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Have you purchased a short sale? How long did it take you?

I actually don't mind a few months here! We are paying cash for our home. We put an offer in and the sellers accepted. Now we just wait on the bank. We have the money coming as a gift, 100% proven But it will take a month for them to pay us.

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Musicmom80

Asked by Musicmom80 at 2:30 PM on Mar. 3, 2011 in Home & Garden

Level 36 (80,428 Credits)
Answers (14)
  • We put in an offer on a short sale, and after 6 months of waiting and going back and forth with the bank, we finally gave up and started looking at other properties. That house sat for a year and a half and finally went into foreclosure, then sold in less than a month.
    JulieJacobKyle

    Answer by JulieJacobKyle at 2:33 PM on Mar. 3, 2011

  • Did your eyes bleed?
    Anonymous

    Answer by Anonymous at 2:34 PM on Mar. 3, 2011

  • The owners still live there. It's only 12,000 off what they owe. I figure if we don't hear from them by the time we're ready, we can just put our money elsewhere! :)
    Musicmom80

    Comment by Musicmom80 (original poster) at 2:35 PM on Mar. 3, 2011

  • We didn't purchase a short sale, but we put an offer on one, and then it went to the bank to be accepted, two months later we were asked to give our "highest and best" offer and still hadn't heard anything after 2 additional months. I checked back on that house when we closed on our home, and it still hadn't sold after 6 months.

    We were told that short sales totally depend on the bank and usually take between 4-12 months to close.
    twin_mommy

    Answer by twin_mommy at 2:35 PM on Mar. 3, 2011

  • Oh, I just looked up that house. Looks like the sale fell through. It's now back to an active listing and has been on the market for 610 days.
    JulieJacobKyle

    Answer by JulieJacobKyle at 2:35 PM on Mar. 3, 2011

  • Julie, I'll bet it failed an inspection or something! That happened to us too! We deliberatley did a shortsale this time because we are moving to another state so it'll take time for us to get our ducks in a row.
    Musicmom80

    Comment by Musicmom80 (original poster) at 2:37 PM on Mar. 3, 2011

  • Music, since your money is coming in the form of a gift, I would be sure to make sure you set aside enough money for taxes on the gift money. It may be more than you think.
    twin_mommy

    Answer by twin_mommy at 2:39 PM on Mar. 3, 2011

  • IRS.gov says the payer of the gift is responsible for the taxes. We already worked it out with the estate planner.
    Musicmom80

    Comment by Musicmom80 (original poster) at 2:43 PM on Mar. 3, 2011

  • We bought a short sale. Start to finish it took 93 days. From what our realtor told us, it really does depend on the bank. Do you know what bank?
    JawgaMom1

    Answer by JawgaMom1 at 2:54 PM on Mar. 3, 2011

  • JawqaMom, thanks for your answer! I'm not sure what bank. I'll ask my real estate agent. He should know. He told me about 90 days as well, then escrow. But I was just looking for personal experience as well!
    Musicmom80

    Comment by Musicmom80 (original poster) at 2:57 PM on Mar. 3, 2011

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