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Realtors or those who bought Short Sales please come in!
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Realtors or those who bought Short Sales please come in!
After waiting over a month we finally heard from the listing agent that "contracts are in the mail". In a round-about way (I guess because she cant actually say it) she told us that our offer was approved on the short sale. We're hoping to sign the papers by Friday.
Can anyone tell me what the process is from here for a short sale? What we can expect to happen after the contracts are signed?
Its so exciting but nerve-racking at the same time.
Thanks!
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Posted 5/5/11 10:19 AM  |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Realtors or those who bought Short Sales please come in!
You may have to wait quite some time.
If you made an offer that's lower than the amount the current owner owes on the home their lawyer will be negotiating w/ the bank.
I'm currently dealing w/ the sale of a short and was told by the lawyer that he might be negotiating w/ the bank for months.
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| Posted 5/5/11 11:20 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Realtors or those who bought Short Sales please come in!
Posted by bobby769
You may have to wait quite some time.
If you made an offer that's lower than the amount the current owner owes on the home their lawyer will be negotiating w/ the bank.
I'm currently dealing w/ the sale of a short and was told by the lawyer that he might be negotiating w/ the bank for months.
Our offer was only $7K less than what the owners owe on the mortgage. Based on what the listing agent told our lawyer, it sounded as if this was not a counter offer. It was an accepted offer. We'll see Friday. But I'm not really sure what the process is after all contracts are signed.
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| Posted 5/5/11 12:31 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Realtors or those who bought Short Sales please come in!
w/ such a small difference I'd imagine there'll be less negotiating back and forth.
ETA,
most if not all of the negotiating w/ the bank is related to the lawyer trying to convince the bank to either not go after the owner for the deficient amount of their loan or to go after them for a smaller amount. Once that's done the bank accepts the offer and from their it's very similar to a standard purchase, pull title, gather your documents, etc...
Message edited 5/5/2011 4:24:55 PM.
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| Posted 5/5/11 4:22 PM |
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