Good Afternoon everyone! After reading through a bunch of these stories I thought I would share my own.
List Price: $325,000 - price drop the same day to $300,000
Location: Williamsburg, VA
Offer: $300,000 with no closing assistance, as is
One lein (that we know of), with Wells Fargo
1/7/14: Home is listed on market again (previous buyers backed out because of inspection)
1/11/14: Offer made for list price (with a request of closing 3/17/14 which is the earliest we can close, of course anticipate this will take longer
1/13/14: Seller accepts offer but changes closing date to 2/17/14 (odd, as this is a known short sale)
1/19/14: Received previous inspection that caused buyers to cancel previous contract, no issues so we waive this contingency. Agree to do pest / wood inspection now before bank approval
1/23/14: Pest / Wood rot inspection complete. No issues so we waive this contingency
1/25/14: Contract ratified by buyers and sellers. We are waiting for bank approval before order appraisal.
1/29/14: EMD cashed and places in escrow.
1/31/14: Confirmation from our agent that sellers bank has documentation and HUD.
Obviously, like many we are hoping for a quick short sale, but who knows. When our agent spoke to the listing agent, she was told that anything under the list price would not be accepted (which was odd in itself since the house was listed at $325k, but dropped the same day to $300k). So we are not sure if this was an approved listing, or what. The fact that they changed the original closing date to next month was unsual, at least to us.
It is our understanding that the house already went through the short sale process on the last contract, and was only canceled after the inspection which we were told came after the bank approval. How correct is that, we do not know. I have no idea if it already going through most of the steps helps or not, as techincially I am aware that every short sale / contract is different. Even if it is the same house.
In a fun twist, we sold our last house in 2010 as a short sale after we had to close our business and move. Finally, after waiting for BK discharge to clear, then the 2 year after short sale time frame (which is up March 16th so that explains our date of March 17th
), we were ready to buy a house. How ironic the house we fell in love with is a short sale.
So who knows....our clock has started though!
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