topic Re: Short Sale in Mortgage Loans

Short Sale

ShowCredit — Thu, 23 Sep 2010 20:56:47 GMT

So, I decided to make another offer on a short sale after waiting on another one for 2 months that did not go through. Offered $165,000 (full asking price) with seller paying 4% closing cost. Offer accepted by seller on 9/13 and heard yesterday (9/22/10) that offer was sent to the bank for approval. Only one lender on mortgage.

I am hoping that this one works out quickly as my lease is up in Dec.

Re: Short Sale

DallasLoanGuy — Thu, 23 Sep 2010 21:13:16 GMT

good luck

Re: Short Sale

Anonymous — Sat, 25 Sep 2010 00:33:36 GMT

Thanks Dallas

Re: Short Sale

Breakthecycle2 — Mon, 27 Sep 2010 16:44:29 GMT

We sat on a short sale for three months before finally giving up. We kept getting the round around like you would not believe. We found a house a few houses up on the same block which we are now (HOPEFULLY) set to close on tomorrow.

Re: Short Sale

Breakthecycle2 — Mon, 27 Sep 2010 16:45:24 GMT

BTW..Good luck. Do you know who the bank is that needs to approve the short sale? If it's BOA, you will really need the good luck...lol.

Re: Short Sale

ShowCredit — Mon, 27 Sep 2010 17:20:55 GMT

The approving bank is WAMU/Chase!!! Hopefully I'll hear something soon. I also notice that the prices of houses in the area are falling, so I know it will be appraised for less than what I offered, then we'll have to renegotiate.

Re: Short Sale

ShowCredit — Mon, 27 Sep 2010 17:22:37 GMT

I hope your closing goes ok. I already waited on a short sale for 2 1/2 months in June, and don't want to wait in vain again. If it is not completed in the 60 days, I am moving on.

Re: Short Sale

Anonymous — Sat, 02 Oct 2010 21:36:57 GMT

I bought a short sale on sept 7. I went under contract on April 26, they did not get back with me until July 26. They told me they accepted my offer but would only pay 3% of the closing fees and would pay NONE of the repair cost. I had about $2000 in repairs I requested. This almost killed the deal but I was able to get the money but please be prepared for them either paying none or only part of the closing or repair costs. <My lender was Wells Fargo but the sellers was Bank of America.

Re: Short Sale

Anonymous — Mon, 04 Oct 2010 11:46:16 GMT

Our offer was put in May 21st and we closed Aug 31st. That was with the bank already having the price accepted. Seller's bank was OneWest/IndyMac.

Our lease for our apt was up Sept 30th, and we haven't moved in yet due to work being done on it still (The windows we ordered came in Friday! woohoo!)

Thankfully we didn't have alot so we were able to put our things in the 3 spare bedrooms and since my husband travels for his job, I am staying at my parents.

Be prepared to have a plan in place if you are still waiting by the time your lease is up. We could've spent more $ doing a month to month lease, but didn't want to pay rent And mortgage along with 2 light bills.

Re: Short Sale

ShowCredit — Tue, 05 Oct 2010 21:59:52 GMT

The bank has not yet approved the short sale. I do not want to renew my lease which ends in December, I mayhave to do month to month if it's not closed by then. The lawyer's office that is handling the short sale keep sending me updatesl.

Congratulations on your new home Isisblue.

TU 709, EX 690, EQ 691 (LO pulled 9/20/10