Anyone with short-sale experience?

[eddymvp]

I went to see the house of my dream and there were 10 other buyers seeing the house as well. The house was listed in a price range from 200,000 to 230,000. I made an offer of $225,000. The seller is going to make a decision tonight.

[WannaHouse]

I haven't dealt with short sales, but have heard they can be a PITA! (pain in....)

Good luck on having your offer accepted

[Anonymous]

Oh no. It was a short sale. : (    Everything I have heard about short sales has turned me off so bad, I refuse to even go look at a home if it's short sale. REO is fine in my opinion, because the bank already owns the house and likely wants to unload it. Short sale is sticky, a pain and takes forever to sometimes wind up getting nowhere.

[granny031350]

My patient son waited 4 months to hear from WAMU on the acceptance of a short sale offer he made on a home in Bloomfield Hills.  Finally they looked at other homes and found a perfect one for less money.  It was corporate owned (Volkswagen moved from Detroit headquarters to New Jersey) and this was an exec home.  Made offer on Sunday, accepted Monday, and closing at end of the month.  I guess the 4 month wait was "ok" because they found a better home for less money.  But WAMU was AWFUL to work with.  And their mortgage is through Chase but I guess WAMU and Chase aren't talking. 

[Anonymous]

Granny, your son's story sounds on par with every other I have heard about Short sales. However, I am glad in the end it sounds like your son found a great house.

[eddymvp]

i'm going to look at another house tomorrow. However I really wanted the  short-sale and I don't want to go thru that pain.

[Anonymous]

I know it sucks. But...maybe the next house will be even BETTER!  Ya never know.

[techman2008]

I made an offer on a short sale in Oct of 2008 and didn't hear from them, so after 3 months I just bought a smaller house that's brand new so I didn't have to deal with waiting much.   During the house hunt, about 90 percent in my area were short sale.  Good luck and hope they accept your offer.