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Old 08-08-2008, 12:56 PM
 
26 posts, read 78,306 times
Reputation: 19

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Hello,
I just wanted to know if anyone has bought a short sale/pre-foreclosure home?
If so, please let me know about your experience.
1) how long did it take for you to by the home....
Right now, we've been waiting for 3 months, and nothing has happened. We made a contract, and the bank is sitting on it....
help!?
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Old 08-08-2008, 02:58 PM
 
Location: Broward County
2,517 posts, read 11,050,573 times
Reputation: 1391
Do you know how MOST short sales work ? The lender agrees with the Realtor selling the home that it will accept less than what the loan amount is, but will not disclose the exact cost. Offers are then accepted, usually for around 3 months, after the time frame is up (again..it could be 1 month or more, but most lenders use 3 months as the general rule of thumb) the lender looks at all the offers and accepts the one that is the highest and is the most legitimate. Then and only then will you know whether or not your offer was accepted and you get to buy the house.

Sounds to me like you are still waiting for an answer. Being that it has already been 3 months, you should be receiving an answer soon. I would hope that the lenders have some decency and contact the people that made offers that weren't accepted just to let know "hey, thanks...but no thanks...you did not win".
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Old 08-08-2008, 03:16 PM
 
Location: Boca Raton, FL
6,884 posts, read 11,240,908 times
Reputation: 10811
Default Short Sales

I am a mortgage broker and I am finding that short sale offers are being accepted quicker than in the past. I am still telling people the 90 days but I had one the other day that actually got approved in 48 hours. I was shocked. You just never know.
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Old 08-08-2008, 04:16 PM
 
Location: Hialeah, FL
483 posts, read 1,544,591 times
Reputation: 117
My friend has been selling her home in Short Sale since October and nothing has happened, people are making offers but the bank seems to not accept any.
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