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Short sale - success
Hi everyone,
I have been reading this message board almost daily for the past 4 months, although never posted anything. Everyone's posts and responses have been so helpful. I've read horror stories about short sales (on blogs) and just wanted to share my experience with everyone since it's rare to read a good short sale post anywhere.
My husband and I put on offer on an house a few months ago. The sellers were doing a short sale, however, the short sale was already approved by their bank. The offer was accepted by the sellers and they submitted it to their bank the next day. It took exactly six weeks from the date the bank received the offer to approve the short sale. We closed about three months after we put the offer in.
Was it stressful waiting - yes! We had to have our loan approval extended. We also had to have our rate lock extended. Luckily the rates hadn't increased so we didn't have to pay to extend it. In the end, it was worth it. We had so many people try to say it wouldn't happen, or if it did, it would be months down the road. Hopefully my positive experience brings some hope to anyone else going through the same process.
Re: Short sale - success
Every short sale situation is different because you never really know what the situation is with the property.
We actually just closed on Tuesday on our house - also a short sale - and it took a little under 3 months from the time we put the offer in until the time we closed. And you will never believe this because we were actually quite shocked too....so the list price for our house was 329k. We made an offer of 300k, which we thought might be rejected, but figured we had nothing to lose and the worst that could happen was the offer would be rejected. The sellers accepted the offer - submitted it to their bank, who then assigned someone to do a BPO on the house. The BPO came back at 255k and they lowered the price to 255k for us. The whole time, we were thinking, ok....they lowered the price, but in the end could still reject it, but they accepted. Even crazier is the fact that our bank appraisal came back higher than the purchase price.....so yea....we got a really good deal on a really nice house. This probably will not be our forever home, but we'll see what the future holds. For now, I?m just happy that things worked out in our favor
Yea, I would like to add that anyone considering a short sale - do not be afraid. If you have time and patience to go through the process, it can be very rewarding and you can get a great deal.
Wow this is amazing! I hope it works out like this for us!
Yea, it was so crazy because naturally when the realtor called us and told us that they were lowering the price, my H was like 'what's wrong with the house then?', but we had taken a structural engineer with us to see the house before we even made an offer in the first place and he found nothing wrong. (at least not anything major that would cause us to not make any offer)
So this was a great deal.....I just have to laugh because when we first started looking, my MIL took it upon herself to constantly hand me real estate magazines with 'suitable housing' circled - all co-ops and some of them even more than what we paid for a whole house. (which all went into the garbage) I can't even tell you how many times I said we were not interested in co-ops blah blah only to have her say that we cannot afford a single family house. Ummm....ok. Oh yea, she also tried telling us that a co-op was a better investment than a single family home. lol Co-ops might work for some people, so I don't want to knock it too much, but I honestly would not recommend this housing option for anyone if you can help it. Even now, we are trying to move out into our house and the building we are in has all these rules about when you can move in/move out (only weekdays 9-5, meaning I have to now take a day off from work) AND you have to pay a fee on top of it. The fee is not cheap either. Our building isn't all that great to warrant a $1000 fee....can't wait to see what happens when my inlaws try to sell this place - there are currently 6 units in our building that have been on the market for well over a year. Anywhoooo....not my problem after next week when I?m out of here