This is topic Anyone bought a short sale home? in forum General Talk at Northern California Ford Owners  .


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Posted by 306Coupe (Member # 4988) on :
 
Buying another home in Rocklin and trying to find out what experiences you guys have had with buying a short sale home. BTW it's with BoA
 
Posted by Yaterstang (Member # 7659) on :
 
It takes forever and any repairs required will have to be paid by you probably. You must have patience!
 
Posted by N8 (Member # 6048) on :
 
We just bought our home short sale. We got a wicked deal too. And I mean a ridiculous deal.

BUT...

It was a pain in the ass. AND. It took months. Banks hardly ever take your offer. And it has gotten harder to do short sales.

My Advice

Be patient and firm with your offers and educated with your offers. It will take a while to get one.

[ July 22, 2010, 01:15 PM: Message edited by: N8 ]
 
Posted by Yaterstang (Member # 7659) on :
 
All banks are shitty with their short sales right now, but i hear b of a is rediculously stupid to work with. Just make sure you keep all of the following on tap:

Paystubs, bank statements, w2s, tax returns.

DO NOT move your money around between bank accounts.

DO NOT run your credit report with anybody besides your lender

DO NOT get the macys card for 10% off
 
Posted by N8 (Member # 6048) on :
 
oh and have a good cash reserve. We had to drop a GWOP to get our situation. And that seemed to be the moral of the story for others we wanted. They wanted some cash.
 
Posted by Blind (Member # 3052) on :
 
quote:
Originally posted by N8:
oh and have a good cash reserve. We had to drop a GWOP to get our situation. And that seemed to be the moral of the story for others we wanted. They wanted some cash.
fuck, had to look that up on UD.


2. gwop 284 up, 95 down
money, or something of monetary value
yo im bout to battle this nigga, win that gwop, and holla at jacob da jeweler
doe money cash green paper benjimens
by Queen of Rap May 29, 2006 share this

3. gwop 124 up, 21 down
money; derived from George Washington on Paper
Living in the Manhattan is cool as long as you got that gwop.
money scrilla chedda paper grip
by Eikooc Apr 16, 2008 share this
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by Blind:
quote:
Originally posted by N8:
oh and have a good cash reserve. We had to drop a GWOP to get our situation. And that seemed to be the moral of the story for others we wanted. They wanted some cash.
fuck, had to look that up on UD.


2. gwop 284 up, 95 down
money, or something of monetary value
yo im bout to battle this nigga, win that gwop, and holla at jacob da jeweler
doe money cash green paper benjimens
by Queen of Rap May 29, 2006 share this

3. gwop 124 up, 21 down
money; derived from George Washington on Paper
Living in the Manhattan is cool as long as you got that gwop.
money scrilla chedda paper grip
by Eikooc Apr 16, 2008 share this
lol....
 
Posted by 306Coupe (Member # 4988) on :
 
Put in an offer on june 6th. price is $315k and putting down a little over half of that. We got a response today and this is what it said:

"Received a response today on short sale offer. My first step is to send the numbers to escrow to prepare an amended nete sheet, required by Lender. As soon as I get that back, I will be sending a formal Counter Offer for Buyer/Seller signatures. Once signed, I will upload your responses to Equator. ALL THIS MUST OCCUR ON OR BEFORE 7/31.

Highlights of Lender's response as it affects Buyer/Seller:
- Buyer shall pay for HOA transfer and doc fees (est. $470)
- Close of escrow on or before 9/30
 
Posted by Yaterstang (Member # 7659) on :
 
Sounds like your past all the waiting garbage. Now you just have to deal with all the bs your bank is going to put you through. 9/30 is plenty of time to get things done but the banks are slow right now.
 
Posted by Yaterstang (Member # 7659) on :
 
Rocklin's vs. Benicia is like night and day. You moving out to the Sac area 306?
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by 306Coupe:
Put in an offer on june 6th. price is $315k and putting down a little over half of that. We got a response today and this is what it said:

"Received a response today on short sale offer. My first step is to send the numbers to escrow to prepare an amended nete sheet, required by Lender. As soon as I get that back, I will be sending a formal Counter Offer for Buyer/Seller signatures. Once signed, I will upload your responses to Equator. ALL THIS MUST OCCUR ON OR BEFORE 7/31.

Highlights of Lender's response as it affects Buyer/Seller:
- Buyer shall pay for HOA transfer and doc fees (est. $470)
- Close of escrow on or before 9/30
yea I wish I can say that is good news at this point. I received countless notices like that. Chances are you will not like their counter offer. I too had drop like 100k for our situation. So you are going in with some good bargaining chips. Stick to your guns though and research, so you do not price yourself out. Make firm, educated and challenging offers and you will land a property. But prepared to go through this several times.

BUT... I wish you the best on this one you are going after. PM me if you like for any advice or anything.

[ July 22, 2010, 01:42 PM: Message edited by: N8 ]
 
Posted by 306Coupe (Member # 4988) on :
 
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
Put in an offer on june 6th. price is $315k and putting down a little over half of that. We got a response today and this is what it said:

"Received a response today on short sale offer. My first step is to send the numbers to escrow to prepare an amended nete sheet, required by Lender. As soon as I get that back, I will be sending a formal Counter Offer for Buyer/Seller signatures. Once signed, I will upload your responses to Equator. ALL THIS MUST OCCUR ON OR BEFORE 7/31.

Highlights of Lender's response as it affects Buyer/Seller:
- Buyer shall pay for HOA transfer and doc fees (est. $470)
- Close of escrow on or before 9/30
yea I wish I can say that is good news at this point. I received countless notices like that. Chances are you will not like their counter offer. I too had drop like 100k for our situation. So you are going in with some good bargaining chips. Stick to your guns though and research, so you do not price yourself out. Make firm, educated and challenging offers and you will land a property. But prepared to go through this several times.

