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Location: Living near our Nation's Capitol since 2010
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For those who are in the process of buying a short sale home, I am happy to report that there is sometimes a great outcome.
I found a short sale home on the market in March. I was dubious about making an offer on a short sale, I had heard such horror stories about them. However, my absolutely excellent agent went through what I should expect of the process and I liked the home well enough to give it a try.
I made a low offer on 30 March and almost immediately, the sellers accepted. Then, of course, it went to their lending bank and the wait began. We had written the offer so that if I did not hear their decision by 31 May, I could back out. On May 31 I was pretty discouraged since I had not heard either way.
On 1 June, the bank counter offered with a high offer..20,000 more than I had offered. Again, I was discouraged. My agent suggested that I raise my offer by $7,000 (still under the price I considered to be my highest price) and the next day we heard from the bank. They had accepted my offer and we are slated to close on 5 July! The final price is approximately $15,000 below current going prices.
I got a beautiful house at a very good price. Yes, it took some patience and doubts, but ultimately my story has this happy ending. I hope that if any of you are going through this process, you will see that sometimes these deals come out well.
Congrats to you! I'm supposed to hear a decision on my short sale offer within the next couple weeks according to what I'm hearing from my attorney and realtor who is in contact with the listing agent and the sellers attorney. May 15th was our date for being able to back out of the deal without further liability and all deposits returned. We'll see what happens Good news for you though Ours is currently under the price by $20K so we'll see what happens...
For those who are in the process of buying a short sale home, I am happy to report that there is sometimes a great outcome.
I found a short sale home on the market in March. I was dubious about making an offer on a short sale, I had heard such horror stories about them. However, my absolutely excellent agent went through what I should expect of the process and I liked the home well enough to give it a try.
I made a low offer on 30 March and almost immediately, the sellers accepted. Then, of course, it went to their lending bank and the wait began. We had written the offer so that if I did not hear their decision by 31 May, I could back out. On May 31 I was pretty discouraged since I had not heard either way.
On 1 June, the bank counter offered with a high offer..20,000 more than I had offered. Again, I was discouraged. My agent suggested that I raise my offer by $7,000 (still under the price I considered to be my highest price) and the next day we heard from the bank. They had accepted my offer and we are slated to close on 5 July! The final price is approximately $15,000 below current going prices.
I got a beautiful house at a very good price. Yes, it took some patience and doubts, but ultimately my story has this happy ending. I hope that if any of you are going through this process, you will see that sometimes these deals come out well.
CONGRATULATIONS!!!!!!!!!! I second your report! I, too, have just had success in purchasing a short sale, and was able to purchase a lovely home for a reduced price in a safe and beautiful waterfront community in California that also has an excellent school district.
I made my offer of $240,000 (which everyone thought was too low) for a two-bedroom, two bath single story house on May 8, 2011; just a couple of weeks before the sellers were about to go into foreclosure, so the sellers happily accepted my offer. Based upon what I'd read on this forum, I was expecting that the process would take several months only to have my offer rejected. To my surprise, the process went pretty smoothly and quickly. After a month, the bank made a counter offer of $250,000 (the house is certainly worth this amount). I countered their counteroffer at $245,000. Yesterday morning, my realtor called and informed me that my offer had been accepted. Yippee!!!
I'm waiting for the bank to send the acceptance letter for me to sign, and then get an inspection. If everything checks out okay, I'll start the escrow process.
I am actually still in shock that the process went so smoothly!
Banks are being more aggressive toward short sales based on the cost to foreclose and pressure from D.C., we are finally getting quick answers making both buyers and sellers happy.
Also on the sellers side I'm seeing a higher rate of full release of lien with no deficiency with 2 of the largest banks. This keeps the deal from falling apart days before or at the closing table when the seller is presented with either language or needing to sign a form accepting the deficiency and they won't close.
Hope this helps,
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Good news for you though
