Short sale

[jbee]

I've heard all of the horrific stories of short sales and I'm really careful to even think about one.  But, I found a short sale that's priced great and it has been kept well.  I spoke to the selling agent and she said it has been out there since Oct'09 and they've had 3 offers but everyone has backed out because of the wait.  She said that they're just at the point where the bank has agreed to accept offers and they have until August to get a buyer.  Has anyone heard of this? 

[Breakthecycle2]

We just put an offer in a short sale yesterday.

[jbee]

Good luck!!  Keep me posted on the process.

[Breakthecycle2]

Will do, but I have a feeling it will be awhile. lol

[Anonymous]

I just put in a bid for a shortsale that was already bank approved for the price. Here's to Hurry up and wait time!

[Breakthecycle2]

Good luck to you!

[Anonymous]

I put a contract on a short sale and now I regret I did....

[jbee]

Can you tell me your experience?

[Anonymous]

So far I am only waiting...I put in my contract April 22,2010 and I have heard nothing. My real estate agent told me that it should be "quick" until I signed the contract and now its, "I told you it can take 4-6 months" well right now I am going month to month on my lease which is expensive,  pray nothing unexpected 'pops" up on my credit report in case the UW decides to pull it again because it was originally pulled March 23 or something like that so right now its 60+ days old....*sigh*

[jbee]

I will pray that everything goes smooth for you and it won't take much longer and closing will be a breeze

I talked to the selling agent last night and she said that she spoke with the bank yesterday and they told her that the house must sell by August or it will be foreclosed.  It's very nice, but I want to wait it out and see if the price goes down a little (the agent think it will).  I know I may lose it, if someone else bids on it but I will be okay, something else will come along.

Are you doing FHA or USDA?