(Closed) Short Sale

posted 6 years ago in Home
Post # 3
Member
7587 posts
Bumble Beekeeper
  • Wedding: December 2010

@KoiKove:  If you can have patience and aren’t in a rush, sometimes they can work out. However, they can take a long time depending on where they are in the process and it can be frustrating.

Post # 4
Member
3671 posts
Sugar bee
  • Wedding: March 2011

@KoiKove:  I’m under contract right now but we haven’t heard from the bank yet besides that they ordered the BPO.  It’s been quite a while, a little under two months, since we first put the offer in with the seller but the seller did take a while to accept our offer.  We think it’ll be worth it because we haven’t seen anything else with our criteria in our area that is as nice as this house but it does majorly suck waiting right now. 

Post # 5
Member
412 posts
Helper bee
  • Wedding: September 2010

Dh and I got out house on a short sale. We were lucky because it was a pretty fast short sale. From our offer to closing it was about a month. I have heard stories of waiting 6 months to hear back from the bank and it falling through at the last minute. I just wanted you to know that there are good stories out there and make sure your realitor is serious about closing on the house.  Good luck. 

Post # 6
Member
59 posts
Worker bee
  • Wedding: May 2012

We have a negative short sale story- we put in an offer, it was accepted, waited for 8 months to hear back from the bank… and then they ended up giving the house to someone else who paid almost 35,000+ over the asking price. If we had gotten the house it would have been totally worth it, but instead we just had a lot of stress and worry.

We’re getting ready to sign a lease on a new apartment, and have decided to save for a few more years before we try again for a house. After getting our ‘dream house’ taken away (which is what it feels like, unfortunately, even though that’s not how it went!), I’m not ready to keep looking. 

Edit: this sounds so negative! I know a friend picked out a short sale and owned it within the span of three months and loves her home. 🙂 

Post # 7
Member
14413 posts
Honey Beekeeper
  • Wedding: June 2011

I have a friend who bought a short sale somewhat near you in Vienna, VA.  They put in the offer and just waited and waited and waited.  I think they finally got it after 7 months.  In the mean time they just keep looking to see if there was other houses to purchase and just kept that one on the backburner waiting just in case they got it.  They didnt end up finding any other place that time and actually got it, so it worked out great!

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