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Well I've been away for awhile studying for my finals but I have GREAT news! I just bought my first house and it was a short sale!
The seller accepted my-full price offer on 4/5/09 and then today, 5/6/09 at 10:00 pm, I got word that the bank approved it! I have to be closed and have the deed filed by 6/5/09- a mere month! I have MOST of my financing done, so I should be mostly good to go!
I was worried for awhile because my realtor told me that just a few days ago, the seller had completed the extensive paperwork needed and shipped it to the bank! I thought it would be MONTHS before I heard from the bank but NOPE!
The story mostly ends happily. My fiance and I are not doing well. He's not happy because he hasn't even begun to try and sell his un-sellable home and we already said (mostly in anger) that we should cancel the wedding. The funny thing is, I don't care. I am 28 years old and getting my first home. Whether he moves in or not, I could care less. It's just going to be tighter on the budget than I had first thought. But that's a whole 'nother story. For now, I am just VERY happy about this the great deal I got on a very nice home!
I wish the best of luck to all those still waiting on word from their short sales.
I can finally stop being jealous of all those who already got the good word.
And I can thank this GREAT forum that taught me what a short sale was and what I could expect. Thanks to a lot of the great posters too (LongIsland).
Let's just hope nothing funky happens in the next 30 days before close...
Jenn
Congrats on both parts of you story!...It might sound weird for me to say that but if you can't get along while "just buying" a home, what would be next...what if kids will be involved...this is probable not the right person for you and you sound like you deserve better and are too smart for this man!
Good for you Jenn! I'm about to close on a REO in 2 weeks -those are much easier to buy! I still have two offer's on short sales that never went anywhere, so I'll be cancelling those.
Congratulations! This comes from someone who has an offer on a Short Sale.
We keep hearing that it will take forever, and that they don't always go through, etc. Was the short sale approved by the bank's lender when you did your contract? Did the bank re-negociate with you?
Any information is welcome.
Congratulations! This comes from someone who has an offer on a Short Sale.
We keep hearing that it will take forever, and that they don't always go through, etc. Was the short sale approved by the bank's lender when you did your contract? Did the bank re-negociate with you?
Any information is welcome.
The funny thing is that I too was congratulating OTHER people who's short sales went through, jealous and praying that mine would too! Now it has and I wish the same luck to ALL of you out there waiting for an answer.
It was my understanding that the short sale was not initially approved because she did not submit any paperwork until AFTER her and I reached an agreement on the price. I offered full-list price (which was $3000 LESS than she paid in 1996). Her realtor did not want to screw around with multiple offers and bids because they don't make a lot in commission off of short sales. So the house was listed as contingent upon seller's acceptance (4/5/09) she shipped my offer off to the bank. I got bank approval on 5/6/09. The weird thing is, from what I read about short sales, there is supposed to be a BPO, which is the seller's bank's appraisal after which time they will determine if the price should be higher or not. I heard nothing about that and in fact, her bank is demanding I be completely closed by 6/5/09, which is not a problem. So I dunno what happened to the BPO but...
Please keep us updated on your situations. I love hearing happy short-sale stories!
Big time congrats, Jenn! We put in our initial offer around 3/25, submitted a better around 4/1, got our offer signed around 4/13, and got the attorney review letter around 4/20. Ours supposedly already had the BPO done, which is where we put our offer, but it has a second lien against the property... the seller claims this lien is invalid, but who knows. At this point we are just playing the waiting game.
It really is neat to hear about others having success in short sales. There are days where it feels like it's never going to happen... it's been 7 weeks since we submitted our initial offer, feels like somewhere around a lifetime, though. Your story provides me a glimmer of hope!
I told you!!! Congratz...you go girl, I absolutely had no doubts. I hope you didn't get too many grays out of the deal!!
What have you been up to LongIsland? I see you've kinda disappeared too and seem to be busy in some sort of project of your own!
What's your house situation?
Jenn
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