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Short Sale Headache!!!

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renaboo01
New Contributor

Short Sale Headache!!!

Hi everyone,

 

I have not posted in a while, but just wanted to get some insight from you all. So I put an offer in on a short sale on April 15. The house was listed for $117,000. I offered $110,000 with 3% towards closing. On May 21, I found out that both the bank and the owner accepted my offer. I was then told that I would have to wait two weeks to get the sales contract over, because they were so busy and behind. I waited a month to hear something back, so two extra weeks didn't sound too bad. Well here I am a month later, and still no sales contract. They have taking the house off the market as pending, but they are now trying to get more money out of me. I have already paid for my appraisal which came back at my purchase price. The selling bank is trying to say that the house is worth is $125K. All the homes in the subdivision have been selling under $110K, so I just want to know, how they think they can do this. Has anyone else had this problem, what did you do? And info would be great.

 

thanks

 

Rena

7/31/09- EQ 678,TU 670, EX 677: I did it! I am a homeowner!!!
Message 1 of 8
7 REPLIES 7
homewardbound
Contributor

Re: Short Sale Headache!!!

Hi, I feel really bad about your situation.  I am not in the same boat, but was really close to making an offer on a short sale recently.  I decided against it (mainly b/c I thought the asking price was too high and they would never accept a lowball offer).  I have read a ton about short sales though, and my advice to you would be to play hardball with them.  They need your offer more than you need that particular house.  It is a buyer's market.  Your realtor needs to call the lender EVERY SINGLE DAY until they respond and move forward with the deal.  Did you put a Back Out date on your offer that would allow you to back out of the contract?  That would your leverage to threaten to walk from the deal.  Try to BUG the heck out of them and see if it works, I have heard it does.  Best of luck to you.  If it doesn't work out, make some lowball offers on some regular sales and see if someone takes the offer, they took mine! 
Message 2 of 8
Anonymous
Not applicable

Re: Short Sale Headache!!!

I'd just stick to your guns and be prepared to walk. Gently remind them how much MORE money they stand to lose. 

 

We put in an offer on a short sale, but we gave the asking price which was reasonable for our area. It's been my impression that negotiating with the bank is a generally futile effort. My agent told me of one where the bank rejected the offer, it foreclosed and went to auction... where it was sold $75k below the offer!

 

It's not hard to imagine why banks are in financial troubles! 

Message 3 of 8
renaboo01
New Contributor

Re: Short Sale Headache!!!

Update!

 

Well I still have some waiting to do and looks like my agent thinks that the listing agent jumped the gun. I don't know if I really believe this, however I don't know what else to think at this point. So I do know for sure that the house appraised for $110K, which was my offer. I just have to wait and see what the negotiator at Fannie Mae says. So now, I am $3400 into this house that I am not even close to closing on yet. I will let everyone know my ups and downs on this process. Thanks so far for the support and help.

 

Rena

7/31/09- EQ 678,TU 670, EX 677: I did it! I am a homeowner!!!
Message 4 of 8
Lel
Moderator Emeritus

Re: Short Sale Headache!!!

What did you spend $3400 on?
Message 5 of 8
homewardbound
Contributor

Re: Short Sale Headache!!!

Good luck!
Message 6 of 8
renaboo01
New Contributor

Re: Short Sale Headache!!!

Well, $400 was for the appraisal my lender ordered, and the $3000 desposit. I know I will get the deposit back if the deal falls through, but that is just more waiting I will have to do. Hence $3400.

 

 

7/31/09- EQ 678,TU 670, EX 677: I did it! I am a homeowner!!!
Message 7 of 8
renaboo01
New Contributor

Re: Short Sale Headache!!!


@homewardbound wrote:
Good luck!

 

Thanks, I need it.
7/31/09- EQ 678,TU 670, EX 677: I did it! I am a homeowner!!!
Message 8 of 8
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