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Well we're back! Give you guys another wonderful update on the short sale of the year award.
2 Lenders involved Aurora and BOA. This has been going on for almost 7 months now. 2nd loan was sold off from Aurora to BOA back in June. We've finally got the banks working their ass off and the selling agt suprisingly working pretty damn hard.(only took him 5 months to do so).
Both banks agreed and sent seller (agt relative who also got them in this mess) I believe the final pay off statement. Bank is asking seller for 3K to release note which they knew about and then an additional 6K just for the hell of it. Seller told them one or the other. We almost fell out of our chairs when we heard this. After 6 1/2 months of dealing with this sale and almost in the closing stages the seller decides to fight again with the bank!
Selling agt requested that our agt speak to seller because they think telling them the "buyers side" of the story could help. We're a young couple, living back home with parents which we thought was only going to be a month, but in fact turned into 4 months, and all we want to do is just move on with our lives.
It's amazing how the banking system/whole industry has changed.
All we want to do is buy a home which we love, but for some reason we've felt held hostage by everyone this entire process. Never in our wildest dreams did think buying our first home consist of so much garbage.
Ok done rambling, just wanted to give an update. Any words of wisdom is always welcome :-)
We've been in a similar boat. Our first attempt to buy a short sale failed after many months when the owners refused to pay anything on the 2nd mortgage and the bank said, "Fine, we'll sue you instead." Nothing we could do. Stupid bank will lose so much more this way.
Now our second attemtp is supposed to close next week. We found out yesterday that there is a 3 lien on the house! We have to pay it. We're not happy, but we'll manage.
We've been in FL for a year now and we moved here so sure that we'd have a house by Christmas, last Christmas. It's been a mess. I'll let you know if we close next week.
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All we want to do is buy a home which we love, but for some reason we've felt held hostage by everyone this entire process. Never in our wildest dreams did think buying our first home consist of so much garbage.
Ok done rambling, just wanted to give an update. Any words of wisdom is always welcome :-)
Well, if you want a clean purchase, you should stay away from short sales as you probably understand now.
Ya those didn't work out either...We fell in love with the two worse types of homes to buy. Short sale and FSOB. But ya we know we don't need the lecture :-)
All we want to do is buy a home which we love, but for some reason we've felt held hostage by everyone this entire process. Never in our wildest dreams did think buying our first home consist of so much garbage.
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You are hopefully buying at a steal. Therefore, you should expect there to be pain. The greater the steal, the greater the pain. This too shall pass.
Well, if you want a clean purchase, you should stay away from short sales as you probably understand now.
That might be easier said than done, depending on the location. In my market, at least 3 out of 4 listings are short sales, and most of the FSBOs are, too.
It is always good to know going in, though, that it's a longer process than it used to be because the banks are swamped with these requests. Even so, an agent with experience in the process can greatly facilitate it. For anyone who is just beginning, I'd recommend asking the agent how many short sales they have successfully negotiated to closing, and when.
It's a new game out there. Tough on someone who has to move right now, but well worth the wait for those who can. The banks are taking as little as 62% of fair market value, which means if you know what you're doing you can walk into instant equity. Try looking at it like an investor would...fall in love with the deal rather than the house, and be prepared to be patient.
No FSBO are just pain in the asses. Not having an agent guide them to market their price accordiing to comps in area, etc. They're pretty much pig headed and not aware of what's going outside in the real world.
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Not so fast
