We are thinking of putting an offer on a short sale house... does anyone have any experience with short sales? Good or bad... we'd really appreciate hearing your stories so we know what we'd be getting into!
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We had an offer in on a short sale not too long ago. We put in the offer around mid-January and as of mid-June we had almost gotten through the entire process but still hadn't gotten an answer from the investor. We were going to get an amazing deal on it though and we were almost at the end of the whole thing. We had to pull out of the deal because my husband had gotten a job elsewhere, closer to family, that we probably wouldn't have considered had the deal gone faster. It was very frustrating though and neither of us want to do it again.
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We had an offer in on a short sale a few years ago and we waited & waited, probably for about 4 months, and the bank didn't accept our offer, then they took the place off the market --- BUT, that was like 3+ years ago --- since then I think they've gotten better.
Our neighbors put their house up for a short sale, and they got a seller, bank approved the offer, and the whole thing was wrapped up within 6 months or so...
If you have the time to wait it out, definitely go for it! But plan on it moving slowly --- also, single family homes move faster than condos.
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