first time we put an offer on a house we waited like 3 months and basically heard squat - i think it took about a month for the bank's appraiser to see the property and i dont think it ever made it to the bank negotiator.....
we just put an offer on another short sale - 2 weeks ago actually - and so far the bank's appraiser has been to the property and the bank has assigned a negotiator and the negotiator has been assigned some kind of timeline but the lending bank won't give out information about how long the timeline is.....there is also a second lender who has a small share of the loan which we know makes things more complicated - as far as we know both banks have received all of the paperwork that they need....
my question is - have any of you gotten up to this stage? and if so how long did it take once the negotiator was assigned? i would assume the next step would be either an acceptance or counter of our offer or a no from the bank?
i know short sales can take month and months - it seems like we have gotten further with this home in 2 weeks than we did with the other in 3 months
any feedback would be great.
thanks!
yelley77
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Re: Short Sale Girls
We made it all the way to a signed contract then all of a sudden the second bank decided that they wanted more money than the first bank was willing to give them, so they threw a tantrum and sat in the corner and wouldn't budge.
None-the-less, we told them to go EFF themselves and just got back our deposit.
I don't like short sales, can you tell?
Future Mulligan
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Member since
Re: Short Sale Girls
Posted by yelley77
We made it all the way to a signed contract then all of a sudden the second bank decided that they wanted more money than the first bank was willing to give them, so they threw a tantrum and sat in the corner and wouldn't budge.
None-the-less, we told them to go EFF themselves and just got back our deposit.
I don't like short sales, can you tell?
ugh - that is why i am nervous with this house - b/c our real estate agent told us that when there is a 2nd bank involved it is A LOT harder and can take longer......
i know in florida there are a lot more short sales than there are here - i think the rate was like 85% of the homes for sale are short sales - the market there is terrible! we saw about 20 houses when we went 2 weeks ago and the majority of them were shorts.....we were hoping that we'd like one of the houses that was being sold from the owner but no such luck the odds were against us! hahaha.....
how long from when you made your offer did you get a response? did it take long to hear back from the bank?
ugh this process really scares me......even our real estate agent told us the reality of the situation and not to get our hopes up - she said short sales could be like a shot in the dark.....especially b/c in florida banks are accepting multiple offers on short sale properties - it used to be that they accepted 1 at a time.....as far as we know we are the only offer - thank god!
yelley77
Posted:
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Re: Short Sale Girls
We were so excited b/c we were told everything with a short sale is a long, drawn out process, so when we put in our offer, we were told it could be a month before we heard... well, the called us back a week later with an accepted offer and we moved form there (we put in the offer 10/27). We had an esitmated closing date of 1.15 and everything was moving nicely. Then, when we order the appraisal, the agent selling the home was like, 'why are you moving so quickly, the bank needs time'... then we sat and waited for 6 weeks and finally my realtor called the bank and the bank told them what was going on with the second bank.
It was a disaster and the most emotional rollercoaster i've ever been on.
Future Mulligan
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Member since
Re: Short Sale Girls
Posted by yelley77
We were so excited b/c we were told everything with a short sale is a long, drawn out process, so when we put in our offer, we were told it could be a month before we heard... well, the called us back a week later with an accepted offer and we moved form there (we put in the offer 10/27). We had an esitmated closing date of 1.15 and everything was moving nicely. Then, when we order the appraisal, the agent selling the home was like, 'why are you moving so quickly, the bank needs time'... then we sat and waited for 6 weeks and finally my realtor called the bank and the bank told them what was going on with the second bank.
It was a disaster and the most emotional rollercoaster i've ever been on.
ugh, that is why we keep telling ourselves we can't get our hopes up - b/c we don't want to get too excited and then it falls through.....
the first house we put an offer on didn't work out but we are actually really glad that it happened that way - we actually backed out b/c the bank was taking forever and with the wedding coming up we didn't want to worry about closing and the wedding at the same time - and after some thinking we realized we wanted a bigger house in a location closer to where DH will work - so b/c of that experience we kind of faith that the right house for us will work out and if the others don't then they weren't meant to be.....it would have been a disaster if we ended up with the other house - we would have regretted it....
but with this place we have already invested a lot of hoping and praying so i know if we don't get it, its going to be upsetting - DH said he might cry he really loves this place....its the waiting part that is hard - if we aren't going to get it i want to know ASAP - that way i can get over it and move on - the waiting is the hard part b/c you don't want to wait for nothing and have your hopes on it for so long and then in the end nothing comes of it.....
i can't imagine thinking we were going to close on it and then not getting - i can see why it was so aggravating
jillyb97
Posted:
Member since
Re: Short Sale Girls
Still took us months...we eventually did get the house, but, every time we thought it was close to being done, it wasnt...All in all, the whole process took 3 - 4 months (from when we put the offer in.)
jaep129
Posted:
Member since
Re: Short Sale Girls
I dont know what steps my friend took but it was by far the worst thing her and FH ever did. Things keep falling down and are wrong with the house. The people before they left actually put cement in the drains so she now has to pay to fix that and so much more. All I can say (since I cant give advise on this topic) is good luck!!!!!
