I am trying to buy a house and am experiencing frustration! (Citrus Heights: short sales, foreclosures) - Sacramento - California (CA) - City-Data Forum

CaliforniaPatriot · 06-26-2009, 12:37 PM

Hey fellow City-Data denizens,

I'm trying to buy a house in Roseville. I want to spend about $200,000. The houses I'm looking at are pretty normal middle class/lower middle class sorts of houses.

The problem is I feel as if I am spinning my wheels. I made an offer on a short sale a month ago and although the sellers have accepted the bank has yet to make a decision. My offer was for full price and is probably right about what the house is worth. I made an offer on another house a couple weeks ago and they were supposed to say yes or no by Monday (as in the Monday of four days ago), but still no response. I want the short sale from a month ago most.

I have great credit, am preapproved, don't have any contingencies and my realtor is very experienced and seems to know what he's doing.

This is like going into a store, picking up an item to buy, going to the cash register with my money and have them tell me, we can't help you now, but if you wait maybe we will or then again maybe we won't. Anybody have any advice? I know chill is good advice, but I mean advice that will help me get a house.

volleyballer · 06-26-2009, 12:47 PM

I experienced the same. Had my eyes and even heart set on a short sale. Never happened. We waited a long time. Because of the wait, it took us seven months to buy a house in Roseville. My suggestion, stay far away from short sales. If you're feeling frustrated over it, it probably won't get any better. Those were the most stressful 7 months of my life. The banks don't have much of a desire to do short sales, and they can wait a long time. So you should consider the foreclosures. There's a lot popping up in your price range in Roseville. I wish I had a good experience. I don't know anyone who had a smooth short sale experience. But I do have friends who have their lives on the line with banks waiting to approve the short sales. They're not happy either.

Majin · 06-26-2009, 12:53 PM

People think it's easy to buy a house in this market...

...until they actually try to. Seriously stay clear of short sells and be ready to pay at least 20% more than the asking price if not double in some cases of distressed property. Properties are being listed for cheap and bidded up for way more than the asking prices in most cases. If your agent is sending you MLS listings be VERY suspicious of the prices the houses are listed for. I can't even remember one time I seen a house sell for the list price.

DMenscha · 06-26-2009, 02:23 PM

Quote:

Originally Posted by CaliforniaPatriot

I know chill is good advice, but I mean advice that will help me get a house.

Chill is the best advice. If you don't want to wait, pull your offers on any short sale property, and go looking for one that is already foreclosed. Depending on the lender (and God help you if it's countrywide or BofA) you might wait for weeks.

volleyballer · 06-26-2009, 02:33 PM

What are you looking for in Roseville (bed, bath, land), and where do you want to live? Check Metrolist a few times a day, and as soon as a good one comes up, make an appt to see it immediately. Go for foreclosures, you'll be done sooner. But you have to act fast because they can come and go in one day.

DevilDoll · 07-02-2009, 11:21 PM

Look for the bank pre-approved short sales, much shorter waiting period.

Shope · 07-03-2009, 07:54 AM

If you are going to do the short sale thing just keep making offers on houses you like until one of em sticks. I have had over 5 offers floating out there at one time. Once one of em takes that you like, pull all your other offers.

CaliforniaPatriot · 07-05-2009, 08:37 PM

Quote:

Originally Posted by Shope

If you are going to do the short sale thing just keep making offers on houses you like until one of em sticks. I have had over 5 offers floating out there at one time. Once one of em takes that you like, pull all your other offers.

Yes, that is what I am doing. I have three offers out right now, two on short sales. I wouldn't hesitate to make another one if I liked the house.

CaliforniaPatriot · 07-05-2009, 08:40 PM

Quote:

Originally Posted by volleyballer

What are you looking for in Roseville (bed, bath, land), and where do you want to live? Check Metrolist a few times a day, and as soon as a good one comes up, make an appt to see it immediately. Go for foreclosures, you'll be done sooner. But you have to act fast because they can come and go in one day.

Pretty much anywhere in Roseville except the area that borders Citrus Heights (people have told me it's not a good area there). I want a normal middle class 3 bedroom (or ideally 4) 2 bath, 2 car garage house. The lot doesn't need to be too big, but I want a yard and not just a patio. I tend to not like two stories. Most of the houses I'm liking were built in the 60's, 70's or 80's.