Home Buying in 93003>Question Details

Tn2cagirl, Home Buyer in Ventura, CA

short sale didn't go thru after 3 months

Asked by Tn2cagirl, Ventura, CA Fri Aug 24, 2012

banks are unreasonable; much higher than comps. do i keep looking with not much on market that is regular sale; do i just rent; do i buy a mobile instead; approved for 220k conv.; 125k mobile; been living in extended stay & cannot afford it anymore???

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Answers

3
Bill Eckler-Florida,’s answer
Short sales are much like riding a horse....when you fall off, it's best to get back on and ride it again.

Working with an experienced short sale agent that truly knows the local market and can help you justify your offer based on recently sold comps, is important to success.

Good luck,

Bill
0 votes Thank Flag Link Sat Aug 25, 2012
Good afternoon Tn2cagirl,

A short sale is a different kind of transaction than the normal real estate purchase. You are essentially going to wait while the Seller negotiates with their Lender(s) for approval to sell you the house at a price lower than what is owed to the Lender(s). This process can be lengthy, even stretching out to many months before you have a final answer.

You'll need two things during that time:

1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.

2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.

Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.


The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.

I hope that helps!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Aug 25, 2012
Trevor - thanks for your reply, but to be honest, it did not help. After 9 months of looking, I think it is unnecessary to tell me to be patient. I think I've had the patience of God. I just need advice on whether to continue to look & buy anything I can; or wait it out for a better market later in the year; or buy a mobile home.........like I said, I cannot afford extended stay hotels any longer. It is very apparent that the bail out the taxpayers gave to all the financial institutions is not worth the paper it was written on.
Flag Sat Aug 25, 2012
Tn2cagirl,

First off, have you discussed these questions with your current agent? For any agent to answer your question would take getting to know your situation. And depending on where you are looking and what you are looking for specifically, it will be hard to answer your question.

But from a timing standpoint, now is a great time to buy with record low interest rates and housing prices back to pre-housing boom prices.

Chris Chin
chrischin@cobaltrg.com
0 votes Thank Flag Link Fri Aug 24, 2012
yes, chris, i have discussed this w/my agent; she only says "don't buy a mobile" but offers nothing else; sold home in T.O. in Dec 2011, have been looking ever since, very frustrated, everything "pending" or "back up contingent"
Flag Sat Aug 25, 2012
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