Foreclosure in Edgewater>Question Details

Jo Williams, Home Buyer in Edgewater, FL

we have put in an offer on a short sale home. its been 6 weeks - no answer yet - we are prequalified for a

Asked by Jo Williams, Edgewater, FL Fri Mar 21, 2008

loan any suggestions??

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In my experience, when dealing with any property where the bank is involved, throw everything you know about the "home buying process" out the window! A little background... from January 2007 to January 2008 foreclosures are up 79% nationally. Banks are flooded with short sale, and foreclosures, so most likely the property in question is just another file on the desk of a loss mitigation specialist at the bank. Patience is a virtue! The most that you can do, is stay on the phone! Call the bank, and stay on top of who ever you are dealing with. The bank sets the time frame, so if the property is worth it, and you are flexible, be patient. If you are not working with a Realtor, hire an attorney to oversee, because the bank will most likely expedite the Purchase and Sale, and home inspection (if there is one) and you will have to act fast! If you are working with a realtor I'm sure that they will keep on top of the situation (assuming of course they are as good as I am!!!). Good luck!
0 votes Thank Flag Link Fri Mar 21, 2008
We just closed on a short sale last month. It took the bank 5 weeks to get an appraisal done but after that we got an answer right away. They countered with the exact price that it appraised at. In my case this was a great deal because the appraised it as land only and then subtracted the price to remove the structures. The house needs a lot of work but can be salvaged. When the bank countered they gave us 5 hours to accept or deny. We accepted and then it took 3 more weeks to close. Its frustrating but if you really want the property just hang in there.
0 votes Thank Flag Link Sat Mar 22, 2008
Williams:

We have a new FAR/BAR (Florida Assoc. Realtors/BAR) approved form for use with all Short -sales. It limits the amount you are bound to the offer to 45 days max., at which point you can request your escrow be returned and walk away.

Your agent should have included the form in the package. Move on to another property, you can probably find a Foreclosure (which gives you a responce in less than 7 days) with the same or better options for the same price.

Tony.Vega@ColdwellBanker.com
0 votes Thank Flag Link Fri Mar 21, 2008
Wait until 2009, you will get a much better price, and probably a quicker response.
Are you in a hurry to lose money?
I'm not sure if you heard, but housing prices are going down, probably for the next few years at the least.

anyways

good luck

happy easter
0 votes Thank Flag Link Fri Mar 21, 2008
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