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awesome!!! congrats! We're going to take a look at a short sale townhome on Friday and are a little wearing since with the tax credit we have to have something signed by the 30th of this month and close by June 30... hope it all falls into place!
Mind me asking-- did you go lstart ower than what the asking was? Did you have to go higher? How was the whole process?
CONGRATS
@Habibah: If you are trying to get a short sale, I would stay away from a short sale. Even if you offer the listing price, the bank still has to accept the offer which will take longer than a traditional purchase or a foreclosure.
Hi Congrats!! I too am going to look at a house that is a short sale, how does that whole process work and what exactly does that mean? lol thanks and your house is gorgeous!!
@MissAsB well the value for this particular unit is excellent and usually we'd stay away from a short sale but my understanding is that if everything is in line (which I guess isn't often) things can go smoothly and we could get a reply within a couple weeks. I guess we just figure it couldn't hurt to put a bid in and cross our fingers. If they don't meet our stipulations of hearing back by April 30th we could walk away. Thanks so much for the feedback!
@ms.sweets: A short sale means that the owner is trying to sell the house for less than they owe on the mortgage (they are 'short'). These sales have to be approved by the bank since they have to accept less than what they are owed. The bank does this because it is possible that the person might just walk away from the home if they can't sell it and the bank doesn't want to own a property.
@MissAsB thanks, hmm wonder if this could be a bad thing although they said it is on it's way to foreclosure
Habibah- the process wasn't easy since I waited 7 weeks to hear back. (I'm not patient.) I was told it would take 60 to 90 days to hear back from the bank. I was prepared to wait because my lease isn't up until July and this is a nice house and a GREAT price! BUT it could be different in different areas, just like the houses are different prices depending on the area. Then if there are 2 mortgages, it would take even longer. I think if they have all their stuff together, it's easier than if they have to scramble and just START to get together a short sale packet.
As far as the price, I went $5K lower. I'm not sure how they usually go, but I will be paying cash, so that may have something to do with them accepting it being $5K lower.But then who knows? May just me assuming.LOLThe price was set by the seller, BUT the bank was aware of it and approved it for them to sell at that price. My realtor said sometimes the seller will put a price and the bank may not know about it and then the buyer would be in a bad situation. So if you do look at one, make sure your realtor checks to see if the bank has approved that listing price.
Sweets- Thanks! I love it so much and at such a great price! Basically, what I pay for the house is what the bank will accept to cover the rest of the mortgage of the people who live there. Sort of pre-forclosure. Their in trouble with their mortgage, showed hardship, got approved for a short sale and listed it.
Hope that helped!
Ooooh it's pretty! CONGRATULATIONS! I love your new home! It has so much character with some really nice details (like your fireplace!). Is the exterior color a very light yellow or ivory? That's the color I want to eventually repaint my house - I like the way it looks in the winter with snow.
Good luck on your inspections! I'll keep my fingers crossed for you!
Thanks!I think the details are what pushed me over to making an offer. They had replaced the the lighting fixtures also which I never paid attention to, until I saw those.lol The fireplace is just cute! I can't wait to snuggle in the winter in front of it. :) The outside is ivory, with blue/blackish/navy shutters. I want to change the shutter color though, not sure to what.
Thanks for the crossed fingers!!
Congrats! It's such a cute house. I love the kitchen, and the fireplace! Good luck with the inspection :)
Thanks msmonika,marywil1 and bobbypinpearls!
KLP2010-Thanks, now I feel like I'm rushing around after all that waiting.lol
magenta- Thanks, I call it cute too. :)
trugem- Thanks, I love the fireplace too. I've never lived in a house with a fireplace.
Oh my goodness! I LOVE this house! It is basically EXACTLY what I'm looking for! :) Congrats girl!!!
Ottawabride- Not yet. I have a inspector in mind, but I need to make sure of what day to do it. (I'm going bring my uncle since SO has to work and I don't want to miss anything.)
Erin- Thanks!
I'm so glad it worked out for you! I love it! Our short sale worked out too, and we closed a couple weeks ago - Less than 3 months after putting in our offer!
Very nice house.. it looks like its very cozy.. I want a house now too :)
Thanks lauralou852! I'm so glad too. Googling "short sale wait" didn't help my wait! Stay away from Google!
Thanks Lonnie bunny!
The first house we put an offer in was a short sale, but we ended up walking away after the inspection. :( Between the time we put in our offer and actually had the inspection, there was a leak from the kitchen that got under the wood floors and started to build mold on the bottom of the walls. :(
Wishing you better luck then us on your inspection!
Congratulations! It's beautiful. Sometimes I get bogged down in wedding planning and I remember that it's the stuff after the wedding that's most important to plan for.
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So, I had an offer in for a short sale house. My realtor put it in, back in late Feb. He just notified me the bank accepted my offer after a month and a few weeks! I just knew I would be waiting to hear an answer for months on end! We still have papers to sign and inspection (which hopefully isn't bad since a young family still lives there, fingers crossed) and then it's mine! I can be patient now since I know the answer. Just gotta make it through inspection. I'm so excited I had to post pictures.
It's 3 bedrooms and 1 full and one 1/2 bath, in the school system I wanted, a great one, unlike the one I am in right now and a BIG back yard. No pics of the bedrooms since 2 of them are purple, FOR NOW.LOL So, paint for those!