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angel8l200
LIF Zygote
Member since 3/08 36 total posts
Name:
Lauren
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Short Sale??
Ok so I went into contract on a house back in MAY!!! It is a short sale. Has anyone on here ever bought a short sale? If so how long did it take for the process? Our contract is actually up on Saturday because it is taking forever for the Bank Approval. SOOO That is what the lawyer is saying anyway!!! I am really thinking if it is not done by this week then I am getting out of this contract because we are sooo tired of waiting!! Should I wait it out???
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Posted 8/11/09 1:56 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Short Sale??
You can't come out of the contract just because you are tired of waiting. At least not at risk of being sued by the bank for breach of contract.
Short sales take significantly longer to close on as compared to regular home sales.
You are only into your third month of being in contract. I have heard short sales take as long as six months to close.
Nothing you can really do but wait it out.
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| Posted 8/11/09 4:00 PM |
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Re: Short Sale??
Posted by ave1024
You are only into your third month of being in contract. I have heard short sales take as long as six months to close.
Nothing you can really do but wait it out.
agreed. a friend of mine is selling her house via short sale, the house went under contract in march! still waiting for a closing date...
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| Posted 8/11/09 5:49 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Short Sale??
did the bank approve your offer yet?
if they didn't- your really not in contract- and I think you could walk away
I walked a way from a foreclosure- I had only submitted an offer- and it was not approved at the time
I would talk to your attorney b/c honestly I can't see how you are in contract with out bank approval
you and the "homeowner" could be in contract- but being that it's up the the bank- you really aren't - and that's not how my company handles shorts for this reason
Message edited 8/11/2009 6:12:22 PM.
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| Posted 8/11/09 6:09 PM |
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SUNSHINE
My LuLu <3<3
Member since 5/05 1372 total posts
Name:
T
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Re: Short Sale??
Short Sales take forever. There is probably a clause in your contract stating that you can cancel within a certian amont of time if not approved by the Short Sale bank.
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| Posted 8/11/09 8:29 PM |
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bbanana7
LIF Toddler
Member since 4/09 404 total posts
Name:
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Re: Short Sale??
We purchased a short sale.. it took 8 months.. it was a nightmare! but we got the house we wanted in a great area.. If you can continue to wait it is worth it.. It was a rollercoaster of emotions.. FM me if you need anything or to takl
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| Posted 8/11/09 10:03 PM |
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angel8l200
LIF Zygote
Member since 3/08 36 total posts
Name:
Lauren
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Re: Short Sale??
Well officially the contract is up today!!!! 8-13-09!!! It's been 90 days and the bank has yet to approve the sale so we have the option to walk away and we have decided we are going to walk! I am def tired of this process and is def a roller coaster of emotions. My lawyer suggested we give them another 15 days but nothing is guarenteed within that time soo that's it all done with for the house! Just going to rent now! 
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| Posted 8/13/09 8:42 PM |
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jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
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Re: Short Sale??
Can someone explain what a short sale is? I guess it's misnamed???
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| Posted 8/13/09 8:49 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Short Sale??
Posted by jenheartsrob
Can someone explain what a short sale is? I guess it's misnamed???
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
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| Posted 8/13/09 9:19 PM |
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jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
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Re: Short Sale??
Oh. Thanks for explaining. So who comes up with the difference of the outstanding mortgage??? That's confusing... is it like a pre-foreclosure?
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| Posted 8/13/09 9:26 PM |
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HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
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Re: Short Sale??
I put in an offer on a house in December, signed contracts in early April, went to the first closing (which fell through) in June, second closing (successful) in July...
It was very draining, but in my experience- worth it.. GL! 
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| Posted 8/13/09 9:40 PM |
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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??
Posted by angel8l200
Well officially the contract is up today!!!! 8-13-09!!! It's been 90 days and the bank has yet to approve the sale so we have the option to walk away and we have decided we are going to walk! I am def tired of this process and is def a roller coaster of emotions. My lawyer suggested we give them another 15 days but nothing is guarenteed within that time soo that's it all done with for the house! Just going to rent now!
I feel for you!!!
We went into contract in January on a short sale.....we were locked in for 90 days like you are now and we had no answer from the bank....we extended our offer contract twice (i think for 30 days at a time) and that eventually put us into May - so we waited 5 months total....at that point we FINALLY got an answer from the 1st mortgage (which was held by Wells Fargo) but we still had to wait on the 2nd mortgage (Sun Trust) - in the end the banks could not agree - the 2nd mortgage wanted the seller to come up with $$ to be paid to them outside of closing - the seller didn't have the funds - we legally couldn't pay it for the seller and our agent was uncomfortable with a lot of things they were trying to do to get us to closing (she said it would be fraud)...we were really upset, fed up and aggravated but we chose to walk away......we SWORE we wouldn't touch another short sale........
We started looking for houses again at the end of May....mid July we saw a house that we thougth we might like but it was another short sale  Our agent was able to get some info and it turned out that this short sale was with a local bank in Florida and they already had a contract that fell though (we were looking in FL from NY - which makes things even more stressful  ) - Because it was a local bank we decided to go for it b/c with a local bank things tend to move A LOT quicker...Within two weeks of our offer we negotiated with the bank and got the final approval - we just got back from our inspection which was this week and we are set to close on 9/4.....
MOST short sales take MONTHS - we got lucky this time.....but the first house we tried to buy was a nightmare....
In the end I am SO GLAD we didn't get the 1st house - so my best advice is that EVERYTHING happens for a reason and if you don't get this house it's not meant to be
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| Posted 8/14/09 10:28 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Short Sale??
when you put in your offer, don't you have to put money down? and they hold onto your $$ for months?
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| Posted 8/14/09 10:34 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??
Posted by rkoenke
when you put in your offer, don't you have to put money down? and they hold onto your $$ for months?
i'm not sure how NY works
in FL you don't put any money down until AFTER you get the final bank approval....at that point your deposit goes into escrow, you do inspection and apply for a mortgage
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| Posted 8/14/09 10:44 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Short Sale??
Posted by rkoenke
when you put in your offer, don't you have to put money down? and they hold onto your $$ for months?
I bid on a short sale and I didn't. I'm about to bid on a second one I think.... and I'm not sure. I think it kinda depends what bank wants, they usually have requirments
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| Posted 8/14/09 11:37 AM |
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jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
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Re: Short Sale??
Posted by jenheartsrob
Oh. Thanks for explaining. So who comes up with the difference of the outstanding mortgage??? That's confusing... is it like a pre-foreclosure?
The bank basically eats the difference in price. Sometimes they can put a clause in that the homeowner has to pay it eventually but 99% of the time the bank just takes that small loss. It is kind of like a preforeclosure yes..
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| Posted 8/14/09 4:35 PM |
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RM23
LIF Adult
Member since 5/06 997 total posts
Name:
Rachel
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Re: Short Sale??
We put in an offer on a short sale in January. It was accepted by the seller and sent to the bank with a signed contract and a deposit. Our contract locked us in for 6 months. It ended Aug 1st and we are still waiting!!
It all depends on the house and how much time you have to spare. This is the house we want..so its worth the wait. Def stinks!
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| Posted 8/14/09 8:36 PM |
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