Has anyone ever purchased a SHORT SALE home?

[Ness2289]

Just wondering what your experience was and if you had to deal with Freddie Mac. I am waiting right now and getting very impatient.

 

[AKL_Megs]

We heard it takes FOREVER. Especially if it's a Freddie Mac or Fannie Mae. We specifically avoided short sales. I sure hope things speed up for you!!!

 

[kacaju]

We sold a condo about 14 years ago in a short sale. We were never behind in our mortgage so you can't say it was because the bank was trying to foreclose on us or anything. It took MONTHS, about 9-10 months start to finish. It was not freddie or fannie mac either

 

[Ness2289]

I could deal better with the wait had they not given timelines. I am in a hotel and have been for five weeks now! I would have made other arrangements. I sold my house and moved out of it, and now I have no home!!!

 

[edandcolleen1995]

I could deal better with the wait had they not given timelines. I am in a hotel and have been for five weeks now! I would have made other arrangements. I sold my house and moved out of it, and now I have no home!!!

Honestly your realtor has to have experience with short sales to be of any help.

They should have advised you to NEVER give up your first house based on a short sale status. The bank can often and will not even bother to respond to your bid. Plus the house is "as is" so what will yo do if there are major issues? You better get moving on another sale and if/when the short sale comes up, then you can move on it.

 

[binny]

We have heard from our realtor anywhere from 6 weeks to 3 months here in Idaho.

It all depends on the inventory your bank has from what I understand.

 

[KristinBelle]

Our friends just sold their house as a short sale, went on contract last week and they close at the end of October.

 

[monkeybug]

When we moved into the home we live in now, we had neighbors who had just put in an offer on a short sale home. That was last May and they are still waiting. The closing date keeps getting pushed back and they are soooo frustrated. They too are holed up in a hotel with all their stuff in storage. He is in the Marines and scheduled to deploy soon and she may get stuck having to hire someone to do the work on the house her husband was going to do after they finally move in. Thankfully they don't have any kids, but it's still a nightmare.

 

[Ness2289]

Freddie Mac responded today!! So far we're at two months. By the time we close, we'll be just shy of three months which I've read is pretty average. Anyway, I was so glad to hear from my agent!

 

[suejai]

I have been wondering for a while now - what does "short sale" mean. I have seen this when looking at houses in Florida (just dreaming you understand) and often wondered. I don't believe we have the term in Canada.

 

[RadioNate]

I have been wondering for a while now - what does "short sale" mean. I have seen this when looking at houses in Florida and often wondered. I don't believe we have the term in Canada.

A short sale is when the bank is accepting less for the house than what the current owner owes. It is NOT a foreclosed house and in most cases it is not a house in danger of foreclosure.

Many houses for sale in FL are short sales right now because the market has tanked so quickly.

My house has declined 38% in value since we bought it in 2007. If we were to need to sell to day we would have to do a short sale. In addition to losing the money we put down on the house (20%) the bank would also take any savings we have to put towards what we owe. After that they would write off the difference between the selling price and the loan amount.

I know several people doing short sales right now because they have to relocate for jobs. The banks here are not accepting short sales if you just want to sell your house. They are requiring proof that you need to sell for a relocation or something similar.

Doing a short sale does affect your credit but not as badly as a foreclosure.

 

[suejai]

Thanks for the info RadioNate. I was always curious, and now I know.

 

[binny]

A short sale is when the bank is accepting less for the house than what the current owner owes. It is NOT a foreclosed house and in most cases it is not a house in danger of foreclosure.

Many houses for sale in FL are short sales right now because the market has tanked so quickly.

My house has declined 38% in value since we bought it in 2007. If we were to need to sell to day we would have to do a short sale. In addition to losing the money we put down on the house (20%) the bank would also take any savings we have to put towards what we owe. After that they would write off the difference between the selling price and the loan amount.

I know several people doing short sales right now because they have to relocate for jobs. The banks here are not accepting short sales if you just want to sell your house. They are requiring proof that you need to sell for a relocation or something similar.

Doing a short sale does affect your credit but not as badly as a foreclosure.

Thats why we are having to it I hate it. We have never in 8 years been late on our mtg but things being what they are, we have to move.