Stay away from a Short sale

...unless you are in a situation where you can stay where you currently live indefinitely.

We moved to VA in early May for my DH's job. We made an offer on a short sale at the end of April.

We have been waiting almost 4 months to close and still no word from the bank. As of the end of this month, we are getting kicked out of the corporate apt where we have lived since May. they had already granted us a 1 month extension.

I have an 18 month old. All of our stuff is in storage. And now I have to call around and find a place for us to live in 2 weeks.

Re: Stay away from a Short sale

sorry that the bank is giving you guys a hard time- I hope everything works out!

Re: Stay away from a Short sale

that is terrible but unfortunately that is how short sales work........you can get a really really great deal OR you can wait for nothing......

we are closing on a short sale in 2 weeks....we put in an offer 7/18 and we are closing 9/3 - it's gone really quick....

we did lose a short sale back in May though - after waiting 4 months on it....for that one we put in an offer in January and invested our time until the end of May....it just wasn't working out....there were 2 mortgages on the property and the banks couldn't agree...it was really stressful, the waiting was torture and in the end we were really fed up and aggravated with the whole thing....

after that we swore off short sales and now we are set to close on one every bank is different - we were dealing with wells fargo and sun trust the first time around - they took FOREVER to respond and then couldn't agree....the second time around the mortgage was with a local bank and we got a deal approved in 2 weeks...

i hope it works out for you guys! i know how frustrating short sales can be

hang in there!

Message edited 8/19/2009 12:55:07 PM.

Re: Stay away from a Short sale

Re: Stay away from a Short sale

Short sales can take FOREVER. My brother just closed on a property that was a short sale, but it took the bank over 4 months to accept their offer!

So sorry the timing isn't working out for you guys - I hope you're able to find a place to stay soon!

Re: Stay away from a Short sale

where in Virginia are you looking? There are several of us on here that live in VA. perhaps we can help.

Re: Stay away from a Short sale

Thank you everyone

We live in Richmond. I love it here. We are currently renting in the Short Pump area. We are looking here and Midlothian (where the short sale was).

My DH had his heart set on this house. While I liked it too, unfortunately we are not in a position where we can keep waiting. It is very frustrating that it takes so long for them to respond.

Re: Stay away from a Short sale

here is my advice (although the short sales i have dealt with have been in florida)

see if the title agent is involved - we started getting antsy at the 3 month mark and at 4 months our realtor spoke to the sellers realtor and they got the title agent involved....once the title agent was involved we got responses....they say title agents or third party negotiators tend to get a better response than the realtor does.....

the house we are set to close on also had the title agent in contact with the bank.....that took about 2 weeks from our offer to final bank approval...

so maybe you can ask your agent about getting someone else involved (a third party negotiator and or the title agent) and maybe give the bank another 2 weeks to respond???

Message edited 8/19/2009 4:04:48 PM.

Re: Stay away from a Short sale

Re: Stay away from a Short sale

I can relate. WE were in short sale hell.

offer in OCt...still no word till April!

we withdrew our bid mid march.