[quote=bearishgurl]
can I just ask, in hindsight, do you now think you got a “good deal” on your “short sale” property? And would you go thru this lengthy “skirt-lifting” procedure again in order to purchase property??[/quote]
I am happy with our purchase. At the moment, and I just looked for the first time in several months last week for another blog, our purchase is still competitive even ‘good’.
In my market, the market was 80% short sales. It has shifted slightly. The downside, the equity sellers want primo dollars. They also average about 20 years of deferred maintenance. Take your pick, short sale you deal with all the stuff, equity sale, squeeze blood from the turnip about the dated interior and deferred maintenance.
As for the skirt lifting, well, you’re going to skirt lift one way or another. Just getting a loan is a skirt-lift these days. For a short sale, you need the financial strength to get it done. That’s your own bankroll. From an equity seller, you’re competing with every idiot qualifying for a 3% down loan paying top dollar if not above market rate because they can’t close a bank sale.
So in my market the choice was simple:
I could deal with the 2 Banks asset managers who can see our qualifications for a business deal
or
I could deal with the equity seller who only sees $ and how much they aren’t getting compared to 2005 and compete with every idiot equally that can get someone to fill in the blanks on an RE offer form whether or not they can actually close the deal. Which often they can’t because the home won’t appraise for their offer. (it’s okay, I was only a little bitter)
So yes, I’ll play to my strengths and do a short sale. The sewer and glass comment is apropos because it is no longer buying a house. The typical inspections, commitments, all get turned on their head because it’s a three-way business deal (five way if you count the brokers). And it runs like a business deal where the key players operate on their timeline and their business directives and worry about hitting their quarterly numbers whether it’s volume or percent earned.
BTW, when I searched the other week of the very few homes that roughly matched our criteria, we’d already looked at and crossed off 1/4th of them before we bought. It’s truly sad as most of the ones we crossed off were equity sellers that are now locked onto a price they ‘got’ but fell out of equity.
