You’ve seen my thoughts on short sales and foreclosures before, but I thought hearing some other opinions on the subject may give you even more perspective.
If you’re not really sure what a Short Sale is, read this Short Sale post to learn the specifics of what this entails as a buyer.
Here are some comments I’ve read on other websites/blogs/articles from actual home buyers about making offers and trying to buy a short sale for their first home purchase.
I signed a contract for a short sale March 2010 and we are still waiting for the bank to get back to us. We’ve done our part, but the banks are taking their sweet time with things.
I searched for 5 months, signed a contract in March, with a scheduled closing date of June 25th. It’s a short sale but today I found out today the bank is still taking their time and has not finalized the deal. Why is it taking four months for them to do this??
I signed a contract for a short sale house in December and I’ve done everything in my power to make sure the closing will happen by June 30th, but the seller’s agent doesn’t know what she’s doing. Because of her lack of knowledge, combined with the slowness of the bank, there’s a danger I might not close by next week. It’s so frustrating to have put in so much time and energy to purchase a house and have it slip away because of the bank and the seller’s agent. I am getting the house at less than half the asking price, and I realize that it’s at the seller’s expense, but isn’t it better to have someone buy the house than have it sit empty for another two years?
As you can see, lots of frustrations can occur if you jump into purchasing a short sale property without knowing the whole story. Sometimes it’s the lack of communication between the listing agent and the bank, or sometimes it can simply be the listing agent not having a clue on how to complete the sale and make the bank approve the sale.
Luckily, we have had some successes with closing short sales and foreclosures for our buyers, particularly 4 closings in the past 3 months alone. So it can be done in a timely manner, you just have to make sure you’re working with the right people.
You’re right on the money. I have seen these go successfully, but you do need the right people — not only does that incude an awesome agent like Steve, but a knowledgable loan officer and reliable closing company. They all work hand-in-hand to make a short sale transaction less stressful.