OMG. We had a god awful experience trying to buy a short sale house this summer. I am a teacher, so I was hoping to use my summer helping us move and do home renovations. We made an offer at the end of April/beginning of May, and by September they were still asking for extensions and the bank had not approved it. By that point, we just did not renew our offer...I was already back to work. It tied us up from being able to find somewhere else, because we thought we "had" that one! Egh.
What is super irritating is the fact that the bank has to know that their option is usually to accept the short sale offer, or pursue bankruptcy with the owners, then attempt to sell it themselves in a crappy market (which costs time, money, and manpower when they might not even get what we offered!). What's worse, is that later we found out that our offer was only $5,000 less than what was owed on the loan. Just EGH!!!! It was frustrating!
at 8:47 PM on Mar. 7, 2011