BUT... I wish you the best on this one you are going after. PM me if you like for any advice or anything.
I live in Vallejo now, bought a house 5 years ago and it isn't worth shit anymore.

N8 the counter offer was Buyer shall pay for HOA transfer and doc fees (est. $470), Close of escrow on or before 9/30. The agreed price of 315k would stand as is

The Bank is only loaning us 150k, so I would think it'll be less BS since the value way outweighs the loan amount

[ July 22, 2010, 01:55 PM: Message edited by: 306Coupe ]
 
Posted by Yaterstang (Member # 7659) on :
 
Thats good, it sounds like the sellers have already negotiated all this with their lender already and the short sales is approved through them. The sellers are done on their end and you now need to perform. Get with your lender and find out if you want to lock in your rate. mortgagecommentary.com can give you some insight on what the industry believes the rate will do.
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by 306Coupe:
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
Put in an offer on june 6th. price is $315k and putting down a little over half of that. We got a response today and this is what it said:

"Received a response today on short sale offer. My first step is to send the numbers to escrow to prepare an amended nete sheet, required by Lender. As soon as I get that back, I will be sending a formal Counter Offer for Buyer/Seller signatures. Once signed, I will upload your responses to Equator. ALL THIS MUST OCCUR ON OR BEFORE 7/31.

Highlights of Lender's response as it affects Buyer/Seller:
- Buyer shall pay for HOA transfer and doc fees (est. $470)
- Close of escrow on or before 9/30
yea I wish I can say that is good news at this point. I received countless notices like that. Chances are you will not like their counter offer. I too had drop like 100k for our situation. So you are going in with some good bargaining chips. Stick to your guns though and research, so you do not price yourself out. Make firm, educated and challenging offers and you will land a property. But prepared to go through this several times.

BUT... I wish you the best on this one you are going after. PM me if you like for any advice or anything.
I live in Vallejo now, bought a house 5 years ago and it isn't worth shit anymore.

N8 the counter offer was Buyer shall pay for HOA transfer and doc fees (est. $470), Close of escrow on or before 9/30. The agreed price of 315k would stand as is
oh snap, I read that wrong. Well there you go. Sounds like you are on a good path then. Was the 315 your offer? Make sure you have all your ducks lined up and ready to go. Once it gets moving it will move fast. You have plenty of time to close. We got like half that amount of time on ours but were ready to go.

Sounds like almost congrats are in order. Good luck.
 
Posted by Yaterstang (Member # 7659) on :
 
http://www.mortgagecommentary.com/commentary.cfm?id=111111
 
Posted by 306Coupe (Member # 4988) on :
 
The second home hasn't been as stressful as when we bought the first home.

N8 what did you do with your other house?
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by 306Coupe:
The second home hasn't been as stressful as when we bought the first home.

N8 what did you do with your other house?
Well we kept one and walked on the other. But I did it right when we were moving into our short sale. But the funny thing. Right after we dipped, the bank all of a sudden wanted to work with us. We refused their offer. Then they sent us a better one. So right now I am renting the place out.
 
Posted by 306Coupe (Member # 4988) on :
 
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
The second home hasn't been as stressful as when we bought the first home.

N8 what did you do with your other house?
Well we kept one and walked on the other. But I did it right when we were moving into our short sale. But the funny thing. Right after we dipped, the bank all of a sudden wanted to work with us. We refused their offer. Then they sent us a better one. So right now I am renting the place out.
Yeah they refused to work with us as well
 
Posted by 68dustin (Member # 5388) on :
 
I will never do a b of a short sale again. Lets see..... i started the deal in febuary and im still waiting... i should be signing papers next week, but it's been a stressful past 6 months
 
Posted by 306Coupe (Member # 4988) on :
 
quote:
Originally posted by 68dustin:
I will never do a b of a short sale again. Lets see..... i started the deal in febuary and im still waiting... i should be signing papers next week, but it's been a stressful past 6 months
ouch
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by 306Coupe:
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
The second home hasn't been as stressful as when we bought the first home.

N8 what did you do with your other house?
Well we kept one and walked on the other. But I did it right when we were moving into our short sale. But the funny thing. Right after we dipped, the bank all of a sudden wanted to work with us. We refused their offer. Then they sent us a better one. So right now I am renting the place out.
Yeah they refused to work with us as well
Shit we refused to work with them....lol. But dont be surprised if they come back around and make you an offer. And shit on that whole "You bought it you should stay shit". We dipped on our home because it made sense. I bought double the house for half the price. And I am sure you are making a come up too.
 
Posted by N8 (Member # 6048) on :
 
quote:
Originally posted by 68dustin:
I will never do a b of a short sale again. Lets see..... i started the deal in febuary and im still waiting... i should be signing papers next week, but it's been a stressful past 6 months
Mine was painful too.
 
Posted by 306Coupe (Member # 4988) on :
 
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
quote:
Originally posted by N8:
quote:
Originally posted by 306Coupe:
The second home hasn't been as stressful as when we bought the first home.

N8 what did you do with your other house?
Well we kept one and walked on the other. But I did it right when we were moving into our short sale. But the funny thing. Right after we dipped, the bank all of a sudden wanted to work with us. We refused their offer. Then they sent us a better one. So right now I am renting the place out.
Yeah they refused to work with us as well
Shit we refused to work with them....lol. But dont be surprised if they come back around and make you an offer. And shit on that whole "You bought it you should stay shit". We dipped on our home because it made sense. I bought double the house for half the price. And I am sure you are making a come up too.
yeah bought this house for a bit more than the house we are buying and it's now worth 1/4 of what we paid for it
 




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