Quote:
Originally Posted by CaptainNJ
yes, any positive experience help a little. .
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It looks like you will have your deal, but I had what I consider a positive short sale experience in New Jersey. (However, you may feel I was a bit foolish, so I hope that makes you feel you made a better deal!!) And I am in the mood to ***.
My house was on sale for 130,000, or 'any reasonable offer', the lowest I'd ever seen for a house in NJ at that time (2011). I was shocked. 240 was owed on the mortgage to Wells Fargo, and the house was in complete disrepair. It was a short sale, being handled by the children, whose sickly mother, reading between the lines, had debts and no assets.
I'd been outbid a quite few times in 2011, and really I wanted this house. My realtor wanted me to bid 109, she said, let's low ball 'em, I bet you get it. 109! That shocked me. I said, 125. She said, boy, you want this house. I said, yes I do.
The sellers (the children) agreed within the hour. The I started waiting for the bank.
Remember, it was in complete disrepair, but I think it looked worse than it was.
During this time, another house came on a few blocks away for 240, still shockingly low for NJ. This was not a short sale. I thought I could get that house for 230, and that's what it did sell for. For 230 it was a steal, and I missed it. Probably, that was the bottom in my town. I held fast with the other house.
I had to wait five months for the bank to agree. There was no news, just five months. Then they said yes.
It closed within the month. The only glitch was there was some fee the seller had to pay, $2000. The children did not have 2000. My realtor was beside herself and said no way. My lawyer, the same. I was perfectly happy to pay the 2000. I told my lawyer, tell them I'll pay, if they leave the furniture in the house (after they remove, if they want, some treasured items.) In the meantime, the kids had raised $500, and they were happy to leave all the furniture (which my lawyer said they were going to do anyway.) So, this was just face saving for me. I paid $1500, and all the furniture remained, including carved crucifixes in every room (which I have left there, they remind me of my Baba.) The furniture is pretty nice, old Italian grandmother furniture which I nonetheless like.
After I moved in I paid 60,000 to fix everything the township wanted and make it livable. So my total cost was 186,500. Still less than the 230,000 for the other house (the second lowest I'd seen for a reasonable house), but that house had updated kitchen and bathroom, mine has original (still, perfectly nice).
My realtor thinks I could have got it for 20,000 less if I'd been more brave. Probably she is right, probably I could have had it for 166,500, a better deal for sure.
The township recently appraised my house for 185,000. So, kind of on the money. It is the absolutely lowest, by miles, than anyone else on my block. I am thrilled to have that distinction. I think it was partially the purchase price which helped me get such a low appraisal.
Of course, to me, the house is priceless.
(edit, I don't know what the *** is for, I used a G-rated synonym for 'chat' or "tell a long winded tale'--, readers can substitute any phrase they like!)
Edit: By the way, it closed in 2012.
Edit: By the way, 60,000 did not include painting, pulling up carpet, hauling out junk, digging up overgrown weeds, etc etc, which I did personally, with the help of friends.