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Old 05-04-2011, 06:31 PM
 
Location: outside of DC
42 posts, read 69,260 times
Reputation: 15

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google "short sale" and your bound to find a whole lot of discouraging info. so i wanted to share my short sale success story and hopefully it'll give a little hope for a potential short sale buyer who's desperate to find some encouragement.

my family had been on the hunt for a new home since last fall. after losing several nice homes to outbidders, withdrawing from 2 contracts and ditching an incompetent realtor, we were exhausted. we found a better realtor and began our search again. we found a good looking short sale in a great neighborhood in southern maryland but was so reluctant because of the horror stories i'd heard. i researched the heck out of short sales so in my own mind i was a short sale expert. kinda.

long story short, we decided to go for it. we put an offer in and continued to look for other houses just in case it didn't work out. well it worked out! we put in an offer in mid february and went to settlement this week - about 11 weeks start to finish.

in retrospect, it really wasn't that bad. i think my over-research did more harm than the good. i kept waiting for disappointments instead of going with the flow. my stress was not the wait at all. my stress was thinking that the deal would somehow fall through. after appraisal, my lender required a few minor repairs that the seller was unwilling/unable to pay. so we took a chance and made repairs out of our own pocket. there were other hiccups along the way - two banks, an aloof seller's agent, and a surprise hoa lien - but everything still worked out rather quickly. and, i must add that the bank paid all of our closing - that's not typical.

so if you have your eyes on a short sale that you absolutely love, hang on in there. short sales can and do work. stay persistent, keep the faith, get a good realtor, ask questions and stay aware of the process.

best!
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Old 05-04-2011, 09:36 PM
 
2,015 posts, read 1,873,422 times
Reputation: 2123
Default Think this one belongs to the real estate forum but anyhow...

You got lucky, congrats!

I still believe that short sales are nothing but trouble though, and I would rather stay away. No success story would convince me otherwise; have heard more disappointing stories than successful ones, so there you go.
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Old 05-05-2011, 04:18 PM
 
Location: outside of DC
42 posts, read 69,260 times
Reputation: 15
Quote:
Originally Posted by MissLucky View Post
You got lucky, congrats!

I still believe that short sales are nothing but trouble though, and I would rather stay away. No success story would convince me otherwise; have heard more disappointing stories than successful ones, so there you go.
@ miss lucky - i didn't realize that there was a separate forum for real estate. don't know how to move threads so if the admins want to move it they can.

thanks! i consider it blessed, actually. i was pessimistic too. home buying period is a headache but like i said if you're absolutely in love with a short sale house, give it a go. the good thing is, there's always a way out if it gets too crazy.

nothing beats a failure but a try.
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