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Old 08-11-2008, 12:02 AM
 
Location: Denver
3,139 posts, read 6,907,284 times
Reputation: 2912

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So, I just put an offer in on a home. The home is a short sale.

I can't help but feel I am the one (as the buyer) that is getting shorted.

Can't ask the lender to pay closing or even ask them to pay for a home warranty.

I really do like the home and the location is great and the price is right.

Any thoughts?
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Old 08-11-2008, 02:51 AM
 
Location: Florida
18,290 posts, read 18,545,587 times
Reputation: 20975
Great house,location and price but you're getting shafted?
Are you the type that would yell about paying taxes on lottery winnings?
Cheer up
After several months of waiting it may not go through and then you can look for another place where you can haggle terms with the owner
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Old 08-11-2008, 05:47 AM
 
Location: NC
1,264 posts, read 2,119,884 times
Reputation: 534
It's the way short sales are done. If you scared, walk away.
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Old 08-11-2008, 06:51 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,113,603 times
Reputation: 908
Quote:
Originally Posted by wankel7 View Post
So, I just put an offer in on a home. The home is a short sale.

I can't help but feel I am the one (as the buyer) that is getting shorted.

Can't ask the lender to pay closing or even ask them to pay for a home warranty.

I really do like the home and the location is great and the price is right.

Any thoughts?
As some one who is short selling their house let me give you some perspective..


You are far from "shafted". Why? most likely the house you are buying is priced where it should be.. as opposed to those that are priced too high? Why.. because the person selling it doesn't get a dime from the sale.. and wants to sell before foreclosure..

My house is priced just right.. as is evident by the four showings I had yesterday, the 2 the day before.. etc.

You are buying a house at a fabulous price..guaranteed.. while the person selling is loosing their home, any money they put in our down (I put $80 - 100K in my home total with renovations, down payment.. not to mention paying down principle for 3 years!) and I'm walking away with nothing.. less than nothing!

My husband constantly says he WISHES he could buy our house today at the price we're asking..

and know this.. the bank will not take an offer, nor allow theh ouse to sell for more than the house appraised for. What I mean is, is that the bank already knows what the appraised value is from their appraiser they sent out. If you put in an offer that is HIGHER than the appraised value they won't takeit.. because you're bank will most likelly come up with the same appraisal number.. so know that you are buying a house at the right market value.. NOT inflated market value.

You are getting the benefits of someone else's misfortune (but the homeowner , atleast me, owuld rather see someone be happy in theirh ome than have the bank foreclose)
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Old 08-11-2008, 10:34 AM
 
Location: Cary, NC
1,036 posts, read 3,628,214 times
Reputation: 503
Just repeating some of the prior comments here... but I just think it shows how crazy things have gotten. You say the price is right and you like the home and location.

But how can those sellers not pay for the BUYERS closing costs? I know everyone has gotten spoiled and wants the seller to pay the buyer's costs (most of my clients do and of course I am all for it if they can) but its still a little silly. Plenty of other threads also upset about seller-funded DPA going away so now, how horrible, a buyer had to pay their own down payment now. (Technicaly, is it even "down payment" if the seller is paying it?)

Again... I like these programs and it helps many people into homes, so I am all for them when used cautiously. But what comes next, the seller should pay your property taxes for the first 5 years? How about that pesky interest you need to pay on the mortgage?

Short sales can be a pain with the amount of time and negotiation they can take. The benefit as you said is you can get a nice price on them. If you want your closing costs and a home warranty paid for you, you can always look at other homes... but you may not get the location and price you want. Its about tradeoffs, we can rarely get all we want.
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Old 08-11-2008, 02:16 PM
 
4,543 posts, read 11,549,619 times
Reputation: 3063
Quote:
Originally Posted by wankel7 View Post
So, I just put an offer in on a home. The home is a short sale.

I can't help but feel I am the one (as the buyer) that is getting shorted.

Can't ask the lender to pay closing or even ask them to pay for a home warranty.

I really do like the home and the location is great and the price is right.

Any thoughts?
Ya, do you want some cheese with that whine?
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Old 08-11-2008, 07:53 PM
 
Location: Denver
3,139 posts, read 6,907,284 times
Reputation: 2912
Quote:
Originally Posted by TimtheGuy View Post
Ya, do you want some cheese with that whine?

LOL, nice.

Anyways, its my first house. I am over analyzing everything.

Thanks for the information!

And yeah. I guess I do sound like a sob. We meet the lady that is losing her home. She was really really nice and has taken such great care of the home. She gave us so much information about the home we could have never learned. Every single short sale or foreclosure I have looked at up to this point the scorched earth policy was in effect.

It was sad to actually meet the one losing the home.
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Old 08-12-2008, 03:09 AM
 
Location: Florida
18,290 posts, read 18,545,587 times
Reputation: 20975
It's also nice to be reminded that everybody doesn't destroy the house they're losing.
There are still responsible people around.
We'll be closing on one today that didn't deliberately do damage.
Good luck on it and you'll enjoy it more now than if you thought you got a raw deal
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Old 08-12-2008, 08:10 AM
 
4,963 posts, read 3,928,956 times
Reputation: 2917
If you dont have the downpayment AND closing costs ; you shouldnt be buying the home.

Thank your lucky stars that you are getting a good price.

d
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Old 08-12-2008, 08:45 AM
 
Location: Denver
3,139 posts, read 6,907,284 times
Reputation: 2912
Quote:
Originally Posted by okaydorothy View Post
If you dont have the downpayment AND closing costs ; you shouldnt be buying the home.

Thank your lucky stars that you are getting a good price.

d
Yeah, I have that all lined up. My closing costs are going to be very low. So, with rates creeping up. It would have been nice to have other funds to buy the rate down a little bit.

Thanks!
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