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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Short Sale...
What are the pros/cons of this process? Is it even worth it to attempt buying a short sale?
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Posted 12/26/12 12:44 PM  |
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Prudential Douglas Elliman Real Estate
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Short Sale...
My parents put an offer on one, and closed within a month or so. I have friends who waited almost 8 months feom the bank. I think its a crap shoot.
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| Posted 12/26/12 2:09 PM |
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mandm727
LIF Infant
Member since 9/11 148 total posts
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Re: Short Sale...
We are involved in the short sale from hell. We have been waiting for almost a year. We have finally given them a drop date and we are quickly approaching with still no answer. I have a feeling we will be walking away. I would gather information before moving forward. It has been a headache!!!
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| Posted 12/26/12 7:40 PM |
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ModDot
PUMPKIN ALL THE THINGS
Member since 8/11 2196 total posts
Name:
Trissy
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Short Sale...
It depends if you have the right people working for you. A realtor who knows short sales, that the sellers agent knows short sales, that the sellers lawyer knows short sales, etc and so on. It depends on how many banks are in the house and how long the house has been listed. It's a lot of variables and if you're willing to wait and see
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| Posted 12/26/12 8:41 PM |
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allIwant
Love my crazy life!
Member since 1/10 9170 total posts
Name:
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Re: Short Sale...
It is really going to depend on the bank, the attorney/real estate agent and how fast the seller submits paperwork that is requested by the bank.
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| Posted 12/26/12 11:53 PM |
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Short Sale...
I think it can be worth it and I think it's better of an experience if you have a good team backing you - a great agent, great lender, an amazing lawyer.
You should first surround yourself with a good team who are "with it" before embarking in the short sale journey.
My friend had issues with a short sale attempt and a lot of it had to do with his agent and the bank.
They can be a great way to get a nicely priced home and it helps if you are not in a rush and can be patient.
Don't get discouraged though. I didn't buy a short sale and I had to jump through rings of fire and lion pits to buy my home and it took me from May to like Sept. 
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| Posted 12/27/12 6:20 AM |
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Re: Short Sale...
I think it depends on your circumstances.
We have close friends who did this and it was nightmarish for them because it took about 8 months---maybe longer----to close.
They ended up selling their home in the process and had to be out because the new owners were not willing to rent to them.
They had to basically couch surf with little babies, amongst multiple people, until the sale went through.
I think they would probably say it was worthwhile because they got their dream house on the cheap in a great location, but going through it I know they wanted to pull their hair out.
I am sure it was also stressful on the people they had to stay with because there was no light at the end of the tunnel, at the time.
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| Posted 12/27/12 7:29 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Short Sale...
We just got out of a terrible, 8 month ordeal and of course we find a house we love that's a short sale. The family has moved out and are working directly with chase with one mortgage as opposed to several. They say the longest thing is waiting for the bank to decide.
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| Posted 12/27/12 10:08 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Short Sale...
My friend had a very bad experience. It dragged on for over a year and a half, then when they were driving to the closing the lawyer called and told then there was 40k in back taxes they would have to pay at closing so they walked (this was something the lawyer should have known ahead of time - make sure you have a good lawyer)
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| Posted 12/27/12 11:37 AM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Re: Short Sale...
Posted by Mrs213
My friend had a very bad experience. It dragged on for over a year and a half, then when they were driving to the closing the lawyer called and told then there was 40k in back taxes they would have to pay at closing so they walked (this was something the lawyer should have known ahead of time - make sure you have a good lawyer)
 
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| Posted 12/27/12 11:59 AM |
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blue11
LIF Adult
Member since 2/11 1706 total posts
Name:
kat
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Re: Short Sale...
i think it depends on the circumtances and the bank....we did a short sale and closed in under 3 months. To me it's worth it if you get that great of a deal on a house you love but be prepared for a long process!
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| Posted 12/27/12 1:58 PM |
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ALD618
LIF Infant
Member since 4/11 325 total posts
Name:
Ashley
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Re: Short Sale...
I'm currently in the process of trying to close on a short sale home. It's been probably the most emotionally taxing process of my life. DH and I joke that we wouldn't wish a short sale on our enemies.
That being said, if the sale actually does go through, we'll be living in our dream home for less than market value and I do think it will be all worth it.
Good luck!!!
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| Posted 12/27/12 8:54 PM |
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Mtk1605
LIF Toddler
Member since 12/11 460 total posts
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Re: Short Sale...
Just closed on a short sale in November. By far the most stressful thing we have ever done. But we own our dream home now and we got it for a great price :)
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| Posted 12/30/12 12:54 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Short Sale...
Went through two short sales. The first one was a long story. We didnt get it. The second time...we closed in about 4mike months. Glad the first one didnt go through because the other people are still waiting. Almost 1came year later. There are 2 leans on the house.
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| Posted 12/30/12 6:34 PM |
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