Sunday, January 24, 2010

The Housing Market and the Big Bad Short Sale

Month One (July)

Made an offer close to asking price on a short sale (sellers owe more than can sell house for so the bank helps by creating a plan to sell the house without foreclosing on it). All paperwork in. Heard that short sales can take two to four months.

Month Two (August)

Wait.

Month Three (September)

Wait.

Month Four (October)

Man, I thought we'd be moving by now. Hear paperwork is sitting on management's desk.

Month Five (November)

Hear paperwork is still on management's desk. Answer probable in two weeks.

Month Six (December)

Should be hearing something any day (feel I have the right to insert - blah, blah, blah). Just need one more bit of information from sellers. We have to be out of our house by April 1st. Cutting it a little too close for comfort.

Month Seven (January)

Find different house (bank owned). Make an offer. Should hear something by tomorrow.

Looks promising. Large house on nice dead end street, at least two families with little kids, big yard with a playset, elementary school down the street, close to Kelven's work. Needs new carpet, paint, and other little repairs, but has everything else on our list.


I have this weird suspicion "short sales" don't really exist. Live and learn.

1 comment:

grammasnotes said...

Hope it works out soon! "Patience is doing something else in the meantime." Here is where you creative divas shine!