and inspection, so that once we were clear to close, everything would be taken care of.

honey&badger · October 2011

We were under contract for one and determined from our inspections that it required $$$ in repairs (electric paneling problems, active termite infestation, etc.). Since the bank wasn't going to pay for it and the seller couldn't, we had to walk away.

breaness · October 2011

We were on contract for one before we found the house we ended up buying. It was a disaster. It had been on the market for a year at that time and had had 3 pending contracts fall through, which made us the fourth. It would have been lovely if they would have just taken the initiative and fixed at least SOME of the problems, or at the very least since they already knew about them, let us know before we wasted $1k on the various inspections needed.

The house was beautiful in pictures, okay in person, a disaster in reality.

MoFree · October 2011

We are about to close today on a short sale. We saw the property in the middle of August and immediately made an offer, which the seller and bank accepted less than 3 weeks later. It was an approved short sale where the previous interested buyers were not approved so we happened to be at the right place at the right time. I have been told by the REA and bank that our experience is not typical, but it is possible to have an easy and timely transaction.

als1124 · October 2011

We put in a full price offer on Sept 5, and it was accepted last week by the bank. If all goes well, we should close Nov 15.

jrsmama2010 · October 2011

We put an offer in Aug 8, the seller accepted with in a week, the lienholder accepted a month later and then the bank accepted 3 days later. We were supposed to close on oct. 8, but our bank is being slow like they have never done this before. Our file went to escrow today and we are supposed to close friday

barbbhoww · October 2011

We've been waiting since June.

chickaboo1974 · October 2011

Our offer was accepted in a week- not typical at all. The sellers had preapproval for a short sale and there was only one local bank to deal with. It took forever to close because my DH picked a crappy lender at first and they said they had mortgages in Illinois, but didn't understand basic real estate law in Illinois- so we went with the sellers' local bank (gave us a great rate) and closed in 15 days.

jc04100657 · October 2011

We just moved into our short sale purchase last weekend. Our experience was frustrating, but I think it had a lot to do with the seller. We looked at our house over 2 years ago when it was on the market as a short sale. The seller was holding all bids including ours. He was able to refinance the house and pulled it off the market.

March this year we found out it was back on the market. We placed a bid and the seller again held our bid. Another lower, cash bid came in and he sent that to the bank. We placed a backup bid and waited all the way until August when the bank came back to the cash deal and counter offered. The cash deal walked and we accepted the counter offer. We did our inspections and we the seller continued to play games with paperwork and basically they needed to kick him out of the house. We signed our papers last Thursday and moved in Saturday. I have to say everything we went through was totally worth it since we bought the house at an amazing price. It was frustrating, but we stayed patient Good luck!

lorist202 · October 2011

We were under contract for a non-bank approved short sale. We waited 6 mos. for the bank to even communicate that it was pending. We changed realtors so that our realtor would be in the same office as the seller's realtor. The bank, (Bank of America) never did answer. The end result: We were told to walk away, and the seller's realtor even gave up and pulled out. The house has since been foreclosed and it's boarded up to this day. Very sad.

We went on to buy a house that we love even more. Everything happens for a reason!

melmo1122 · October 2011

ok first your daughter is adorable

second - i had a positive short sale experience. I made my offer on 12/5/2008 and I closed on 2/20/09. my realtor was awesome, she pretty called the bank every day to find out what was going on. even the closing attorney couldnt believe how fast it wall went.

the only snafu was the seller was a not a US citizen and she didnt have some kind of document with her (tax ID# maybe?) so she had to leave during DC rushhour to go home and get it so i sat there waiting for 2 hours because i wanted to close and get my keys!!!!!!

Short sale stories - the good, bad and ugly...

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