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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Short Sale/bank owned
Anyone buy a house like this? Can you share your experience? We found a house we LOVE, its more then we ever thought we could buy in the perfect area... But I would love to hear experiences with this kind of purchase
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Posted 7/1/09 9:02 PM  |
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Prudential Douglas Elliman Real Estate
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bbanana7
LIF Toddler
Member since 4/09 404 total posts
Name:
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Re: Short Sale/bank owned
it is an experience!! roller coaster of emotions, A LOT of time--took us about 9 months to get it all processed, but the best decision we ever made. We got an amazing house in a great neighborhood..we are doing work on it and it needs a lot but we got an amazing deal!
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| Posted 7/1/09 9:14 PM |
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neenie
Member since 5/05 22351 total posts
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Re: Short Sale/bank owned
We bought a short sale. Our bid was accepted Jan 25th, and we closed May 21st... so just about 4 months. It felt like forever at times and there were a few headaches involved (but i assume there's a certain amount of headaches involved in any kind of home purchase). So, there were times that it was frustrating, but in hindsight, it really wasnt a bad experience at all.
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| Posted 7/1/09 10:00 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Short Sale/bank owned
I'm so glad to hear the good stories.
Did you offer asking price, or were you able to offer less? And what was accepted? (I'm not looking for $ amounts at all)
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| Posted 7/1/09 10:56 PM |
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bbanana7
LIF Toddler
Member since 4/09 404 total posts
Name:
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Re: Short Sale/bank owned
we offered 10,000 less after we knew the bank would accept around there.. our agent let us know what they were looking for and what kind of offers the bank had already walked away from
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| Posted 7/1/09 10:58 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: Short Sale/bank owned
how do you find these? are they listed with the regular MLSLI webite?
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| Posted 7/1/09 11:16 PM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Short Sale/bank owned
Posted by lovemy2boys
how do you find these? are they listed with the regular MLSLI webite?
you can also find them on Redfin . com which is a national listing service. You can see FSBO, regular and shorts/bank owned properties.
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| Posted 7/2/09 6:28 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Short Sale/bank owned
actually found it as a for sale home on MLSLI, I had no idea it was a short sale till we decdied we love it and hade our RA look into it for us
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| Posted 7/2/09 7:52 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Short Sale/bank owned
we put two offers on foreclosed homes to be rejected but fairly quickly. We asked 10K less then the price.
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| Posted 7/2/09 9:09 AM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Short Sale/bank owned
we wasted 4 months on a short sale deal that didn't go through.....its the luck of the draw....
if there is only 1 mortgage i say go for it.....it gets more complicated when there is a second mortgage involved - that was the downfall of our deal - the 2nd mortgage.....
i wish we got our short sale - caused us a lot of heartbreak
Message edited 7/2/2009 9:21:26 AM.
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| Posted 7/2/09 9:20 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Short Sale/bank owned
Posted by Nik211
we wasted 4 months on a short sale deal that didn't go through.....its the luck of the draw....
if there is only 1 mortgage i say go for it.....it gets more complicated when there is a second mortgage involved - that was the downfall of our deal - the 2nd mortgage.....
i wish we got our short sale - caused us a lot of heartbreak
uhh see that's what I am so scared of. My heart is SOOOO in this house already. I swore I wouldn't let myself get attached to a house, for this reason!! RA is going to let me know today what the deal is with it. It still could be to good to be true, there could a lot of other offers, but I'm praying there isn't. The only good thing, is if it stays on the market till Oct, we will be able to pay asking price or even more. We will be able to pre-qualify for more then.
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| Posted 7/2/09 9:25 AM |
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