- 5 years ago
- Wedding: September 2012
When we first put our offer in on our short sale home I came here to see if others had posted their experience. I was surprised that there weren’t many threads about short sales, especially b/c there seem to be so many of them on the market right now, at least in our area. No joke, I’d say about 3 out of every 5 we looked at were short sales.
We had heard the horror stories of short sales and were told to expect to wait 6-18 months to even hear word one from the bank. Luckily, we weren’t in a rush and decided that waiting was ok for us (even though we are both type A personalities).
First offer extended on Jan 7, 2013. Seller countered us on Jan 9, 2013. Our counter offer extended Jan 10, 2013. This counter offer was accepted by the seller on Jan 11, 2013. The paperwork was then signed and sent to the Bank for review. This is where most short sales just sit for long periods of time. The bank was Bank of America and we were told they were one of the worst at taking a very long time. We hunkered down and planned to wait.. and wait..and wait. We hoped to hear something by June.
Our realtor kept in touch with the seller’s realtor who in turn would email the person and BOA to request updates weekly (every friday was what we agreed upon with our realtor). Usually the updates were that there was no update.
FEBRUARY 13, 2013 we got the call from our realtor the BOA had countered us! Just a little over a month and we already heard back, however the counter was basically the asking price (minus $1300). We decided to counter back even though online research told us not to and that the bank would not even consider a counter. But I negotiate for a living and we just felt we had to counter so we did. Our counter offer went to the bank on Feb 14, 2013. And we prepared to wait again.
Feb 15, 2013 my Darling Husband started to regret countering b/c the more research he did the more it seemed we could potentially lose the house. However, we stayed strong.
MARCH 2, 2013 the bank accepted our counter offer!!!
MARCH 4, 2013 it was sent to the investor to be approved for short sale
MARCH 12, 2013 we got our short sale approval.
It’s not a done deal at this point but we are moving onto the home inspection and then the appraisal, closing is currently set for April 26, 2013.
Moral of the story is that not all short sales take many, many, many months. Yes we had to wait which some may not want to do but in the end we are getting a great house for a great deal (as long as the inspection goes well, etc). I just wanted to share our short sale experience for others who may be considering it.
Obvioulsy not all short sales go like ours and all of them are different in their own way.
I’d love to hear others experiences, especially if they were recent.