Some major adulting today.

[Romy]

I was told I have 10 days to say "jk nevermind" if something about their policies won't work for me.

It for sure needs new paint and new floors so that's definitely getting done before I'd move anything in. It really needs quite a bit of TLC on the inside but for the price and the location it should be worth it! I'm in no rush, my parents aren't kicking me out lol.

It's also a short sale so not sure how long the process will be.

I've been trying to buy the same short sale property for almost 8 months now. Be prepared for it to take a really really really loooooooong time. One of my friends' neighbor took over a year to finally get the short sale property he put an offer on.

ETA: the first bank was really responsive. Then they sold the loan after they accepted my offer. Then it got sold again, and again, and again. Auuuggh. lol. Each time each bank wants updated paperwork, or the same paperwork redone to their specifications. etc.

 

[Romy]

Dude, I am ready to punch a hole in a wall but want to give you fair warning about short sales, regarding something NOBODY mentioned and I didn't read about anywhere.

Apparently it's legal for banks to change the price at closing if the house appraises for a lot more than they initially accepted your offer at. Even after signing purchase agreements, contracts, and the money going into escrow. Isn't that lovely?

So in my case, it's taken 8 months to get near closing. In that time the local housing market has improved dramatically. Which means that now the place is worth a lot more. Which seems good, but really it's not. :wall:

 

[Southpaw]

Dude, I am ready to punch a hole in a wall but want to give you fair warning about short sales, regarding something NOBODY mentioned and I didn't read about anywhere.

Apparently it's legal for banks to change the price at closing if the house appraises for a lot more than they initially accepted your offer at. Even after signing purchase agreements, contracts, and the money going into escrow. Isn't that lovely?

So in my case, it's taken 8 months to get near closing. In that time the local housing market has improved dramatically. Which means that now the place is worth a lot more. Which seems good, but really it's not. :wall:

Ah, that's dumb!

I really just want it to be painless. The more I look at other places, the more I think "nope... just want this one."

 

[Romy]

Ah, that's dumb!

I really just want it to be painless. The more I look at other places, the more I think "nope... just want this one."

Sometimes short sales do work out, so fingers crossed and lots of >>>>>>awesomehousevibes<<<<<<<<<. I just wish someone had warned me beforehand, so am passing it along. If you're expecting it might happen, and it doesn't happen, then that's a pleasant surprise instead of getting the opposite sprung on you at the last second.

 

[release the hounds]

sometimes they do work, though they rarely work quickly. All sorts of hidden pitfalls. I am not a realtor, but it seems I know a few that have "bought" a short sale, but never ended up actually buying the home. One the offer was not that far off either. They thought for sure it would be quicker than most. Between the money paid by the owners in interest and their offer, the bank would not have been short any money actually on the original loan amount and after a year of waiting and waiting and things popping up, they just gave up.

So while a short sale can save you some money in the end, be prepared to pay for it

 

[joce]

As our mortgage broker said to there are a lot of things these banks that own the homes will do that are not legal or to the book and if you want the house you just have to go with it.

Place we tried for over two years. Sealed bids supposed to take highest. Went up over 75,000 from lowest. In the end it sold for less than our highest and it should have went to us. Apparently we could have went after the realtor as it went to the listing agents clients and there was something goofy going on but the house was already lost. I want to say that was listed as HUD. 17 acres. Beautiful barn. Geothermal heat. Finished basement with tall ceilings. Best place we saw. But I am glad we ended up here in the end because it's a shorter drive and better school district. But that house was almost brand new!!

 

[Southpaw]

My brother explained short sales a bit to me today - lots of stuff that I didn't really know. Like the price it's listed at is set by the homeowner, and not necessarily indicative at all of what the bank actually wants. For all I know, even the listing price could be waaay under what the bank wants to get. =/

Fingers still crossed but it's like, the more I start to understand all the little details, the more crazy it all starts to sound.

 

[Romy]

My brother explained short sales a bit to me today - lots of stuff that I didn't really know. Like the price it's listed at is set by the homeowner, and not necessarily indicative at all of what the bank actually wants. For all I know, even the listing price could be waaay under what the bank wants to get. =/

Fingers still crossed but it's like, the more I start to understand all the little details, the more crazy it all starts to sound.

The frustrating thing to me is the bank approved the price and even signed a purchase agreement and opened escrow with that as the agreed upon price. I have earnest money in escrow right now. They can still change it though. Regardless of how this turns out in the end, I am never doing a short sale again. Ugh.

 

[milos_mommy]

I think the only time I'd pursue a short sale is for a second/vacation home. Around here it seems like they almost always fall through. Buying a foreclosed home seems a lot more doable here.

I don't think I know anyone here who ended up with their short sale. Most of them go on to do paperwork and crap for close to a year and then they fall through. And then the people decide to move far far away instead lol

 

[Southpaw]

I liked the idea of it because I don't have any set time frame, it's not like I need tk move out by X date or anything. So I thought it'd be fine but they just sound annoying now lol.

I did get an email from my realtor that the bank doesn't like our electronic signatures so now we have to meet tomorrow to sign for real. A week just to find that out? Urgh.