Short Sales

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Latest post Sun, Aug 2 2009 1:25 PM by LasVegasLen. 8 replies.
  • Thu, Jul 23 2009 1:42 PM

    • RRH
      Consumer
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    • Joined on Thu, Jul 23 2009
    • CT
    • Posts 5

    Short Sales

    I don't know how many of you have experienced a "Short Sale", but, it's anything but.  It has been three and a half months and no lender acceptance of our offer.  I was prequalified for a mortgage and have been on stand-by for an eternity.  My attorney pretty much says, don't call us, we'll call you.  The sellers have moved out of state and their attorney does not seem to be any better then mine.  They do not communicate amongst each other, so my husband and I have two options: Fire our attorney, or walk away from this short sale.  Any advice out there?

    RRH

  • Thu, Jul 23 2009 1:52 PM In reply to

    Re: Short Sales

    There have been several other people posting the same dilemma on this site.

    My advice, get your money back and walk away from the deal. Then buy a house from somebody who wants to sell it.

    I wonder when the American public is going to wake up to the fact that short sales and loan modifications just aren't happening.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Thu, Jul 23 2009 2:17 PM In reply to

    • RRH
      Consumer
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    • Joined on Thu, Jul 23 2009
    • CT
    • Posts 5

    Re: Short Sales

    Thank you for your rapid response:

    I also wonder why there hasn't been more discussion  about Short sales. It avoids foreclosure for the sellers and places a buyer in immediately.  Why so difficult.  I would back out, but my husband who is giving and treated me and our daughters like Queens, really wants this property. I cannot bring myself to say, let's move on. I would have two months ago if it were up to me. Thanks again. I don't even know the name of the lender who took over the property. I want to email sellers attorney, but I hesitate.

  • Thu, Jul 23 2009 3:12 PM In reply to

    Re: Short Sales

    RRH:
    I also wonder why there hasn't been more discussion about Short sales.

    Check out the results of a search of these message boards. There have been lots of discussions about short sales. Many similar to yours.

    http://www.lawyers.com...

    RRH:
    It avoids foreclosure for the sellers and places a buyer in immediately. Why so difficult.

    Because lenders lose a lot of money on short sales and they either won't approve them or they'll stall until they can sell the house for more than the short sale offer. Been a few messages here about that, too.

    RRH:
    I would back out, but my husband who is giving and treated me and our daughters like Queens, really wants this property.

    My house buying philosophy for the past 3 decades has been to never "really want this property". I have always narrowed my choices to several that I'd be happy to have with the willingness to walk away if negotiations weren't going my way or there was some sort of glitch during the escrow period. As a result, I've made some smokin' deals on houses that I've bought over the years. Your husband's emotional attachment to "this property" makes you vulnerable to getting a bad house with a bad deal and it keeps you out of the market while you dance to the lender's tune and miss out on all the great deals from motivated sellers.

    RRH:
    I cannot bring myself to say, let's move on. I would have two months ago if it were up to me. Thanks again. I don't even know the name of the lender who took over the property. I want to email sellers attorney, but I hesitate.

    That's unfortunate.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Thu, Jul 23 2009 10:12 PM In reply to

    • RRH
      Consumer
    • Not Ranked
    • Joined on Thu, Jul 23 2009
    • CT
    • Posts 5

    Re: Short Sales

    I have contacted both state senators and one congressman on this very topic after reading your reply. One senator is on the banking committee. I hope one of then will spread the word and take action on this abuse. Yes, I call it abuse.

    Do I have the right to contact the sellers attorney to ask where the sellers lenders are in this oh so long sale? May I contact the sellers? The real estate agents sit back, my attorney has not touched base with me in two weeks. I have no idea where to turn. I live in CT., the sellers moved to CO and filed bankruptcy.

    Thanks again

  • Thu, Jul 23 2009 10:16 PM In reply to

    • RRH
      Consumer
    • Not Ranked
    • Joined on Thu, Jul 23 2009
    • CT
    • Posts 5

    Re: Short Sales

    Thanks, I don't have many to chose from where I live, but what is there are more short sales. I did find two that meet our criteria. I will see them all including short sales and hope for a better outcome.

  • Thu, Jul 23 2009 10:51 PM In reply to

    Re: Short Sales

    RRH:
    Do I have the right to contact the sellers attorney to ask where the sellers lenders are in this oh so long sale? May I contact the sellers?

    Yes and yes.

    I just doubt that you'll be told anything different than you already know.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Fri, Jul 24 2009 10:36 AM In reply to

    • RRH
      Consumer
    • Not Ranked
    • Joined on Thu, Jul 23 2009
    • CT
    • Posts 5

    Re: Short Sales

    Thank you so much. I am going to see a few homes this week and my husband agreed it has been too time consuming and frustrating.

  • Sun, Aug 2 2009 1:25 PM In reply to

    Re: Short Sales

    RHH,

    It is common for many short sales to take a few months for approval. I am a Realtor in Las Vegas and short sales are a very large part of our market. Short sales are getting approved more and more now. Don't be afraid of it, just make sure you know everything that is happening. If your attorney is not updating you and keeping you in the loop on the sale, fire that attorney and get one that will. There are many factors within a short sale that will determine the timeframe and chances of it getting approved by the lender. You should know these things.

    Las Vegas Realtor

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