Buying A Home
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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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.
Share Your Short Sale Experiences
DH and I just put an offer down on a short sale house in New Jersey. I know the whole short sale process can be long, drawn-out, and incredibly frustrating, but I'm curious to hear about the specific situations others encountered when dealing with the bank, etc. Anyone care to share?
Re: Share Your Short Sale Experiences
Ours took 8 months to close on. We got bank approval after about 4 months from when we put in our offer and we struggled to get the repairs done for the appraisal quickly so we could close in less than a month to meet the bank's deadline. A week before our closing date the title company found out the sellers had a 2nd mortgage they didn't disclose so we had to wait longer to see if the 2nd bank would accept the 1st banks buyout. It took about 2 months for the 2nd bank to approve and we closed at the 8th month mark.
The waiting and stress of not knowing if we would ever get the house was a pain but in the grand scheme of things we got our dream home for an amazingly low price. We're really glad we held out and waited.
There were new short sale rules effective June 1st to speed up process. We put in offer June 24th, seller got short sale approved July 23rd, we got inspections done July 27th, I sent documents to lending officer shortly after, we close August 31st.
http://defendyourhomefightforeclosure.wordpress.com/2012/05/21/new-rules-for-short-sales-take-place-june-1-2012/
SS#1: We put in an offer. The seller accepted. In the offewr was a clause that the seller would submit all paperwork to the bank within 14 days of contract acceptance. The seller never followed through on their end of the deal. After that 14 day period our contract was null and void, so we walked. The sellers were clearly using the shortsale process to stall the foreclosure process as long as possible. They didn't actually intend to sell.
SS#2: We put in an offer and the seller accepted. Everything was submitted to the bank, the bank ordered the BPO, and we waited. And we waited. The BPO came back with a ridiculously high number. The person who did it was clearly hitting the crack pipe pretty hard. The bank told us to give our best and final offer (which was still $50k under the BPO. And then the bank went silent. We got nothing out of them, not even a rejection of our offer. So we waited and the contract expired.
30 minutes after it expired we put in an offer on another house that had been on the market for only a few days... our house. The sellers accepted within a few hours (in a multiple offer situation) and we closed 37 days later on our home. We love our home and are so glad that things worked out the way that they did. Getting this house was worth the heartache of the process. The short sale failures were fate's way of making us pause until this house was ready to come onto the market.
Yes but FYI, if you're going with an FHA loan it can be trickier b/c short sales are usually sold as is. We had an FHA loan and had less than 2 weeks to complete a list of repairs from the appraisal. We were lucky that my FIL is a contractor and could get them done - otherwise it would've cost us a few thousand dollars to hire someone.
Thats good to know...thanks for the heads up!
We put in a offer at the end of may end of June we heard back from the bank. We are still trying to get approval for a USDA loan. Our wait as been on the USDA side...so frustrating.
Our short sale went pretty fast because the seller already had a lawyer.