Post # 1
I previously posted about a kitchen redo that we were thinking about if we were to buy that house, but we have since decided against it, there are too many things we would want/have to change right away. Im so upset and frustrated now about finding a home. I think part of the reason our living stiuation isnt the best now. Were in a 2 family home with my husbands grandpa which is in a bad neighborhood and we have a kitchen, living room bedroom and bathroom-thats it. So were kinda jammed in. We cant use any of the new things we got from my bridal shower and wedding because there is just no room for them, they are all at my grandparents house siting in a spare room 🙁 We also dont have any washer or dryer so that means at least once a week we have to lug everything over to my parents to wash and lug it all back. Another part that sticks is that neither of us have changed our mailing addresses (as per his grandfathers request) so any mail we get we have to drive back to our parents to pick up.
I just want a home where I can wash my own clothes and recieve my own mail and a dishwasher would be nice, and little more room to breath and use all our nice gifts that are now collecting dust.
There is a home that we found last night that seems perfect that we are going to look at tonight but its a short sale- which I no can be a nightmare, but Im kinda willing to wait that process since nothing really has come up that really caught our interest. So my question is for bees who have gone through a short sale did it suck as bad as I think it will of worse? and during the process were you still able to look at other homes if they happen to be something you liked? or were you just stuck waiting to hear back from the bank and if you saw somethign you liked online you werent able to go look in person. I know on short sales you can put like a time limit at which point you can walk away but are you still allowed to look at other homes before that time limit or no.
Also any bees that have any advice for this home buying expericence because I think im going to go crazy. I will NEVER tell someone that buying a home is a FUN experience!
Post # 3
@bella731: We put bids on a few short sales back in 2009 and were house-hunting. Still haven’t heard back…
Post # 4
@likewoah: are you serious! thats crazy, did your relator tell you that it would take that long? Ours says his longest short say was 2 1/2 years and that was because the selling had 2 or 3 morgages (cant remember now) But ours also said that he has had ones that took less than a month, but the norm being 3-6 months.
Post # 5
@bella731: Well, we gave up and ended up buying a foreclosure and withdrew our bids (although we never heard anything). Plus I forgot- we actually placed those bids in 2008.
Post # 6
We too found our “perfect” home, but it is a short sale. we put an offer in a month ago, and now we’re just waiting on the bank. Basically we have an accepted offer from the owner, and in a normal sale this would have sent us moving forward. In a short sale it means your offer can now be submitted to the bank, and the bank can accept, deny, or flat out ignore and never respond to your offer.
We will close on or before july 1st or our offer expires ( that way they have to answer before then or we know to move on). It is a HARD wait to hear yes or no from the bank, and we may never hear back 🙁
Just consider that a short sale is an AS IS home. Leaks, roofing, mice, dry rot, missing insulation ect. will all be your out of pocket costs. The bank/owner will not fix anything, and the closing costs will usually be out of pocket for you as well.
That being said, DH and I had the time to wait it out, and if we close it will be a great deal on the home. so if you have time to keep looking while waiting on a short sale it could be worth it for you. Goodluck!
Post # 7
I don’t have any personal experience with the process, but from what I have read about short sales, if you are already frustrated then NO I definitely would not consider a short sale…
Post # 8
- Wedding: October 2011 - Bed & Breakfast
Short sales are generally not the answer to frustrations…. they are the source of it! hahaha
SS contract #1. Seller accepted, we went under contract, seller strung us along by telling us that they were submitting paperwork that the approving bank required when they actually were not. The seller was using the short sale (and us) to screw around with the bank. After they missed paperwork deadlines established in the contract we had grounds to terminate the contract for cause and get our escrow money back in full. It was a waste of a month of our time. The house eventually went into foreclosure.
SS contract #2. Sat on the market for 3 months and went nowhere. Not even an offer. Dropped the price. We saw it a few weeks later, offered, it was accepted, and we went under contract. The bank immediately came back to demand that we put more money ($10k) in escrow. Fine. Whatever. We ponied up the cash. Then the bank went silent for 2 months. They finally came back and demanded $35k more than the original list price on the house (the price that got no offers). We countered back, raising our offer $15k and giving the bank 15 days to respond. The bank never responded so we just walked away. They had already wasted enough of our time and the bank had it stuck in their head that the house was worth $50k more than it was really worth. So all that time we had $10k of our cash locked up in a deal that was going nowhere. If we terminated the contract without cause we would have lost that $10k. So we were absolutely stuck. Note: The house eventually sold for $45k LESS than what we offered, but that deal took 9 months to close. Those were some very patient buyers, but they got a house for a very good deal.
Post # 9
Thank you guys for the information. We decided against the house. 🙁 I just want a home and I feel like we will never find it. Soo upsetting
Post # 9
My daughter did one. It took months. Very frustrating. It involved a bitter divorce, too. She and her husband were socked with thousands of dollars of legal fees, at settlement, since they had to go through a lawyer, every time they wanted to communicate with the ex-husband/seller. He made it as difficult as possible. It almost went into a foreclosure situation and they would have had to walk away, or start the whole process over again.