Today we put in an offer on a short sale house. I'm pretty pumped about this house and am hoping we hear something sooner then later. Our realtor is optimistic that it won't get as drawn out as there are not many short sales on the market right now.
Any experiences with short sale process?
pomelo / 5129 posts
The first one I put an offer on we never heard back on. Our offer was in limbo for 90 days.
The second one, the sellers (and bank) were eager to sell because the couple was getting divorced and splitting assets. It was much like a normal sale and it didn't take as long for the offer to be accepted and we closed 30 days later.
honeydew / 7235 posts
We put offers out on two short sales in the past. One we never really heard back on, eventually we saw the listing taken down, but it was annoying.
The second one we countered back & forth with the bank then ultimately it fell through 
This was about 7 years ago though, and I think the process isn't quite as slow now as it was then.... GOOD LUCK! 
pear / 1837 posts
We bought a short sale in 2011. Put an offer in January... didn't close until June. Hope yours goes more quickly! We were in love with the house and rented so we had time to wait but it was incredibly stressful.
apricot / 256 posts
My experience was similar to @Lulabee's. It took about 5 months from offer to closing but it all worked out. This was in 2012.
nectarine / 2148 posts
That's all mostly good to hear! Our current lease ends August 30th, so hoping it can work itself out before then, but could probably rent month to month after if needed. I guess it's more time to save, right??
pomegranate / 3355 posts
Our home was a short sale and it was way smoother than we anticipated. Offered in Jan, some back and forth and we settled in April. It takes longer than a normal sale but all in all our experience was good. There were issues that came up and they all fell to us to remedy but in the end we are glad we did it all. We got a great deal on our home that we probably couldn't have afforded any other way!!
clementine / 911 posts
I've been on both sides of short sale deals, and it all depends on the bank you're working with. Some are a lot easier to deal with than others. Having a second mortgage or anything like that really complicates things too, because then there are 2 banks who have to agree (which I had to deal with when I sold my house). Hopefully you have an easy experience, but be prepared for each step of the process to take longer than normal.
apricot / 442 posts
We put our offer in mid August 2013 and didn't close until end of January 2014. The sellers had a second $20k mortgage, and the second bank dragged things out as long as they could in hopes they would get more of their investment back.
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