Mrs. Bernabe
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Member since
Re: Short Sale Girls
Posted by jillyb97
Still took us months...we eventually did get the house, but, every time we thought it was close to being done, it wasnt...All in all, the whole process took 3 - 4 months (from when we put the offer in.)
That's not bad considering closings usually last 2 months.
jillyb97
Posted:
Member since
Re: Short Sale Girls
Posted by Mrs. Bernabe
Posted by jillyb97
Still took us months...we eventually did get the house, but, every time we thought it was close to being done, it wasnt...All in all, the whole process took 3 - 4 months (from when we put the offer in.)
That's not bad considering closings usually last 2 months.
The thing with a short sale though is that once they decide, they want to close very quickly. We had an answer, and closed a week later. It's not like a normal sale...So you are still waiting a very long time to find things out...
Edited cause my grammar isn't very good today :)
TheFutureMrsM
Posted:
Member since
Re: Short Sale Girls
Posted by jaep129
I dont know what steps my friend took but it was by far the worst thing her and FH ever did. Things keep falling down and are wrong with the house. The people before they left actually put cement in the drains so she now has to pay to fix that and so much more. All I can say (since I cant give advise on this topic) is good luck!!!!!
I have heard the reason that forclusures and short sales are in such bad shape is because they people who live in them destroy them on purpose. They have something called forclosure parties where they destroy and gut the entire house. They take everything that is worth anyhting, sinks toilets, cabinets appliances, they destroy all the walls, and put cement down the drains.
When i heard this i was just so disgusted but i guess people feel that since its being taken away from them they should destroy it
joshisgirl
Posted:
Member since
Re: Short Sale Girls
Posted by TheFutureMrsM
Posted by jaep129
I dont know what steps my friend took but it was by far the worst thing her and FH ever did. Things keep falling down and are wrong with the house. The people before they left actually put cement in the drains so she now has to pay to fix that and so much more. All I can say (since I cant give advise on this topic) is good luck!!!!!
I have heard the reason that forclusures and short sales are in such bad shape is because they people who live in them destroy them on purpose. They have something called forclosure parties where they destroy and gut the entire house. They take everything that is worth anyhting, sinks toilets, cabinets appliances, they destroy all the walls, and put cement down the drains.
When i heard this i was just so disgusted but i guess people feel that since its being taken away from them they should destroy it
wow, thats horrible
jillyb97
Posted:
Member since
Re: Short Sale Girls
Posted by joshisgirl
Posted by TheFutureMrsM
Posted by jaep129
I dont know what steps my friend took but it was by far the worst thing her and FH ever did. Things keep falling down and are wrong with the house. The people before they left actually put cement in the drains so she now has to pay to fix that and so much more. All I can say (since I cant give advise on this topic) is good luck!!!!!
I have heard the reason that forclusures and short sales are in such bad shape is because they people who live in them destroy them on purpose. They have something called forclosure parties where they destroy and gut the entire house. They take everything that is worth anyhting, sinks toilets, cabinets appliances, they destroy all the walls, and put cement down the drains.
When i heard this i was just so disgusted but i guess people feel that since its being taken away from them they should destroy it
wow, thats horrible
Yeah, that really is disturbing...
Ours wasn't that situation at all. Our house is basically brand new - It was built in 2006, and lived in for a few months. The owner (so we've been told) had planned on building it and then flipping it right away, but wasn't able to...so they rented it out for a little bit...Luckily, it was in pretty perfect condition!
agraydc
Posted:
Member since
Re: Short Sale Girls
Posted by joshisgirl
Posted by TheFutureMrsM
Posted by jaep129
I dont know what steps my friend took but it was by far the worst thing her and FH ever did. Things keep falling down and are wrong with the house. The people before they left actually put cement in the drains so she now has to pay to fix that and so much more. All I can say (since I cant give advise on this topic) is good luck!!!!!
