Short sale – buyer’s experience

[temeculaguy]

Hang in there sunny, I’ll be willing to wager that the recent short sale experience is much better than it was a year ago or even six months ago. My next door neighbor closed a few weeks ago on a short, until I met them, I was convinced the whole process was a myth. In 2007 and most of 2008, I fired off a number of offers on shorts, never even got any feedback until the end of 2008. I wasn’t the highest bidder in that case and six or seven months later they called and asked if I was still interested. I told them to perform a sexual act on themselves, they foreclosed shortly thereafter because all the people making offers had found something else and they listed as a foreclosure and got less than my original offer. I was happy about it because I wasn’t nuts about that house, but it seems they have learned their lesson and the timeline is quicker. My neighbor was moved in within 60 days, offer date to close and there was more than one loan and he was one of the backup offers. Just keep in mind, that everyone else is doing what you are doing by throwing out multiples on shorts with the intention of only buying one, so it’s not as competative as it feels when dealing with shorts. I’ve now seen a number of people successfully buy shorts so far in 2009, their patience paid off for them.

[propertysearchaddiction]

My neighbor just bought their home through a short sale and said it was very smooth. The property had already been on the market for 1 year so they caught it at the end. They offered and then the Bank came back and said they had multiple offers on the home so submit highest and best offer.
The owners submitted $5,000 more than their original offer and got the house.
It goes to show it doesn’t take much to be the winner on these things.
They closed very quickly and the owner had the place professionally cleaned and kept the water going so the yard would be in good shape. They communicated with the owner as much as possible and the bank as little as possible. For example, they negotiated the owners hot tub in the back yard face to face and didn’t involve the bank.
I thought it was very interesting how much communication they had with the seller and a good way to smooth out a short sale.

[propertysearchaddiction]

My neighbor just bought their home through a short sale and said it was very smooth. The property had already been on the market for 1 year so they caught it at the end. They offered and then the Bank came back and said they had multiple offers on the home so submit highest and best offer.
The owners submitted $5,000 more than their original offer and got the house.
It goes to show it doesn’t take much to be the winner on these things.
They closed very quickly and the owner had the place professionally cleaned and kept the water going so the yard would be in good shape. They communicated with the owner as much as possible and the bank as little as possible. For example, they negotiated the owners hot tub in the back yard face to face and didn’t involve the bank.
I thought it was very interesting how much communication they had with the seller and a good way to smooth out a short sale.

[propertysearchaddiction]

My neighbor just bought their home through a short sale and said it was very smooth. The property had already been on the market for 1 year so they caught it at the end. They offered and then the Bank came back and said they had multiple offers on the home so submit highest and best offer.
The owners submitted $5,000 more than their original offer and got the house.
It goes to show it doesn’t take much to be the winner on these things.
They closed very quickly and the owner had the place professionally cleaned and kept the water going so the yard would be in good shape. They communicated with the owner as much as possible and the bank as little as possible. For example, they negotiated the owners hot tub in the back yard face to face and didn’t involve the bank.
I thought it was very interesting how much communication they had with the seller and a good way to smooth out a short sale.

[propertysearchaddiction]

My neighbor just bought their home through a short sale and said it was very smooth. The property had already been on the market for 1 year so they caught it at the end. They offered and then the Bank came back and said they had multiple offers on the home so submit highest and best offer.
The owners submitted $5,000 more than their original offer and got the house.
It goes to show it doesn’t take much to be the winner on these things.
They closed very quickly and the owner had the place professionally cleaned and kept the water going so the yard would be in good shape. They communicated with the owner as much as possible and the bank as little as possible. For example, they negotiated the owners hot tub in the back yard face to face and didn’t involve the bank.
I thought it was very interesting how much communication they had with the seller and a good way to smooth out a short sale.

[propertysearchaddiction]

My neighbor just bought their home through a short sale and said it was very smooth. The property had already been on the market for 1 year so they caught it at the end. They offered and then the Bank came back and said they had multiple offers on the home so submit highest and best offer.
The owners submitted $5,000 more than their original offer and got the house.
It goes to show it doesn’t take much to be the winner on these things.
They closed very quickly and the owner had the place professionally cleaned and kept the water going so the yard would be in good shape. They communicated with the owner as much as possible and the bank as little as possible. For example, they negotiated the owners hot tub in the back yard face to face and didn’t involve the bank.
I thought it was very interesting how much communication they had with the seller and a good way to smooth out a short sale.

