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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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This short sale is killing me...
We are waiting for the attorney to contact the homeowner to sign the finished contract and send it off to the bank......he is home but not answering anyones calls..he signed off on the price we put a bid in, now we need to get an engineer in and have him sign the contract. I cant take this
We sold our home, but now I am so sad that this may fall through...vent over
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Posted 2/14/12 7:59 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: This short sale is killing me...
Given you situation....I would walk now
I list and sell more short sales then the average realtor...
that being said....I often advise my buyers against purchasing them - esp in situations where you have already sold your home- even with my processor who works only on following up with the banks- the average closing time is 120 days- and he is the most experinced processor on Long Island
as the buyers agent - there is just too much out of our control
you really need to ask yourself is the seller going to cooperate- it's not just the contracts they need to sign- they are going to submit bank statements, pay stubs, a hardship letter, tax returns- sometimes over and over again
if they are aren't calling back now- what are the chances that they are going to keep up with the paperwork?
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| Posted 2/14/12 11:53 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: This short sale is killing me...
This happened to us about a year ago. Unfortunately, we had to walk away. The odds are the seller isnt really interested in selling. They probably are hoping this goes into foreclosure so that they can get another year or so of free living out of the situation.
As Beth said, a short sale is very time consuming and requires alot of paperwork. The seller and seller's agent need to be responsive and cooperative. If they're giving you a hard time now, it's going to be an absolute nightmare once things get underway. It may end up taking months only to fall through in the end anyway if the seller doesnt provide the necessary documents.
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| Posted 2/14/12 12:04 PM |
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Re: This short sale is killing me...
Posted by HomeIsWithU
The odds are the seller isnt really interested in selling. They probably are hoping this goes into foreclosure so that they can get another year or so of free living out of the situation.
QUOTE]
I just was in a situation where if I sold the sellers house as a short sale she would have ended up homeless
she is on disabilty and doesn't have a dollar to her name
I advise her against selling for this reason- I told her to stop paying her credit cards and get some money together and then I would list it
after all....you can't live at macy's
but I can't sell her house and have her living on the streets and sleep at night either
so it's the reality of the situation- some people have no place to go and when this reality hits it's very scary
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| Posted 2/14/12 12:12 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: This short sale is killing me...
Thanks...this is what I was afraid of
WE LOVE this house so much.
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| Posted 2/14/12 12:15 PM |
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Re: This short sale is killing me...
better to find this out now then 3 or 4 months from now
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| Posted 2/14/12 12:17 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: This short sale is killing me...
Posted by Beth EXIT Realty
better to find this out now then 3 or 4 months from now
I agree we were also in contract on a SS and it took over a year and then we finally walked away we bought another SS and thank god that went pretty quick. That first house is still for sale that was almost 2 years ago I agree walk away now something else will come up!!! We look back now and say thank god we didnt get that house and we also thought it was perfect house for us!!
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| Posted 2/14/12 12:20 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
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Re: This short sale is killing me...
I just had to walk from one we started in AUGUST for a couple reasons, but I will never attempt tp purchase a short sale ever again. the waiting is a nightmare.
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| Posted 2/14/12 9:12 PM |
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Michelle1123
Baby #5 on the way!
Member since 9/05 7919 total posts
Name:
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Re: This short sale is killing me...
We also had to walk away from a SS. Our contracts were signed with the homeowners back in MArch. By September, the bank still did not give us an answer.
We found an even better house (not a SS).
I hate the phrase "Everything happens for a reason" but after our househunting trouble, I really do believe it!
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| Posted 2/15/12 2:56 PM |
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mnm918
LIF Adult
Member since 10/10 1209 total posts
Name:
Michele
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Re: This short sale is killing me...
Im sorry but we got screwed with a short sale!! :( we had to walk because we were all approved everything was pretty much settled with the owner and us and everyone told us its going through for months we waisted and waited and then 2 weeks before we thought we were closing the bank came back and wanted at least 100 more than the asking price!! We were so annoyed and so pissed.. We walked away and it was the best thing that ever happened because we finally found our dream house that was meant to be.. everything happens for a reason if it starts getting shady I would walk away now! 
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| Posted 2/16/12 10:57 AM |
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