(Closed) First time home buyers – What a headache this is turning out to be

posted 8 years ago in Home
Post # 3
Member
4123 posts
Honey bee
  • Wedding: October 2010

I’m confused, is this a foreclosure or Short Sale? Believe it or not, they are very different so the answer greatly varies depending on what it is.

Either way, however, banks ARE known to do that. I know that with our foreclosure, dates got pushed back past closing but because it wasn’t out fault, i.e. our procrastination or purely not doing so, we weren’t under penalty. If the ball is in the banks court, they can’t charge you a penalty.

Short Sales are notorious for banks dragging their heels. Some people it can take 6+ months of the process to close…. 

Post # 4
Member
762 posts
Busy bee
  • Wedding: July 2010

Ours was a foreclosure and I think we had 4 closing dates. Banks are being really slow right now since they own so many properties. Your realtor might be calling constantly, I know ours did! They should waive the penalty because it’s not your fault. It will work out!

Post # 5
Member
474 posts
Helper bee
  • Wedding: May 2010

Hmm. We were going to get a short sale, but our realtor advised us the wait would range anywhere from 3 months to a whole year! Short sales are a very long process, but if you can get under contract, you get an amazing deal!! We ended up buying a forclosure, bank owned. It was a lot quicker than the short sale was going. But anyways, the bank should re negotiate with you. If the house appraised for less than your bid, then they should lower the contract price. Be patient, sometimes these banks work at their own pace.

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