[Anonymous]

Our house was bought as a short sale in 4S Ranch last May. The house had fallen out of escrow, so the agent already had an approved amount for the short sale. There were 3 other offers for the same amount as ours (exactly the approved amount), but somehow our agent got ours accepted. Since the bank had already approved the amount, the sellers agent wanted a short escrow. I think the reason was that foreclosure was set to happen. I think we closed in less than 25 days. It shortened our timeline, but it was fine. The seller had a second loan on the house for over 300,000. I’m not sure how they did it, but it looks like the bank ate the entire amount. The seller had renters in the house, but got them out in time, and had the house in very clean condition. We had an a-typical short sale experience because it was pretty easy. The only sticky point came when we had already signed papers and had keys to the house. The sellers agent came over and told us the house actually hadn’t officially closed yet (we thought it had). The second lien holder hadn’t signed off yet. We were really worried because we had moved across the country and thought, “what if they don’t sign off now, what will we do?”. Amazingly, it was fixed and signed within the day. We are still happy with the price we paid for our house.

[Anonymous]

Our house was bought as a short sale in 4S Ranch last May. The house had fallen out of escrow, so the agent already had an approved amount for the short sale. There were 3 other offers for the same amount as ours (exactly the approved amount), but somehow our agent got ours accepted. Since the bank had already approved the amount, the sellers agent wanted a short escrow. I think the reason was that foreclosure was set to happen. I think we closed in less than 25 days. It shortened our timeline, but it was fine. The seller had a second loan on the house for over 300,000. I’m not sure how they did it, but it looks like the bank ate the entire amount. The seller had renters in the house, but got them out in time, and had the house in very clean condition. We had an a-typical short sale experience because it was pretty easy. The only sticky point came when we had already signed papers and had keys to the house. The sellers agent came over and told us the house actually hadn’t officially closed yet (we thought it had). The second lien holder hadn’t signed off yet. We were really worried because we had moved across the country and thought, “what if they don’t sign off now, what will we do?”. Amazingly, it was fixed and signed within the day. We are still happy with the price we paid for our house.

[Anonymous]

Our house was bought as a short sale in 4S Ranch last May. The house had fallen out of escrow, so the agent already had an approved amount for the short sale. There were 3 other offers for the same amount as ours (exactly the approved amount), but somehow our agent got ours accepted. Since the bank had already approved the amount, the sellers agent wanted a short escrow. I think the reason was that foreclosure was set to happen. I think we closed in less than 25 days. It shortened our timeline, but it was fine. The seller had a second loan on the house for over 300,000. I’m not sure how they did it, but it looks like the bank ate the entire amount. The seller had renters in the house, but got them out in time, and had the house in very clean condition. We had an a-typical short sale experience because it was pretty easy. The only sticky point came when we had already signed papers and had keys to the house. The sellers agent came over and told us the house actually hadn’t officially closed yet (we thought it had). The second lien holder hadn’t signed off yet. We were really worried because we had moved across the country and thought, “what if they don’t sign off now, what will we do?”. Amazingly, it was fixed and signed within the day. We are still happy with the price we paid for our house.

[Anonymous]

Our house was bought as a short sale in 4S Ranch last May. The house had fallen out of escrow, so the agent already had an approved amount for the short sale. There were 3 other offers for the same amount as ours (exactly the approved amount), but somehow our agent got ours accepted. Since the bank had already approved the amount, the sellers agent wanted a short escrow. I think the reason was that foreclosure was set to happen. I think we closed in less than 25 days. It shortened our timeline, but it was fine. The seller had a second loan on the house for over 300,000. I’m not sure how they did it, but it looks like the bank ate the entire amount. The seller had renters in the house, but got them out in time, and had the house in very clean condition. We had an a-typical short sale experience because it was pretty easy. The only sticky point came when we had already signed papers and had keys to the house. The sellers agent came over and told us the house actually hadn’t officially closed yet (we thought it had). The second lien holder hadn’t signed off yet. We were really worried because we had moved across the country and thought, “what if they don’t sign off now, what will we do?”. Amazingly, it was fixed and signed within the day. We are still happy with the price we paid for our house.

[Anonymous]

Our house was bought as a short sale in 4S Ranch last May. The house had fallen out of escrow, so the agent already had an approved amount for the short sale. There were 3 other offers for the same amount as ours (exactly the approved amount), but somehow our agent got ours accepted. Since the bank had already approved the amount, the sellers agent wanted a short escrow. I think the reason was that foreclosure was set to happen. I think we closed in less than 25 days. It shortened our timeline, but it was fine. The seller had a second loan on the house for over 300,000. I’m not sure how they did it, but it looks like the bank ate the entire amount. The seller had renters in the house, but got them out in time, and had the house in very clean condition. We had an a-typical short sale experience because it was pretty easy. The only sticky point came when we had already signed papers and had keys to the house. The sellers agent came over and told us the house actually hadn’t officially closed yet (we thought it had). The second lien holder hadn’t signed off yet. We were really worried because we had moved across the country and thought, “what if they don’t sign off now, what will we do?”. Amazingly, it was fixed and signed within the day. We are still happy with the price we paid for our house.

[Author]

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