Short Sales (Buying)

Courtney Scott · May 2012

Has anyone had experience with buying a short sale? We are starting the process and we could use some advice!

MissSpree · May 2012

Be prepared for a long wait- we put an offer on a short sale in April15th- waited two weeks to hear back. Then we went through process we waited three months to hear from bank that we got it.. we move in Jun16. If your not willing to wait two or three months to hear something - then dont bid on it

gracie2762 · May 2012

Ditto pp on being prepared to wait. You really just have to be patient and stay optimistic while continuing to look at other houses because there is always the possibility that the bank won't approve or the bank could come back with a price out of your price range. We lucked out in that the bank approved our offer but it did take 8 months for us to close. I would totally go through all of the stress again because we were able to get a great SFH with a huge yard and waterview for the price of most townhouses and condos in our area.

teeah22 · May 2012

We put our offer in the end of April and had bank approval in a little under a month, we're supposed to close June 29th. That being said, we were the fourth offer that got sent to the bank and the bank sat on all the other offers for months until the buyers ended up dropping out. I know this because we've been a back-up offer on this place since September. I think the bank just got sick of it and conceded

NYBride1 · May 2012

I am currently selling my home as a short-sale. At this point I would take $5! The bank took so long that my very patient buyer backed out after 8 months. So now I am back to square one over a year later.

BriarRose84 · May 2012

We have been under contact on a short sale for about 90 days now. You really have to be patient. Our problem is that we have yet to get any kind of update on where the bank is in the process. Our realtor suggested we keep the contract but that it is time for us to start looking at other properties to see what else is on the market. Hopefully we will be hearing something soon but DH and I are really wanting to move this summer. We would be willing to wait longer if we would just get some sort of update, such as if the BPO has been ordered. Although it will take a lot for me to back out of our contract since I love this house but it is good to keep our options open.

LoveKiss · May 2012

We lost the short sale we were under contract on. We were it's first offer. The house was originally listed for $480k. After 2 months with no interest, they dropped to $465k. After another month with no market interest they dropped to $450k. Three weeks later we put in their one and only offer. Fast forward two months, and the bank's BPO came back at $500k. The bank stuck to that number, even though the listing agent demonstrated that the house could not possibly sell for that high (remember, it didn't sell at $480 or $465). The bank asked us for our best and final offer, which was $450k, and then the bank just stopped responding. They never formally rejected our offer. they just stopped negotiating with us. So we went out and found a new house that weekend. Our final offer on the short sale officially expired at 6pm on Tuesday, and we submitted an offer for the other house at 6:05pm. The owners accepted our offer the next morning, and we are closing in less than 2 weeks.

A short sale can be a good $$ deal, but for us, it simply was not worth the hassel, waiting, and bank idiocy. FWIW, the short sale is back on the market at the higher price. I bet it will stay there until the bank forecloses on it and takes an even bigger loss. Stupid bank.

ZooCrewMom · May 2012

Be prepared for the unexpected. We were under contract for a SS and after 3 weeks found out we had been lied to and they had not even submitted our offer to the bank. They also let us know that the small local bank who had the mortgage, was actually with 2 national banks. Then the family started asking for appliances and things to be given to them. Luckily, we were able to get out of our contract at the 1 month mark when paperwork still hadn't been submitted to the bank.

I watched the home and it went under contract to another buyer a week after it went back on the market. We went on to buy another (non SS) home and I hadn't thought about it. Then our realtor emailed me to let me know the house had been pulled off the market. So the buyer who had been waiting 5 months on it and then they delisted it for some reason.

jencoooper · August 2013

According to RealtyTrac's quarterly report on the foreclosure industry indicated that more than a fourth of all domestic property sales during the first quarter of the year were bargains on foreclosure properties. Excessive foreclosures bring down the cost of houses, making industry recover more difficult. The news, considered with last week’s grim jobs report, further supports the realization that the slow economic recovery is not picking up much steam right now.

Short Sales (Buying)

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