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Thread: Short Sale Homes?

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    #1

    Confused Short Sale Homes?

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    I was just wondering if anyone here has purchased a short sale home or made an offer on a short sale, and if you could share your experience.

    DH and I put an offer in on one almost 2 months ago, it's been a long, information-less road. We are trying to decide if we should revoke our offer and move on. The house is our ideal neighborhood and has all of the items we are looking for in a home, but we haven't even heard back from the current owner's bank yet, as to their position on our offer. 2 months is just a long time to only be this far in the process.

    Thanks!
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    Short sales can take from 3 months to possibly even 8 months+, and its a good chance that if the bank doesn't like the offer they will decline, making that offer and wait time practically wasted; to say it better.

    DH and I saw a couple of short sales, some were even great, however we can not wait several months to see if we get the house or no, its better (and cheaper) to buy from the actual owner/developer selling the house. Our realtor even highly suggested us not to get a short sale because the outcome is unpredictable; so we stuck with just searching for houses that meet our needs/short commute to work/school zones/able to resell or rent out.

    If you feel you can't wait and feel the process is too long (and considering 2 months is an unrealistic time for the bank to accept or decline the offer), then I would suggest revoke your offer and see about other houses.
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    Quote Originally Posted by TriggerHappy View Post
    Short sales can take from 3 months to possibly even 8 months+, and its a good chance that if the bank doesn't like the offer they will decline, making that offer and wait time practically wasted; to say it better.

    DH and I saw a couple of short sales, some were even great, however we can not wait several months to see if we get the house or no, its better (and cheaper) to buy from the actual owner/developer selling the house. Our realtor even highly suggested us not to get a short sale because the outcome is unpredictable; so we stuck with just searching for houses that meet our needs/short commute to work/school zones/able to resell or rent out.

    If you feel you can't wait and feel the process is too long (and considering 2 months is an unrealistic time for the bank to accept or decline the offer), then I would suggest revoke your offer and see about other houses.
    Thanks! I thought this was taking an unusually long time as well. The owner accepted our offer, but from my limited knowledge about short sales, that doesn't really mean much. This house was listed at 50k less than its last appraisal last year, and at the time we had no problem waiting, but now we have a June deployment approaching... and moving a home on my lonesome is not on my bucket list!
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    Any owner who is under a short sale will accept any offer they can get to not deal with the issues of having the bank own their house, and tons of paper work.
    $50k less makes me wonder that this owner was truly desperate to let go of this house, but it all depends if the bank accepts or rejects.

    If you have a deployment coming in June (and I'm just going to assume the deployment is at minimum 6 months) then I would suggest maybe renting under someone and not look for a house or a lease from an apartment.
    Ask your DH to ask around base/squadron and see if any one there is looking for someone to rent from them, whether its a house or a spare room, it might be in your best interests to find a temporary place until your DH comes back from his deployment. Personally speaking when we got married in Dec. we had no luck finding a house (plus our realtor kept recommending us houses that weren't what we wanted) and rented from his technical sargeant who was awaiting his actual rentors in February and charged us $20 a day to occupy his house.

    So, its only a suggestion (but mainly an additional option) to see if there is someone on base who is willing to let you occupy the house, or rent from them. It helped us a lot, and I'm sure many S/O's here haven't found their home until over 2 months later (took us 1 month, but found an apartment that accomadates our needs better). Its something to look into ^^.
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    #5
    Short sales always take for ever, my dad actually specializes in them in nh. if you really want the house be patient, i believe it usually takes a long time because of the bank. they have to accept your offer not the owner because they want to get the most they can for the house. Did you offer the full amt they were asking or did you underbid?
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    It takes awhile. I work in foreclosures but I see short sales a lot. It has a lot of factors, more than just the bank that does the servicing. Its dependent on inspections, the current borrower and his financial situation, the investor, your current financial situation etc. I don't think that two months is really that long from what I've seen. You have to consider the market right now and how many short sales are out there.




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    short sales take a long time- 3-8 months on average- and what is bad is that your offer is not secure- what the bank is doing is waiting for a better offer and if one comes along they will kick out your offer, sometimes not allowing you to counter.
    if they do allow you to counter your resetting the clock again- so now they will wait 2-4 months to see if a better offer will come thru, if so they will usually flat out accept that offer and will not allow you to counter. and you just lost the home.

    also note that once the offer is accepted it can take 3 months to close the banks have different rules than the private seller.
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    #8
    I don't think we did a short sale, we did a normal one and closed after 30 days. Just curious, why do they call it a "short sale" if it takes 3 to 8 months?
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    #9
    Quote Originally Posted by Frybread View Post
    I don't think we did a short sale, we did a normal one and closed after 30 days. Just curious, why do they call it a "short sale" if it takes 3 to 8 months?
    the name has nothing to do with the closing time frame, but that the bank will agree to take less for the sale than what is owed on the home without the sellers having to bring money to the table.

    if a home value is less than the balance owed it is considered "under water". so say the value is 150,000 but the loan balance is 200,000- the bank will agree to "write off" the 50,000 dollars in order to get the house sold and to avoid foreclosure.
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    The house we own in Va. was purchased as a short sale. Our offer actually stopped foreclosure. It took us 2 1/2 months from first seeing the house til our closing date. From what we were told, they lost a buyer right before us and the bank was ready to let the house go.

    We submitted the offer to the seller, she countered, we accepted, and then it went to the bank. We got the approval 1 week later.

    Before that, we tried to buy a foreclosure and after 4 months of no word we walked away. We were PCSing and needed to give the movers an address. We could have rented til we closed....maybe.....but we refused to do that. So we decided it was best walk.
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