(Closed) Share your Short Sale Stories

posted 11 years ago in Home
Post # 18
Member
3674 posts
Sugar bee
  • Wedding: February 2010

I have an update! We put in an offer around 4 months ago…. and it was just accepted last night! Now we just have to make sure it passes inspection.

Post # 20
Member
43 posts
Newbee
  • Wedding: July 2011

This thread is making me happy! SO and I are selling our house (well, technically HIS house) to buy OUR starter home. One *just* came up in our price range, in our ideal location that’s a short sale. I guess inspections are done, the previous offer fell through and it was just relisted. I emailed it to our realtor just now so cross your fingers!

Since Mother-In-Law is going to co-sign on the loan, we have to do it BEFORE we get married and we have to sell the current house before we can purchase another. Which means, selling this house (which isn’t even on the market yet, shooting for next weekend) AND BUY a house before July! If it takes some time to get this short-sale rolling, that’s ideal because it would give us time to sell, + I’d still get the security of knowing we’ll have a home to come back to after our honeymoon!

Congrats artbee!

Post # 21
Member
469 posts
Helper bee
  • Wedding: June 2010

Fortunately, we found a standard sale and we’ve had an offer accepted. We made offers on three short sales and none of them went anywhere. Two of them were clearly just back-up offers which we discovered when it went into escrow with someone else.

Last weekend, I saw a change on the house we first put an offer on. They had raised the listing price by $50K!!! No wonder they never responded to our offer for the first list price.

Post # 22
Member
33 posts
Newbee
  • Wedding: October 2012

We are actually buying a home also. We put an offer in almost 2 months ago and they counter offered but it was reasonable so we accepted, and just got our response(YES :-)). The only thing left now is to wait for our loan 2 go through! Good Luck

Post # 23
Member
229 posts
Helper bee
  • Wedding: February 2011

@CanAmBride: I had a dream short sale situation. I looked at the house on a Tue. as we were looking at the house we found out that if they didn’t have an offer by Fri they were going to auction the house on Monday (because it had previously fallen out of escrow no fault of the seller and that process took so long they were going to foreclose). So I put an offer in on Thu the sellers agreed on Friday, the bank agreed on Monday, so a week after my first showing of the house I was in escrow! But my situation was different since the bank had already seen and approved another offer.

 

I hope your situation goes smoothly as well! Good luck!

Post # 24
Member
3674 posts
Sugar bee
  • Wedding: February 2010

So after months of waiting and them finally excepting our offer we finally got to have the house inspected…. and we’ve decided to walk away from it. There were too many problems. I’m so bumbed!

Post # 26
Member
591 posts
Busy bee

I am so happy to have found this thread. My fiance’ and I postponed our wedding so that we can sell my condo and we can buy a home (also he left for Afghanistan).

We put in an offer for a home on December 23rd. We are finally in escrow as of May 4th. In between those dates, my fiance and I, then just me after he left for Afghanistan, spent every Saturday looking at other homes. Every home we saw had to measure up to this one, and not one made the mark. We are so excited to finally be in escrow, but not without some headaches. First, we always knew that the home had 2 loans but it was with the same bank, so only one approval was necessary. After we received approval from the seller’s bank, we found that they sold the 2nd loan to a collection company. So we had to go back and request an approval from the 2nd loan. Meanwhile, we had to extend the approval deadline and request the 1st lender to contribute something to the 2nd. The 1st lender allowed a $6k contribution to the 2nd lender from the proceeds of the sale. The 2nd lender rejected the 1st banks offer because they wanted $40k. The 1st bank would not budge on their original offer so we were ready to walk-away. Two days later, the 2nd lender lowered their asking to $16k. Both my agent and the seller’s agent agreed to deduct $2.5k each from their commission for a $5k contribution, then asked us to contribute another $5k to make $16k ($6k from 1st lender, $5k from agents, $5k from us).

We were at a loss with the decision because we already agreed to pay for the seller’s closing cost which was $5k. So, with the $5k contribution, we are already $10k above list price. We also knew that the roof needed repairs and there are some termite problems at the home, both of which are contingencies for repair before money is released by our lender.

In the end we decided to go for it. We are in the inspection process right now and shooting for a closing date of mid-June. My fiance’ won’t be back from Afghanistan until mid-August so even though this is our first home purchase together, I am going through it alone. It’s very nerve-wracking!!

Post # 28
Member
3674 posts
Sugar bee
  • Wedding: February 2010

More updates. The bank decided to lower the price of the house so we can afford to fix the things wrong with the house. We should be closing in about a week!

Post # 29
Member
537 posts
Busy bee

Any word on your SS house yet? (to OP, but anyone else really!)

We put an offer on a SS house, not sure how it’s going to go. I just know that every 2 weeks they dropped 20k off the listing price, but I wonder if that is for real? Like how likely the bank could counter offer wayyyy higher? Really curious how this’ll end!

Post # 30
Member
224 posts
Helper bee
  • Wedding: September 2010

We will be closing on our short sale home in the next week or two so I figured I’ll tell my story. Also, we got very lucky and what happened to us is not the norm.

DH found our house on listing book the day it went back on the market. Yep, back on the market. The first, second and third pending offers walked away because the bank wanted more for the house than it was worth. When we stepped in we were the fourth offer, the bank and homeowners were ver frustrated at this point and were ready to just get rid of it. We offered $100 more than the last offer and the bank countered for $5000 and we threaded to walk away. They took it!!!

We have had our inspection, appraisal and we are just waiting on some legal stuff. (two brothers own the home, one lives out of state and the other lives out of the county so they have some power of attorney stuff that should be done this week). We are so excited!!

My agent said we are going to go down as her shortest short sale ever! It will be like 5-6 weeks from offer to close.

Post # 31
Member
224 posts
Helper bee
  • Wedding: September 2010

We will be closing on our short sale home in the next week or two so I figured I’ll tell my story. Also, we got very lucky and what happened to us is not the norm.

DH found our house on listing book the day it went back on the market. Yep, back on the market. The first, second and third pending offers walked away because the bank wanted more for the house than it was worth. When we stepped in we were the fourth offer, the bank and homeowners were ver frustrated at this point and were ready to just get rid of it. We offered $100 more than the last offer and the bank countered for $5000 and we threaded to walk away. They took it!!!

We have had our inspection, appraisal and we are just waiting on some legal stuff. (two brothers own the home, one lives out of state and the other lives out of the county so they have some power of attorney stuff that should be done this week). We are so excited!!

My agent said we are going to go down as her shortest short sale ever! It will be like 5-6 weeks from offer to close.

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