I hate short sales

I'm so devastated right now.

I have been in contract on a short sale since mid-August. The house is my dream home -- or will be once we do all the work needed on the home (which is a lot). The man who lives there now is in bankruptcy, and the house as fallen in disrepair.

Anyway, the house was listed for a year when we finally saw it. We bid a teeny bit over listing and got it.

I just found out this morning that the bank did a drive by of the house and decided that it was worth $100k over our accepted bid. They rejected our offer.

The sellers agent told the bank they were crazy, that it was listed for over a year and DID NOT SELL or get offers anywhere near that price. While the outside may look okay, it does require a LOT of elbow grease inside. The bank finally agreed to do an interior inspection. I know they'll come down in price after they see it, but I'm afraid they'll still want more than we can give.

Sorry, this is a vent I guess. If anyone has any short sale success stories I'd love to hear them. I'm like beyond myself right now.

Re: I hate short sales

While I haven't been in your exact position, we did lose out on the first house we were interested in.

We were really upset at the time, however, as cheesy as it sounds, I really feel like these things happen for a reason.

Especially if the house needs a ton of work.

For us, since it was a home across the street from friends, we learned it got broken into TWICE after it was taken off the market.

Once the lady was asleep inside.

Re: I hate short sales

Thank you. I think I'm still a little too upset to think it's meant to be at this point. I'm also hoping they'll come down to a price that we can still afford.

Of course I call my dad and he goes "Well you knew it was too good to be true."

Thanks, dad.

Re: I hate short sales

The house I will be closing on soon is a short sale. It was listed a year and a half ago 80,000 more than we offered. There was contracts signed a little over a year ago for 20,00 under the listing price. That sale fell through and the price dropped 60,000. We offered 20,000 less than that. When the bank FINALLY came back, they came in 2,000 over our offer...we felt it was fair and we have a tentative closing date on nov27

Original listing price 380,000
First offer from another buyer: 360,000 (fell through)
Price dropped: 319,000
Our offer 300,000
Bank came back at:302,000

We had put offers on multiple houses and looked at hundreds (literally) we sort of knew this was the one!

My fingers are crossed for you! It can still happen!

Good luck and keep us posted!

Re: I hate short sales

Don't give me. I have a short sale house too and it was list for a year too. Stay positive you may get it.

Yes, I made a lot of changes to the house because I have issues. I still look at other houses and made offer too.

Stay strong, this will be your house. Senting postive vibes and energy your way.

Re: I hate short sales

Thanks guys. Trying to keep myself positive. It's not over until the fat lady sings, right?

Re: I hate short sales

Posted by ALD618

Thanks guys. Trying to keep myself positive. It's not over until the fat lady sings, right?

Re: I hate short sales

Hang in there...short sales are tough. We went through 2, and finally got the seond one with no problems

I hate short sales

We are in the process/close to end of a short sale.
They were asking 349k our agent said bid 275K
so we did. MONTHS later, they come back with a counter of 305k. Our agent says, counter with 285k...they accepted. The house had been on the market for over a year when we finally saw it too. Your agent and the sellers agent really need to work together to make sure that everything is in sync.
My only problem now is that my dh is out of work which just happened this past Sept and completely screwed our plans :(
We're hoping to hold them at bay for a little while until he can find work so that everyone involved doesn't completely feel like they wasted their time.

Re: I hate short sales

Re: I hate short sales

Posted by ALD618

Posted by retrochick

We are in the process/close to end of a short sale.
They were asking 349k our agent said bid 275K
so we did. MONTHS later, they come back with a counter of 305k. Our agent says, counter with 285k...they accepted. The house had been on the market for over a year when we finally saw it too. Your agent and the sellers agent really need to work together to make sure that everything is in sync.
My only problem now is that my dh is out of work which just happened this past Sept and completely screwed our plans :(
We're hoping to hold them at bay for a little while until he can find work so that everyone involved doesn't completely feel like they wasted their time.

Was it the bank or the seller that came back with that counter? I'll keep my fingers crossed for you that it all works out in the end and you get the house.

Everyone warned me that short sales are a roller coaster or emotion...I should have believed them.