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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Our Short Sale Nightmare continues!
OK, so we put an offer in on a short sale at full price, because being that it was a short sale it was priced way under market value. We got back the bank's appraisal in December, it was about 30K over the asking price/our offer. Fine, it's more than worth that. We figured they'd counter, we'd agree, etc. But they just wanted to send in one more appraisal - second opinion. Fine.
Now, the homeowner does not live there. She started renting it about a year ago, give or take. The renters stopped paying rent about three months in. So, it's been a long time since they have paid rent. They are now not being cooperative and trying to stop the second appraisal from happening, to stall. They also bashed the house when we saw it, insisted on being there, so they could go on and on about how BAD it is and that we shouldn't buy it. Then, they told the homeowner she would have to evict them kicking and screaming and that if/when they do get evicted, they are going to trash the place.
Really people?? 
So, that was the "update" I just got - the bank is putting in eviction papers and having their lawyers draw that up while also TRYING to get the second appraisal in. I don't have direct contact with the bank, obviously.
What the hell is going on?! Does anyone with experience in this have any advice or opinions?
Thanks 
Message edited 3/11/2013 3:07:10 PM.
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Posted 3/11/13 3:06 PM  |
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siren
LIF Infant
Member since 8/07 219 total posts
Name:
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Re: Our Short Sale Nightmare continues!
First of all - I am really sorry you are going through this!
I don't know if this helps or hurts - I really debated posting, but just so you are aware.... I don't know if this will affect your moving forward with the purchase or putting in some contingencies if you can.
My uncle had to evict tenants from a house he bought from his uncle. The tenants had lived there rent free for 3 years and were really pissed that they were being forced out of their cush situation. Before they left, they punched or kicked holes in every wall, multiple times. Smeared dog poop on every carpet. I think they actually peed on some walls as well. I can't actually remember what else - we were so horrified when he took possession, but anything destructive they could do without actually getting arrested, they did. I just didn't know people like this existed or how horrible some people can be....
That being said, good luck with whatever happens!
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| Posted 3/12/13 10:56 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Our Short Sale Nightmare continues!
Posted by siren
First of all - I am really sorry you are going through this!
I don't know if this helps or hurts - I really debated posting, but just so you are aware.... I don't know if this will affect your moving forward with the purchase or putting in some contingencies if you can.
My uncle had to evict tenants from a house he bought from his uncle. The tenants had lived there rent free for 3 years and were really pissed that they were being forced out of their cush situation. Before they left, they punched or kicked holes in every wall, multiple times. Smeared dog poop on every carpet. I think they actually peed on some walls as well. I can't actually remember what else - we were so horrified when he took possession, but anything destructive they could do without actually getting arrested, they did. I just didn't know people like this existed or how horrible some people can be....
That being said, good luck with whatever happens!
What. The. FFFFF?
What is wrong with people?
 
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| Posted 3/13/13 12:07 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: Our Short Sale Nightmare continues!
Im sorry you are going through this too
We dealt with 2 short sales. The first one didnt happen, and the second, there were renters there, but were great about leaving. It is so unfair you have to go through this. Im just worried that if yoy do get it, and they do leave they might do something to the house like make holes in the walls. The first shortsale we lost is actually 2 houses down from our new house, and the guy that left turned it to crap. The people closed, a month ago, but is doing so much work, because he destroyed the house.
Message edited 3/13/2013 7:35:36 AM.
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| Posted 3/13/13 7:33 AM |
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Re: Our Short Sale Nightmare continues!
I remember reading some short sale nightmares on here in the past.
I *think* one of LIFs real estate agents has talked about offering the tenants $$$ as enticement to GTF out? (I don't know who would be responsible for this).
They sound like lunatics though.
Good luck!
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| Posted 3/13/13 7:46 AM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Our Short Sale Nightmare continues!
We consulted with our lawyer and decided to walk away. If we had stayed in the running for this, it would have ended up costing us so much - money to process the eviction - lawyer fees and such, possibly money to try and get the people out (like an AP mentioned)... as well as the time and stress of going through it all. Being that I'm PG now and we are due in September, I want to be in and settled somewhere, not wondering if/when this is going to happen. Processing and evicting someone could take 9-12 months+
So, back to the drawing board lol!
