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Old 12-06-2014, 04:15 PM
 
595 posts, read 1,550,877 times
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Anyone have any experience with short sales?
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Old 12-06-2014, 04:55 PM
 
Location: NE FL
1,555 posts, read 2,128,670 times
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Yeah, it's a real pain in the a$$ albeit it was back in 2011. We put an offer in on a TH sometime in 9/2010 and we didn't hear back from the bank until 3/2011. We backed out at the last minute because of my job situation. Will never do it again.

The hardest part was not knowing when we'd hear back from the bank. Felt like my wife and I had the "do you think we'll hear from them this week" conversation a 1000 times.

I hear things have gotten better but nevertheless, you should prepare to buckle your seats.
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Old 12-06-2014, 06:42 PM
 
Location: Midwest transplant
2,050 posts, read 5,918,942 times
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We had a positive experience, but were in a situation where timing wasn't important. Check the real estate section of City Data, there's a whole sub forum on short sales. Lots of suggestions and a few weeks ago there was even a 30+ point checklist of how to negotiate and navigate through the process.
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Old 12-08-2014, 12:46 PM
 
Location: New Jersey
1,843 posts, read 3,046,859 times
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I found my dream home through a short sale, but we were not on a real time constraint. As Ivan said, every week you are wondering if you will get that call. I think I drove our attorney nuts. It's helpful if the bank has already approved the short sale, before you even put the offer down. If not, it may take longer. I guess that's the biggest difference-you are dealing more with the bank, rather than the homeowners.
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