What you should do….make an offer on a house you might want….go through the paperwork drill and don’t fax or email thing. DO IT ALL IN PERSON. Get a working relationship with the person that presents your paperwork. If you are uncomfortable find somebody else. The short sale paperwork has to be BULLETPROOF! NO DEPOSITS OR QUESTIONABLE TRANSFERS. Lots of cash(5 figures) in the bank and a six figure retirement savings helps. I’m no rich guy just an average guy doing an average job.
Be generous with your money. If the realtor calls and says he’s got a guy that’ll do the work for 500 bucks tell him to go ahead and bring him a check for the work. TRUST! My loan is for 450K. I’ve got 5K for the tip jar.
BUT until this is over the deal isn’t done. I’ll let you know when we sign the papers…are you able to cope with that stress? It’s all about the kitchen and the garage and a nice deep tub to soak in! Hope this helps and have a happy holiday season.[/quote]
Congratulations on jumping through all those hoops. You had to have terrific, verifiable liquidity, knowledge of the complicated requirements, and the right people working for you. But this also shows how difficult it will be for the market to come back. Banks and their regulators are being so demanding they are narrowing the market to very few buyers, which also means they are getting less for their product than they could otherwise get. Good for you, however, in navigating the system.
