fiance wants to try a short sale

Is it worth it? What were your experiences with them? time length etc?
thanks for your help..

Sorry if this is a repeat question

Re: fiance wants to try a short sale

If you get a deal on the price of the house....then yes i think its worth it. You aren't really spending any money, other than the home inspection, until the Bank approves the shortsale. We tell our clients to make sure that THEIR bank does not do the appraisal until the Bank approves the shortsale and most of the times title isnt ordered either. Its just a matter on being patient and getting everything ready with your mortgage company (minus the appraisal) so that once the shortsale is approved all you have to do is finalize everything and close. If our clients are the Buyers....we make sure there is a clause on the contract that states that the Buyer can away from the deal if the shortsale is not approved by the bank within 45 days.....that way you are not locked into this deal for EVER!

Re: fiance wants to try a short sale

thanks very much

Re: fiance wants to try a short sale

We just closed on a Short Sale and while I think that the advice above is good, our particular experience was very different. 45 days?? We made our offer in November and finally closed last week!!!! It is very stressful and will try your patience. We had to pay for the appraisal, inspection, down payment, all of it before the bank would even look at our offer. Try doing a search for Short Sale and a lot of information should come up.

Best of Luck to you. If it works out, it is DEFINITELY worth it. Feel free to FM.

Re: fiance wants to try a short sale

Posted by AnaMaree77

We just closed on a Short Sale and while I think that the advice above is good, our particular experience was very different. 45 days?? We made our offer in November and finally closed last week!!!! It is very stressful and will try your patience. We had to pay for the appraisal, inspection, down payment, all of it before the bank would even look at our offer. Try doing a search for Short Sale and a lot of information should come up.

Best of Luck to you. If it works out, it is DEFINITELY worth it. Feel free to FM.

Re: fiance wants to try a short sale

Re: fiance wants to try a short sale

We will have to look at short sales if we can't find anything in our price range. Some people can get into the house with in six months and some are taking up to 9 months. I have only had experiences that you have to bring in the appraiser and engineer before bank approval so your spending the money upfront and then they lock up your deposit until they make up their minds.

I honestly wish the banks would make things easier for people to purchase these homes or the bank would just foreclose and make things easier to purchase the damn house.

Re: fiance wants to try a short sale

you are better off looking for an REO

Real estate owned by the bank already

I have an offer in on a foreclosure now- but the "owner" will still need to sign off

he might not be so happy with what we offered - about $400K less then he paid for the house in 2005

Re: fiance wants to try a short sale

DH and I put in an offer on a short sale in October. The offer was accepted a week later. We ordered an ispection, hired an attorney and put down $10k. November went by, December went by, January went by and we didn't hear anything. We kept trying to contact them to get an appraisal done, but no one returned our calls. Finally at the end of January, the sellers attorney called us and said that the listing agent listed the short sale as "bank approved" and it wasn't and the bank wasn't prepared to take less for the house than was owed... sooooo, $2500 and 3 months later, we were back at square one... Personally, I will NEVER touch another short sale again.

However, there are a few girls who had lots of luck with short sales... I guess it's a 50/50 thing.

Re: fiance wants to try a short sale

I was talking to fiance last night and we read your answers and then the searches that came up on the bottom of the screen and honestly, we both got kind of scared. It is our first house and it's allllll our money. I think we are just going to pray we find a regular house.
I think that the majority of this "buyer's market" are short sales and need a better way of getting sold because if nothing is done with them, they are just clogging my listingbook account!!