WNC Short Sale too good to be true?

[gigimac]

Guy,
Oh, I love the sound of this one, particularly since you know I advocated living near Black Mountain. It's got a good art scene, particularly in summertime, so now is a GREAT time to buy, so you can get settled in before the pretty weather arrives. I am also pleased it is in a gated community, and I hope your wife is good with the roads, and if you both LOVE the house when you go in it, well, I agree with some other posters...GO FOR IT.
GG

[queenofbavaria]

maybe it's location also alows you a good amount of solar panels on the roof.
shutting off some rooms is always an option. newer homes often offer different heating/cooling zones, finally !

good luck with it, I heard lots of great things about the black mountain area !

I am thrilled what you can find out regarding the long time, it't up for sale now.

[GuyFriendly]

And now, the Good News / Bad News...

The Good News is that my agent got the entire history and spoke with agents involved and the house is not sold or under contract.

The Bad News is that there is an offer of $295K on the table that the banks have been considering for about a month. There are two mortgage banks and they have to come to an agreement. If they accept $295, it is gone. If not, they will counter. Any counter pretty much means that figure is carved in stone.

Then the current bidder gets first crack at it (rights of refusal on the counter). If he turns down the counter, the house will be listed at the counter price.

If that happens, my agent will be on it like flies on a garbage truck and will call and email us so we can offer that price immediately.

If that happens, we have a great chance at getting it.

OTOH, if the banks set the price too high, we won't be able to bid simply from lack of funds.

It is fun and exciting no matter what happens. I sent Virtual Tours to several friends here via DM. They would agree - the house and views are incredible.

[StreetSmarts]

Thx for the pics! I agree, very cool! Buying in WNC is almost always a sure investment!

[young92]

I was talking with an attorney the other night and heard some interesting information on short sales. Often the seller finds a buyer for the house, gets the bank to accept less money - then leaves the scene. So there is no one to sign the closing papers on the sellers side. I already knew about sellers stripping homes. My brother-in-law has been trying to buy a foreclosure and it's amazing the damage some people will do before leaving.

The other thing the attorney said is to pay attention to the short-sale letter at the closing table. The lender could release the deed to the house with no further claim - or they could release the deed to the house but reserve the right to go after the seller for the difference - or they could release the deed but reserve the right to go after the buyer for the difference if the house is sold again within "X" amount of days after closing.

The buyer isn't really effected by any of this as long as they don't plan to flip the house although I would certainly retain an attorney who will go above and beyond with their due diligence. Also, like someone else said, short sales and foreclosures can take forever. Banks are not in any hurry and don't seem to respect contract dates.

Found all of this interesting when I heard it. Just thought I would share since the topic came up.