short sale experience?

Discussion in 'Teacher Time Out' started by FourSquare, Apr 18, 2014.

  1. FourSquare

    FourSquare Fanatic

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    Apr 18, 2014

    Hi, all. I am currently in the middle of trying to purchase my first home. I received word that the seller accepted my offer, but since this is a short sale property, we need to receive approval from the bank. My last contact was a request for me to sign a short sale affidavit last week, which I did. My agent also said 2 appraisals have been filed on the property. (I assume the seller's bank did one and my bank did one.)

    Unfortunately, I haven't heard anything since. It took a month between the offer and the affidavit request....my agent says we need to just wait...short sales can take a long time.

    Does this sound like we're moving in the right direction? My apartment lease is up at the end of June and I don't want to be homeless! :(
     
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  3. Tasha

    Tasha Phenom

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    Apr 18, 2014

    We put in an offer on a short sale and didn't receive an answer until 2 months after we had moved into a different house, about 4 months after the initial offer. Do you have somewhere like a parent's house to go if you have to?
     
  4. Caesar753

    Caesar753 Multitudinous

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    Apr 18, 2014

    We put in offers on several short sales. We still haven't heard back from most of them, and it's been about four years. :lol:

    I think you should plan on at least 4-6 months before things get moving on a short sale.
     
  5. SpecialPreskoo

    SpecialPreskoo Moderator

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    Apr 18, 2014

    Why do they call them "short" sales when it takes so flipping long?
     
  6. Mrs.DLC

    Mrs.DLC Comrade

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    Apr 18, 2014

    We bought a short sale-2008, and it didn't take too long-I think maybe a month or so. But, we paid the asking price and the town is small, so maybe that makes a difference!! Hope all works out for you.
     
  7. teacherintexas

    teacherintexas Maven

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    Apr 18, 2014

    No experience so no advice. I'm just crossing my fingers for you. I hope it works out.
     
  8. FourSquare

    FourSquare Fanatic

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    Apr 20, 2014

    Oh, well this makes me nervous! I do have somewhere to go if I have to, but I am trying not to move twice. :(

    Ugh. Annoying. Cross your fingers, please!
     
  9. czacza

    czacza Multitudinous

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    Apr 20, 2014

    A short sale means the funds collected from the sale of the house will fall short of the liens/debt held on the house. It has nothing to do with timing.
     
  10. giraffe326

    giraffe326 Virtuoso

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    Apr 20, 2014

    I have a friend that just closed on their short sale. It took a year.
     
  11. FarFromHome

    FarFromHome Connoisseur

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    Apr 20, 2014

    We had to sell our house with a short sale after short notice military orders. We bought the house at the top of the market and owed a LOT more than it was worth at the time (I'm thinking it was a $60,000 or more difference).

    The first time someone put in an offer, it took the bank less than a month to get back to them. The bank wanted an extra $2,000 more than they offered, and the buyer backed out. Since the bank appraised the house after the first offer, we then knew exactly how much had to be offered. The next offer didn't have to wait at all-because they paid what the bank was asking. We probably closed in 30 days or less after their offer. Maybe we got lucky, but the process with the bank was really easy and fast.
     
  12. SpecialPreskoo

    SpecialPreskoo Moderator

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    Apr 20, 2014

    Ahhhhhhh ok. :thumb:
     
  13. Danny'sNanny

    Danny'sNanny Connoisseur

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    Apr 20, 2014

    We put in an offer on a short sale, but were rejected. A month or two later the house reappeared as a foreclosure and we got it for $20,000 less than our first offer!
     

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