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| Posted By |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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short sales
tell me all you know about purchasing a short sale
especially while you are selling your house at same time...
and any lawyer recc's.
Thanks!
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Posted 10/30/17 9:11 AM  |
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Prudential Douglas Elliman Real Estate
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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short sales
We bought a short sale but it was ten years ago. We knew we had the highest offer (just barely over asking price) and the seller had abandoned the house and given power of attorney. It still took 3 months for the bank to accept the offer and close. We used Richard Cohen I Patchogue as our lawyer and he's excellent.
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| Posted 10/30/17 11:32 AM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: short sales
Posted by MrsT809
We bought a short sale but it was ten years ago. We knew we had the highest offer (just barely over asking price) and the seller had abandoned the house and given power of attorney. It still took 3 months for the bank to accept the offer and close. We used Richard Cohen I Patchogue as our lawyer and he's excellent.
Thanks!!
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| Posted 10/30/17 12:08 PM |
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OhMaybeBaby
LIF Infant
Member since 1/13 337 total posts
Name:
J
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Re: short sales
I bought a short sale almost 5 years ago. We were under contract for 9 months. It was a grueling process for us. We ended up paying 10K more than what we originally went under contract for (because the bank wanted more than the seller listed the house for) and then had to pay the owners taxes as well. We didn't find out the tax thing until the week of closing (FUN!). It all worked out though because we LOVE our home and had it been a regular sale, it would never have been in our price range.
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| Posted 10/30/17 12:56 PM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: short sales
Posted by OhMaybeBaby
I bought a short sale almost 5 years ago. We were under contract for 9 months. It was a grueling process for us. We ended up paying 10K more than what we originally went under contract for (because the bank wanted more than the seller listed the house for) and then had to pay the owners taxes as well. We didn't find out the tax thing until the week of closing (FUN!). It all worked out though because we LOVE our home and had it been a regular sale, it would never have been in our price range.
i was going to try to research about the taxes- do you know how?
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| Posted 10/30/17 1:04 PM |
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babyvibes
LIF Adult
Member since 7/13 1350 total posts
Name:
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Re: short sales
Posted by OhMaybeBaby
I bought a short sale almost 5 years ago. We were under contract for 9 months. It was a grueling process for us. We ended up paying 10K more than what we originally went under contract for (because the bank wanted more than the seller listed the house for) and then had to pay the owners taxes as well. We didn't find out the tax thing until the week of closing (FUN!). It all worked out though because we LOVE our home and had it been a regular sale, it would never have been in our price range.
We bought a short sale 4 years ago and ended up paying $35k more than our original accepted offer. It also took 9 months to close. We were lucky in that we didn’t need to sell in order to buy but I was so frustrated by 5 months in. I wanted to walk so many times & actually started looking at houses again. Ultimately, we stuck it out and finally closed. We still got the house for ~$50k below market value and we’ve redone almost everything at this point. It’s current value is around $125k more than we paid.
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| Posted 11/23/17 8:59 AM |
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