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Anyone here bought a house that was a short sale?

Posted by on Oct. 13, 2013 at 9:20 PM
  • 26 Replies

We just put a bid on a short sale house.  It is bank approved... 

If you bought a ss :


how long did it take to close?

If it was bank approved, did you put in a bid lower than that amount? If so, did they consider it?

Did it affect your loan at all.. I mean, did they scrutinize your loan app more?


I am worried!

by on Oct. 13, 2013 at 9:20 PM
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Replies (1-10):
JZB
by Gold Member on Oct. 13, 2013 at 9:20 PM
No clue Bump
mrstompkins
by Bronze Member on Oct. 13, 2013 at 9:22 PM


Thanks :)

Quoting JZB:

No clue Bump



SRUsarahSC
by Platinum Member on Oct. 13, 2013 at 9:24 PM

My parents did many years ago, like 25.  It took four months to close, they had to have 20% down.....my husband and I looked into a few but wound up building instead.  You can get a real deal but you have to be patient!

mrstompkins
by Bronze Member on Oct. 13, 2013 at 9:31 PM


Thanks :) if it works out, it will be a GREAT deal. We have been looking since July ( and living with my mother in the mean time since our house sold the first day it was on the market :-O )

Quoting SRUsarahSC:

My parents did many years ago, like 25.  It took four months to close, they had to have 20% down.....my husband and I looked into a few but wound up building instead.  You can get a real deal but you have to be patient!



Anonymous
by Anonymous 1 on Oct. 13, 2013 at 9:33 PM
1 mom liked this

I did. We put in our offer in late April 2008. We closed late June 2008. It was past the deadline for the shortsale, which voided the process on the day we should have closed, so we had to wait a week longer.

And no, short sale should not effect your loan. The part that would effect it is, is if the back taxes are not paid up to date (we had that issue, but it was included in closing costs- the old owners had to pay it)

MicheleJM
by Phoenix on Oct. 13, 2013 at 9:33 PM

I tried to buy a short sale.  It took FOREVER for the bank to approve the bid.  Like I was still waiting 6 months later.  I ended up withdrawing my bid and buying a house that was outright foreclosed on.

Anonymous
by Anonymous 2 on Oct. 13, 2013 at 9:33 PM
It took a VERY long time (as in months) for the bank to give any kind of answer. That was the roughest part.
SRUsarahSC
by Platinum Member on Oct. 13, 2013 at 9:36 PM
1 mom liked this

They paid $62500 for it, lived in it for 20 years, and sold it for $220,000.  When they bought it the house was dark brown with shag green carpet throughout lol.  Over the years they redid a ton and added one a huge second floor porch with storage under.  It was a great family home.

Quoting mrstompkins:


Thanks :) if it works out, it will be a GREAT deal. We have been looking since July ( and living with my mother in the mean time since our house sold the first day it was on the market :-O )

Quoting SRUsarahSC:

My parents did many years ago, like 25.  It took four months to close, they had to have 20% down.....my husband and I looked into a few but wound up building instead.  You can get a real deal but you have to be patient!




imakehimscream
by He screams on Oct. 13, 2013 at 9:36 PM
Bump no clue. I just learned what short sale means last week
mrstompkins
by Bronze Member on Oct. 13, 2013 at 9:40 PM


This is what I am worrying about! 

Quoting MicheleJM:

I tried to buy a short sale.  It took FOREVER for the bank to approve the bid.  Like I was still waiting 6 months later.  I ended up withdrawing my bid and buying a house that was outright foreclosed on.



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