I have heard the reason that forclusures and short sales are in such bad shape is because they people who live in them destroy them on purpose. They have something called forclosure parties where they destroy and gut the entire house. They take everything that is worth anyhting, sinks toilets, cabinets appliances, they destroy all the walls, and put cement down the drains.
When i heard this i was just so disgusted but i guess people feel that since its being taken away from them they should destroy it
my friend bought a foreclosure property and the people destroyed the house..... holes in walls, removed all they could.... pipes, door knobs, doors themselves, cabinets, broke every window, etc.... he didnt mind bc he got a real steal and planned on redoing everything anyway but most people are not in his situation
Future Mulligan
Posted:
Member since
Re: Short Sale Girls
florida is a little different in the forclosure/short sale scenario - in a lot of places in florida the market was booming around 2005 - builders were building new construction like crazy and they had lots and lots of contracts - home prices were really high - they skyrocketed and people kept buying and building thinking that prices were going to keep going up - which they did for awhile - but this was also when there was a lot of sub prime lending going on - so lots of people were having homes built that in a few years they wouldn't be able to afford to keep.....
builders built a lot of houses thinking they would be able to sell them and make a huge profit - but b/c so many were being built there weren't enough to people to buy them all up....then as home prices started to fall and the economy started failing people couldn't afford them (even at lower prices) so the builders started losing money b/c they had built so many homes that were never bought - and a lot of the builders who were doing really great at one point actually went bankrupt....so there are quite a few homes that are brand new that were never lived that were owned by the builder but now the bank took over and they are on forclosure or short sale....
there are also the homeowners - a lot of the people that did buy around 2005 can't afford to keep their homes right now....we saw about 20 houses - 2 forclosures, 2 that were still owned by the owner and the rest were all short sales.....what happened is so many people bought when the market was doing well but now they can't afford their payments - if they were selling in the 2005 market or if the market continued to go up a lot of those people would be ok - b/c they could just sell their home and break even BUT because home prices have dropped so low if they sell their house now at its current market value it s won't be enough to cover what they owe the bank on the loan.....
so between the builders and the people who bought homes there are lots of short sales and forclosures - the majority of them being on properties that are less than 5 years old - so its not older homes - a lot of them are practically new construction that have been barely lived in.....we did not see one trashed home - i think that because there are so many short sales the people who are living or lived there want it to sell b/c its better of for them if the house gets sold through a short sale.....the florida market is different than NY b/c the majority of what you see in a lot of the counties are actually short sales - and they aren't trashed.....
jillyb97
Posted:
Member since
Re: Short Sale Girls
Posted by Future Mulligan
florida is a little different in the forclosure/short sale scenario - in a lot of places in florida the market was booming around 2005 - builders were building new construction like crazy and they had lots and lots of contracts - home prices were really high - they skyrocketed and people kept buying and building thinking that prices were going to keep going up - which they did for awhile - but this was also when there was a lot of sub prime lending going on - so lots of people were having homes built that in a few years they wouldn't be able to afford to keep.....
builders built a lot of houses thinking they would be able to sell them and make a huge profit - but b/c so many were being built there weren't enough to people to buy them all up....then as home prices started to fall and the economy started failing people couldn't afford them (even at lower prices) so the builders started losing money b/c they had built so many homes that were never bought - and a lot of the builders who were doing really great at one point actually went bankrupt....so there are quite a few homes that are brand new that were never lived that were owned by the builder but now the bank took over and they are on forclosure or short sale....
there are also the homeowners - a lot of the people that did buy around 2005 can't afford to keep their homes right now....we saw about 20 houses - 2 forclosures, 2 that were still owned by the owner and the rest were all short sales.....what happened is so many people bought when the market was doing well but now they can't afford their payments - if they were selling in the 2005 market or if the market continued to go up a lot of those people would be ok - b/c they could just sell their home and break even BUT because home prices have dropped so low if they sell their house now at its current market value it s won't be enough to cover what they owe the bank on the loan.....
so between the builders and the people who bought homes there are lots of short sales and forclosures - the majority of them being on properties that are less than 5 years old - so its not older homes - a lot of them are practically new construction that have been barely lived in.....we did not see one trashed home - i think that because there are so many short sales the people who are living or lived there want it to sell b/c its better of for them if the house gets sold through a short sale.....the florida market is different than NY b/c the majority of what you see in a lot of the counties are actually short sales - and they aren't trashed.....
That's pretty much exactly what our house was :)
And, unfortunately for us, we also own a house in Florida, that DH bought a little bit before everything fell apart, with the intention of selling quickly...sooooooooo...because it's so under water, we're stuck with that one for a while!!!!