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| Posted 3/13/13 1:13 PM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Our Short Sale Nightmare continues!
My advice is to run far far farrrrrrrrrrrrr away.
Good thing you're going to walk away!
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| Posted 3/13/13 1:17 PM |
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Re: Our Short Sale Nightmare continues!
Posted by DaniRella
We consulted with our lawyer and decided to walk away. If we had stayed in the running for this, it would have ended up costing us so much - money to process the eviction - lawyer fees and such, possibly money to try and get the people out (like an AP mentioned)... as well as the time and stress of going through it all. Being that I'm PG now and we are due in September, I want to be in and settled somewhere, not wondering if/when this is going to happen. Processing and evicting someone could take 9-12 months+
So, back to the drawing board lol!
Sorry it didn't work out for you. Unfortunately, the downside of a short sale is that, as a buyer, you are taking the house "as is." So that means with any damage to the home, with missing C/Os, and with hostile tenants that will need to be evicted.
It's very important to do all of the due diligence upfront with a short sale, and even then, there are no guarantees for the buyer.
When I have buyer clients with a specific timeframe (e.g., pregnant), I steer them away from short sales.
But congratulations on your pregnancy. And good luck finding another house! Lots of excitement for you. But I relate to the stress -- I house hunted while pregnant and wound up moving when DS was 5 weeks old!  But it somehow all got done, and I am sure it will for you, too!
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| Posted 3/13/13 6:26 PM |
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Re: Our Short Sale Nightmare continues!
I am a strong believer that everything happens for a reason, cliche as it sounds.
We didn't do a S/S but the first house we wanted ended up falling through.
We were so upset at the time, but learned through friends in the neighborhood that they had not one, but TWO break-ins several months later. 
Best of luck as you continue with your search!
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| Posted 3/13/13 6:47 PM |
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Re: Our Short Sale Nightmare continues!
Posted by DaniRella
We consulted with our lawyer and decided to walk away. If we had stayed in the running for this, it would have ended up costing us so much - money to process the eviction - lawyer fees and such, possibly money to try and get the people out (like an AP mentioned)... as well as the time and stress of going through it all. Being that I'm PG now and we are due in September, I want to be in and settled somewhere, not wondering if/when this is going to happen. Processing and evicting someone could take 9-12 months+
So, back to the drawing board lol!
Smart move. We saw an open house last week where one seller told us her tenant in the basement wanted to stick around even after the sale. I was like and even more so when the realtor tried to  us and tell us we could always have her leave. :.rolleyes: .being a landlord I know NY is a very tenant friendly jurisdiction..I ran out of that open house so fast, I think we left tread marks on the driveway !! 
Message edited 3/13/2013 7:31:32 PM.
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| Posted 3/13/13 7:29 PM |
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Me43
LIF Infant
Member since 8/12 211 total posts
Name:
E
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Re: Our Short Sale Nightmare continues!
I think you made the best move ever..
If people have enough balls to live somewhere without paying rent and the audacity to say they would have to be taken out kicking and screaming...they would have destroyed that place and you would of had a mess on your hands...
good luck in your search..your perfect home is out there...
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| Posted 3/14/13 10:50 AM |
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Paramount
Sweet!
Member since 7/12 4289 total posts
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Re: Our Short Sale Nightmare continues!
Posted by DaniRella
We consulted with our lawyer and decided to walk away. If we had stayed in the running for this, it would have ended up costing us so much - money to process the eviction - lawyer fees and such, possibly money to try and get the people out (like an AP mentioned)... as well as the time and stress of going through it all. Being that I'm PG now and we are due in September, I want to be in and settled somewhere, not wondering if/when this is going to happen. Processing and evicting someone could take 9-12 months+
So, back to the drawing board lol!
I could not agree more.
The eviction can take a VERY long time, and I fully think they would ABSOLUTLY trash the place within an inch of its poor life.
Im sorry you lost the house, but it was better you walked away.
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| Posted 3/15/13 10:09 AM |
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