Short Sales

[happy0510]

90% of our listings are short sales. I don't see anyway around this!! We are in L.A.

And some of these are "subject to interior inspection" because the homeowners don't want a lot of traffic. We had to make an offer just to see a house to prove we were serious. This seems like too much.  I wish there was something that could be done to help smooth these transactions out!

[OMIAHEART]

I found a shortsale that I fell in love with in March of 09.  I put in an offer for full asking and the the Owner's accepted.  I waited from March until June when the seller's realtor contacted my realtor and said the seller's were filing for bankruptcy and wanted to keep their house (include in bankruptcy).  So of course after waiting over 4 months I was initially heartbroken but then stumbled upon the house I eventually bought.  The house I ended up buying was the same (single level, 4 bed, 2 bath 3 car garage) and was in the neighborhood I always wanted to live in.  I eventually forgot about the other house until just two weeks ago when I happened to look on the MLS website and there it was.... Up for sale again with an additional $89,000 added to the asking price.

Looks like the sellers decided to fix it up and put it back on the market.  Can they really do that?  Be in contract with a potential buyer, cancel the contract because they are supposedly keeping their house and including it in a bankruptcy, and then turn around and add a new paint job and sod and relist for $399,000 instead of $310,000?

[kai_1103]

I waited 7 months for my offer to be accepted.  I offered much lower then the asking price, but I was offering a fair amount, so I submitted it with an appraisal that detailed major repair work needed.

Eventually I got approved, have spent over $1,000 on supplies to do work that easily added $15K to the property just so it can pass FHA, etc. and close.  I'm set to close the 23rd and things look great though!

It will be a great deal and worth the wait!  For a Realtor though, its a  lot of time for pennies.  Can't blame them for steering you away.

Good luck!