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  Buying a short sale is becoming a nightmare
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Buying a short sale is becoming a nightmare Sign In/Join 
posted
My wife and I decided to sell our starter house and buy a larger house. We've been looking for a year, but everything my wife loved was slightly out of our range. Then we found a short sale that my wife totally fell in love with. We put a contract on it, and in the meantime sold our home. We moved into an apartment while waiting on the short sale. That was four months ago. It turns out we needed approval from 4 banks that were involved with the sellers mortgage. So far 3 of the banks have approved the contract, but the 4th seems to be taking forever. My family of 5 is going stir crazy in this 2 bedroom apartment. Should I convince the wife to give up on her dream house>

Question:
Is it time was start actively looking again?

Choices:
Contiue waiting on the short sale(extend the contract again)?
Start looking for new house?
Both of the above?

 
 
Posts: 2 | Location: Maryland | Registered: Jan 21, 2014Reply With QuoteReport This Post
Picture of Jewel
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I'd ask your realtor to contact the 3 banks with the request that they bring pressure to bear on bank #4.
 
Posts: 8200 | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of Chuck Wartman Realtor
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Hi, I specialize in Short Sales in Colorado Springs. On average it takes 4 to 6 months to get one closed. Hang in there!! The fact that they have 3 mortgages approved means that they are working on it and getting it completed. Dont loose out because of natural impatience. Hang in there!!

Chuck Wartman


RE/MAX Properties
www.ChuckWartman.com
Colorado Springs, Colorado
(719) 231-5525
 
Posts: 1 | Location: Colorado Springs, Colorado | Registered: Apr 13, 2014Reply With QuoteReport This Post
Picture of real estate lady
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Another scenario is the seller renegotiates the loan with his lender. Happens. Then all is well for seller, but buyer left in cloud of dust..wondering what the H * * * happened ???.

I explain short sales to my buyers in advance of showing any homes...then they usually decide to stick with traditional sellers.

what is your Realtor telling you?

Our short sale documents in Florida provide escape for the buyer. Check your documents.

Truly hope you are not using the sellers Realtor and have a buyers agent.

I see you are from Maryland -- I grew up in Essex.
 
Posts: 9274 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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We took every ones advice and hung in. It took 9 months, but we finally closed on the house. Unfortunately the sellers took lots of item(light fixtures, appliances.. etc) and punched holes in the walls. we got our dream house at a great short sale price, but had to spend an extra $20k, to repair everything, paint and carpet the house. Good thing it was appraised close to $80k over what we paid for it or we would have walked away from the deal. We move in in 1 week assuming the contractors finish on time.
 
Posts: 2 | Location: Maryland | Registered: Jan 21, 2014Reply With QuoteReport This Post
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Didn't you do a final walk through? You don't normally see that type of damage in a short sale because the seller wants the deal to close.
 
Posts: 520 | Location: mi, usa | Registered: Apr 10, 2003Reply With QuoteReport This Post
Picture of real estate lady
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Yes same here.. Sellers work hand in hand with their lender, must sign pre-closing lender paperwork as well as closing documents.

Why did you close if there was damage? Did you see the seller at closing? Did you make the offer based on damaged house? OR was this a surprise right before closing??

Important to do walk thru just before closing.
This is strange.
 
Posts: 9274 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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I think, Generally a house was in a short sale will take time in between 5 to 7 months. Better to discuss with your wife and explain the present situation of that house. If she convinced then you look for another house or else wait for the completion of the period.
Sell House Fast
 
Posts: 6 | Registered: Mar 17, 2014Reply With QuoteReport This Post
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