Ok, now that you've had that one drink I'd like to tell you that you aren't totally screwed. You have options. At this point you have about a week to two weeks to find a replacement property. If you can't find that replacement property in time then your next option is to look into a pre-furnished short-term housing situation. Courtyard by Marriott is an option. Many families in your situation use these types of short-term housing when they are relocating from other parts of the country. You will find something suitable to buy in the next few months. Just take a step back and realize that things could be worse. Good luck, Jon
Though you may not have gotten top dollar for your house, you're in an ideal situation to buy another one. You'll have the cash...the purchase won't be contingent on the sale of your previous property...and if you use short-term accommodations you can be flexible in the move-in date. And that, in turn, will give you a lot of negotiating tools to get a new property at a very good price.
Too late now, of course, but any agent who tells you they know what banks are thinking--on either a preforeclosure/short sale, or REO property--isn't being accurate. No one knows how the banks will react. And, it sounds like, in this case, that you made a full price offer on a short sale property. That's fine, of course, but the bank doesn't look at it as a full price offer. Instead, they look at it as "How much are we going to lose on this property?"
One other possibility--slim, but possible--is picking up the property at the foreclosure auction or as an REO (real estate owned) property. If the bank doesn't sell it pre-foreclosure to someone else, there will be an auction, and if it doesn't sell there, then the bank owns it. And at some point, maybe sooner, maybe later, the bank will list it with an agent. And it's a bit more predictable (but never a certainty) that if the bank now owns it, it'll sell it for what it's asking. And the funny thing is, it's not uncommon at all for banks to reject a short sale at one figure, then after it's an REO property sell it for less, sometimes substantially less, than they could have gotten from a short sale.
But, as you note, don't just settle for something to buy because you feel you have to. Like I said above, you don't have to settle. You're in a terrific position to buy a property. This is agony right now, I know, but there is an upside. Try to take advantage of it.
Also, is there a redemption period in MA?? anyone know?
OK, so I do get that the market may give up more BUT I'm worried that inventory will shrink because folks don't want to sell in a down market.
Any idea how to find a nice rental with at least 3 bedrooms (preferably 4). Needs to be a really safe area (little kids) and hopefully close to where we live now so tha twe can stay in the same school.
I am suprised that you feel that there is not a lot to choose from. Salem Five is on the North Shore and I have not heard people saying the inventory is low. Which town are you move to or stay in.