Short Sale advice

Asked by Dee, 49518 Sat Sep 5, 2009

Hello Everyone

Need alittle advice. Well I put an offer in on a home that is a short sale June 1st 2009. The mortgage is through what once was Countrywide is now Bank of America. Per selling agent the short sale is now in a phase III as of August 5th. From what I'm getting from other sites that I've read is: phase III means offer has been accepted but it needs to be signed off. I'm wondering If anyone by chance knows how much longer of a wait there may be since it is at phase III. Wondering also can I myself get the required information to check on the status of the short sale or do I have to keep working through my agent to get the information? One final question, if I decided not to wait any long on the bank how long will it take before the home is listed as a foreclosure, if no other offers? Hoping to be able to take advantage of the homebuyers tax credit, but we"ll see!!!!!

Thanks in advance,

Dee

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Derek Bauer, Agent, South Lyon, MI
Tue Sep 8, 2009
Dee,

To winterize a home, you are most likely looking at only a few hundred dollars, or less ... but the costs to fix plumbing, etc. if not winterized correctly can be very high. I wouldn't make your decision based on that fact alone ... just be sure it is winterized properly by a reputable company if you get to that point.
1 vote
Derek Bauer, Agent, South Lyon, MI
Sat Sep 5, 2009
Dee,

Lots of questions here, but in short:

1. Countrywide/BOA is THE most challenging and frustrating to work with on short sales.
2. Phase III is a good thing, so barring any hiccups (which can certainly happen), hopefully you have an answer in the next 30 days (no guarantees).
3. You will need to work through your agent, who should be receiving updates from the listing agent.
4. You may not be able to get out of the contract unless there is verbiage in there allowing you to do so. Short sale contracts are bona fide contracts like any other. So many buyers think they can just, "back out," and it is not that easy.

Get with your agent, review the contracts, have your options explained to you, and move forward accordingly. Yes, the end of November will be here before we know it, and then also the possible end to the tax credit.

Good luck and please keep us posted.


Derek Bauer
Real Estate One
Web Reference:  http://DoorToDreams.com
1 vote
Dee, Home Buyer, 49518
Tue Sep 8, 2009
Thank you for your advice!
There is one last question. As far as the contract I've been extending every 30 days...trying to decide if I want to still hang on due to the fact that winter is not far away. Do you buy chance know what is the average cost of de-winterizing a home ? Can this cost be split between the seller and the buyer????

Again thank you for your advice,

Dee
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