BritinUSA Posted May 12, 2010 Share Posted May 12, 2010 I'm trying to buy a house; It's a 'Short Sale' and it seems to take forever to get a response. I'm just waiting to hear if the bank negotiator will accept my offer before we can move forward to closing. There's only the one lender on the house which may allow things to move a little quicker than usual, the big delays happen when there is more than one mortgage on a property. There are so many 'Short Sales' around here its crazy ! I've looked at a load of houses that, minus the yellow tape, look just like crime scenes. I've also viewed one house that was 4 years old but looked brand new. I felt so bad for the owners, having to sell their home that they have clearly taken so much care of. I just want this finished.... I've been working on this selling/buying stuff all year, I sold my apartment in just 22 days but the buying part is tedious. Link to comment Share on other sites More sharing options...
JRBean Posted May 12, 2010 Share Posted May 12, 2010 I feel your pain. I finally gave up on the short sale I wanted and found a foreclosure that is only 3 years old. Hope to close on it in the next 2 weeks. Trying to find a house has been an extremely aggravating process. Good luck on yours. Link to comment Share on other sites More sharing options...
GrumpyOne Posted May 12, 2010 Share Posted May 12, 2010 I'm trying to buy a house; It's a 'Short Sale' and it seems to take forever to get a response. I'm just waiting to hear if the bank negotiator will accept my offer before we can move forward to closing. There's only the one lender on the house which may allow things to move a little quicker than usual, the big delays happen when there is more than one mortgage on a property. There are so many 'Short Sales' around here its crazy ! I've looked at a load of houses that, minus the yellow tape, look just like crime scenes. I've also viewed one house that was 4 years old but looked brand new. I felt so bad for the owners, having to sell their home that they have clearly taken so much care of. I just want this finished.... I've been working on this selling/buying stuff all year, I sold my apartment in just 22 days but the buying part is tedious. In the last 15 years, I have bought and sold 2 houses after living in them, and built two other houses I currently own. I feel your pain! Buying is easy, wait till you have one built! My builder ended up in prison shortly after completing my Florida house. Seems he was embezzling money from the company, and had also tried to strong arm/blackmail several people (including me) into paying substantially more money than the contract called for, for him to finish the house. He told me to give him $45,000 more or he wouldn't finish my house. I told him to stay where he was, I'll be there in 30 minutes with a baseball bat (not in those exact words, mine might have been a bit harsher! ).......He finished my house....WITHOUT THE EXTRA MONEY. I did call the cops on him when it was done, and as it turns out, they already had been investigating him and had a pretty strong case. Link to comment Share on other sites More sharing options...
diehli Posted May 12, 2010 Share Posted May 12, 2010 I waited 11 months from when I put the offer in until close to get the 1B/ 1BA condo/apartment I'm in. 10 of that was waiting for a response from B of A (the original lender). Paid a reduced rent to the owner over that period and was probably going to bail if it hit a year. Short sales require the patience of a saint (and, perhaps, the tenacity of a pissed off pitbull). Link to comment Share on other sites More sharing options...
BritinUSA Posted May 12, 2010 Author Share Posted May 12, 2010 The one I am trying to buy is with Bank of America. They are supposed to have fixed their short-sale process and they now claim a 90 day turn-around. We shall see ... Link to comment Share on other sites More sharing options...
lmlong Posted May 12, 2010 Share Posted May 12, 2010 Try doing a short sell through B of A. My wife lost her job, found another but at a $25,000.00 a year loss so we can't afford the house anymore. It took so long we lost 2 buyers and am now in the midst of foreclosure. Link to comment Share on other sites More sharing options...
BritinUSA Posted May 12, 2010 Author Share Posted May 12, 2010 That sucks ! BoA is crazy, if they would process their short-sales quicker then they would actually get more money than they would with a fore-closure. Link to comment Share on other sites More sharing options...
Tom S. Posted May 12, 2010 Share Posted May 12, 2010 Look at the plus side: you're getting a house that 3 years ago would have cost you a whole lot more! Now is a great time to be in the buying mode despite having to deal with the banks. Good luck, and hang in there, it will be worth it. BTW: everyone has a boss. If you run into a problem with the person handling your sale, ask to speak to their supervisor. Link to comment Share on other sites More sharing options...
ChuckS Posted May 12, 2010 Share Posted May 12, 2010 (edited) I once bought a foreclosure house from a bank and they started dragging it out. I told them if they did not get things rolling I would make sure that the house is still on their books into the next quarter. That chopped about 4 weeks off their expected closing plan. I guess the guy doing the work didn't want to have to explain why the bank had still not gotten their money back. It was "supposed" to close mid-May and they wanted to add 2-4 weeks. I told them that it would be no sooner than July if this continued. Later, Chuck ETA: To keep this within the Hate Forum guidelines, I hate waiting for the Bank on real estate deals also, the this post is why! Edited May 12, 2010 by ChuckS Link to comment Share on other sites More sharing options...
raz-0 Posted May 12, 2010 Share Posted May 12, 2010 Hey, at least your short sale has the bank considering it. Most of the short sales around here are figments of the sellers imagination with a made up price tag attached and not even a phone call made to the bank yet. On top of that most of these short sales have no chance as the bank sees more money in a foreclosing on the properties in question. I did manage to find a house though, not a foreclosure or a short sale though. Excluding those dropped about 60% of the listings though. Link to comment Share on other sites More sharing options...
larry cazes Posted May 13, 2010 Share Posted May 13, 2010 Wow! Talk about monumental Whining. Millions of folks face financial ruin over this housing bust. Kinda makes this slight inconvenience seem small in comparison, huh? Link to comment Share on other sites More sharing options...
BritinUSA Posted May 13, 2010 Author Share Posted May 13, 2010 5, 4, 3, 2, 1 ... Link to comment Share on other sites More sharing options...
Rcurly Posted May 14, 2010 Share Posted May 14, 2010 Gotta agree with Larry on this one. Link to comment Share on other sites More sharing options...
Nik Habicht Posted May 14, 2010 Share Posted May 14, 2010 No rebuttals in the Hate forum...... Link to comment Share on other sites More sharing options...
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