Short Sale
Three Wheelin'
Joined: Oct 2000
Posts: 1,670
Likes: 72
From: Northern VA
glad to hear it worked for the better Einsatz!
Junior, sounds like you were REALLY lucky to get that home with the way your wife got attached to it!
I've been in the same situation you were in, ready to move asap....but taking our time to find the best deal possible. Found a fairly good deal on a dream short sale, numbers were going to be a little tight with my fiancee getting her masters, so we balked. Five days later the asking price dropped 25K so we pounced. The drop was on a Thurs night, made a second walk through the following afternoon and the offer went in Monday at about noon. We were told that there was an offer that came in that morning already but that they would hold it until they received ours.
Knowing that they had another offer I went $500 over listing, unfortunately they went with the other offer so it must have been higher. My fiancee was devestated, and refused to even look at anything for about a month.
Last week I saw that it finally shows as sold, but for 7k below my offer
I can only guess that they must have found something in the inspection.
Junior, sounds like you were REALLY lucky to get that home with the way your wife got attached to it!
I've been in the same situation you were in, ready to move asap....but taking our time to find the best deal possible. Found a fairly good deal on a dream short sale, numbers were going to be a little tight with my fiancee getting her masters, so we balked. Five days later the asking price dropped 25K so we pounced. The drop was on a Thurs night, made a second walk through the following afternoon and the offer went in Monday at about noon. We were told that there was an offer that came in that morning already but that they would hold it until they received ours.
Knowing that they had another offer I went $500 over listing, unfortunately they went with the other offer so it must have been higher. My fiancee was devestated, and refused to even look at anything for about a month.
Last week I saw that it finally shows as sold, but for 7k below my offer
I can only guess that they must have found something in the inspection.
Well, there was really no way we weren't getting it. They countered twice and we accepted. Pretty much paid full asking for it (which was still well below market value), so really it wasn't a matter of if we were getting it, but for how much and when. At least in her mind. Thankfully it all worked out 
all work and no play
Joined: Sep 2006
Posts: 13,916
Likes: 134
From: Wakefield, Ma
Three Wheelin'
Joined: Jul 2006
Posts: 1,878
Likes: 38
From: New York,NY
Sorry to bump this old thread but also in the process of buying a short sale...
On January 2012 we placed an offer on a short sale, the current owners accepted it and signed the contract, then we gave a check for the earnest money. The current owners have 2 mortgages from the same bank. Around the end of June 2012 the 1st bank approved the short sale and we (My Fiancee and I) got a copy of it. The seller's agent told us the 2nd mortgage will approve since it's from the same bank, now keep in mind that it was the seller's agent that told us the figures that the banks would accept so we put an offer base on her figures. So in the month of July thru August, we have a home inspector check the house, got quotes for home insurance, appraisal, etc.
At the end of July we got a word that we are set to close mid August, now mid August comes we suddenly got a word from the sellers realtor saying that she never received the 2nd approval letter from the bank. Late July the sellers realtor told us the bank wanted extra $, our realtor found out that the sellers realtor sent a request to the bank for more $ but the bank denied it (It was so she can get more commission). So she wanted us to pay the extra $. I told them flat out "NO!"
Fast forward to today, our realtor had to call their lawyer to see if the sellers agent is really telling the truth. It turns out they filed for another extension to September. Now I wonder if we really are going to close on this house, I don't think it's the current owners since every time I pass by the house there are huge garbage sitting on the curb and I also saw a trailer.
So are there any good outcomes to short sale besides JB's?
On January 2012 we placed an offer on a short sale, the current owners accepted it and signed the contract, then we gave a check for the earnest money. The current owners have 2 mortgages from the same bank. Around the end of June 2012 the 1st bank approved the short sale and we (My Fiancee and I) got a copy of it. The seller's agent told us the 2nd mortgage will approve since it's from the same bank, now keep in mind that it was the seller's agent that told us the figures that the banks would accept so we put an offer base on her figures. So in the month of July thru August, we have a home inspector check the house, got quotes for home insurance, appraisal, etc.
At the end of July we got a word that we are set to close mid August, now mid August comes we suddenly got a word from the sellers realtor saying that she never received the 2nd approval letter from the bank. Late July the sellers realtor told us the bank wanted extra $, our realtor found out that the sellers realtor sent a request to the bank for more $ but the bank denied it (It was so she can get more commission). So she wanted us to pay the extra $. I told them flat out "NO!"
Fast forward to today, our realtor had to call their lawyer to see if the sellers agent is really telling the truth. It turns out they filed for another extension to September. Now I wonder if we really are going to close on this house, I don't think it's the current owners since every time I pass by the house there are huge garbage sitting on the curb and I also saw a trailer.
So are there any good outcomes to short sale besides JB's?
Thread Starter
Pro
Joined: Aug 2004
Posts: 518
Likes: 21
Sorry to hear that Coykiam! Short Sales in general is a game of patience's. If you don't have any don't do it cause most of the time this is what happens.
That is really shady what the seller's agent has done though. GL.
That is really shady what the seller's agent has done though. GL.
David_Dude
Joined: May 2011
Posts: 13,283
Likes: 581
From: Florida
Goodluck on the house Coykiam.
Instructor
Joined: Mar 2010
Posts: 158
Likes: 17
Typically the debt is on the property, not the person when it comes to HOA fees. The house we bought was behind as well, but the seller paid it before closing and the lien was released by the HOA about a month before we closed. Had he not paid we would have either had to pay it, or walk.
The HOA could go after the homeowner, but there's no guarantee they'll get any money... but by leaving it on the property, they're pretty much guaranteed to get paid either by the seller, or if they jump ship, the new buyer.
The HOA could go after the homeowner, but there's no guarantee they'll get any money... but by leaving it on the property, they're pretty much guaranteed to get paid either by the seller, or if they jump ship, the new buyer.
Three Wheelin'
Joined: Jul 2006
Posts: 1,878
Likes: 38
From: New York,NY
Thanks
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