we are in the process - but in florida - there are general rules for a short sale but i think depending on the bank and the state there may be some differences.....we put an offer on a short sale home on june 16 and we still have not heard anything back yet regarding our offer - the process can take a really long time but for us that is okay since we really dont want to close on a home until after our wedding....if you have any questions i can tell you about our experience so far
a friend of mine was doing one in DC but she said it was a nightmare! never heard of one here!
I'm from CT but I am in the process now. After 2 months of the bank going over everything and appraising the home to see if the value is really worth what my short sale is going to cost- it finally got approved. THANK GOD. But- some advice that I can give you is def. get a short sale lawyer- they aren't expensive but the mortgage company will listen to them more than you because they know how to deal with them and the mortgage company usually will try to give you the run around if you yourself try to deal with them. Good luck and FM me if you have any questions!
Posted by mohajeriny
I'm from CT but I am in the process now. After 2 months of the bank going over everything and appraising the home to see if the value is really worth what my short sale is going to cost- it finally got approved. THANK GOD. But- some advice that I can give you is def. get a short sale lawyer- they aren't expensive but the mortgage company will listen to them more than you because they know how to deal with them and the mortgage company usually will try to give you the run around if you yourself try to deal with them. Good luck and FM me if you have any questions!
We're in the process right now. It does take a while. They said anywhere from 3-6 months. We've been waiting since June 30th. If the bank approves oiur offer it will be a great deal. The downside is that you can wait all that time and the bank could decline the offer. For us, we're not in any rush but, we would like to be settled in a house before we're married. A lot of people will tell you to stay away from short sales but, it all depends on your situation. We're still actively looking and keeping our eyes on some other houses, just in case!
Posted by Renee77
We're in the process right now. It does take a while. They said anywhere from 3-6 months. We've been waiting since June 30th. If the bank approves oiur offer it will be a great deal. The downside is that you can wait all that time and the bank could decline the offer. For us, we're not in any rush but, we would like to be settled in a house before we're married. A lot of people will tell you to stay away from short sales but, it all depends on your situation. We're still actively looking and keeping our eyes on some other houses, just in case!
Posted by Future Mulligan
Posted by Renee77
We're in the process right now. It does take a while. They said anywhere from 3-6 months. We've been waiting since June 30th. If the bank approves oiur offer it will be a great deal. The downside is that you can wait all that time and the bank could decline the offer. For us, we're not in any rush but, we would like to be settled in a house before we're married. A lot of people will tell you to stay away from short sales but, it all depends on your situation. We're still actively looking and keeping our eyes on some other houses, just in case!
yeah - we had to extend our offer contract - we originally had it until July 31 but the bank didn't answer us by that date so we extended the contract until september 15th - at this point the longer it takes for us the better - but like you said there is always the chance that you dont get it at all - but that goes with any house you put an offer on - except you find out a lot sooner!
great! thank you ladies..we'll do what we can right?
I purchased a short sale on LI... it is wayyyyy too lengthy of a story to tell- it took 7 months from start to finish with many ups & downs. Do you have any specific questions I could answer for you>
