Post # 1
FI and I were under contract for a townhouse back in March, but had to back out before closing because I lost my job. I was really sad at the time, but we both decided that we could find something better. Fast forward 4 months… FI lives with his sister and although I still have no job decided to start looking for a place to buy even though I still have no job.
After some searching we found a short sale townhouse that we both love. It was listed at 65K, and has been on the market for over 18 months, we are borrowing money from family due to my lack of job so the beg of June we submitted a 45K cash offer for the townhouse. We have been very patient full well knowing that the short sale process is not short. We used the sellers agent (he’s a great guy and very educated on short sales) and we did not want to use our original agent from back in March. Well I noticed yesterday while playing around online the house was no longer listed… after a few phone calls long story short I find out that the seller fired the agent (this is the 2nd agent she has fired) and our previous 30 days of waiting meant NOTHING because she NEVER signed our offer. Now today she tried to counter us at 57K (isn’t that the banks job in a short sale!?!) and they tell us that we will have to pay t have the electric turned back on for an inspection…UGH. So now I have no idea where we stand, meanwhile I thought we were 30 days into our 60-90 response time. Anyone else have any similar short sale stories, or ever have to deal with a crazy seller…
Post # 3
- Wedding: April 2011 - Sweet ceremony by the sea and sunset celebration on the North Shore of Hawaii
oh dear, i’m so sorry you have to go through this. i don’t have any experience with short sales but i do think that if it’s becoming too complicated, maybe this house isn’t meant to be? either way, sending lots of happy thoughts your way!
Post # 4
Ugh. Not fun. We bought a short sale but it wasn’t overly traumatic for the most part. Though oh my goodness does it take forever! We submitted our offer before Thanksgiving and didn’t close until March.
I would suggest finding your own agent and working through them. Typically (at least for us), the seller’s agent splits their commission with the buyer’s agent to cover their fee. I don’t remember having to pay for the electricity to be turned back on for the inspection. Maybe our realtor cover that for us? Or maybe he got the bank to pay (that sounds more familiar.) Either way, I’d recommend getting someone that will have your back and ONLY your back. (And that can’t be fired by the seller.)
Also, we lost out on the first home we offered on and were sad about it for a bit but it turned out to be a huge blessing in disguise. That home wouldn’t have worked with the twists our lives took 6 months after we would have bought it. Don’t be afraid to walk if things start feel less than 100% right. The right place will come along.
Post # 5
Thanks for the good thoughts. We are prepared to wait it out for a short sale we knew the process before we got invloved. Its just frustrating because it seems as this seller is being particularly difficult.
Post # 6
I’m sorry it’s so stressful. I’m not completely sure but I think that the owner can make a counteroffer on the offer first and then they bring the deal to the bank that holds their loan. Maybe I’m impatient but I always think of walking in situations like this. If the people don’t want my money, I don’t want to give it to them.