Life Anyone ever successfully buy a house on Short Sale?

El Jefe · 04-11-2013, 10:20 AM

Recently I meant to say. We have a house we want, but is in short sale and the owners have been very difficult to work with as of far. Our agent is awesome, she has done the most short sales in our area in the last five years total. She said this year short sales have become much more difficult, as some banks will not accept or decline your offer, they will just pass it on to someone else and it will never be accepted or rejected. She said the majority of the time the house ends up going into foreclosure. The reasoning is the home owners owe more than the short sale will bring and the banks have gotten fed up with taking the lower offers so they just let the offer float out in space, and then the house shows up on foreclosure sale anywhere from 6months to 1 year + in some circumstances.

Has anyone here had the pleausure of submitting an offer on a short sale and landed it? Currently no one in my family has landed a short sale house. My cousin has missed on two, my brother on one, my wifes aunt and uncle missed, and two of her cousins have missed. I hope we land it! It does need a lot of work though.

*On a side note, anybody know much about pond management? This house has a beautiful (should say had) pond on the property. Pictures from 5 years ago show the pond double the size it is currently. Cat tails have turned the majority of the bank into dry ground, at least 15 feet inward has been turned into dry ground. I think the best thing to do (if we land the property) would be to rent a back hoe and dig out the banks 10-15 feet and widen the pond to where it was. Cat tails are rascals if you don't get the root structures. Can anyone lend some advice on this?

04-11-2013, 10:20 AM	Topic Starter
El Jefe Don't tread on me. Join Date: Nov 2006 Location: Where the peaches grow Casino cash: $9030572	Anyone ever successfully buy a house on Short Sale? Recently I meant to say. We have a house we want, but is in short sale and the owners have been very difficult to work with as of far. Our agent is awesome, she has done the most short sales in our area in the last five years total. She said this year short sales have become much more difficult, as some banks will not accept or decline your offer, they will just pass it on to someone else and it will never be accepted or rejected. She said the majority of the time the house ends up going into foreclosure. The reasoning is the home owners owe more than the short sale will bring and the banks have gotten fed up with taking the lower offers so they just let the offer float out in space, and then the house shows up on foreclosure sale anywhere from 6months to 1 year + in some circumstances. Has anyone here had the pleausure of submitting an offer on a short sale and landed it? Currently no one in my family has landed a short sale house. My cousin has missed on two, my brother on one, my wifes aunt and uncle missed, and two of her cousins have missed. I hope we land it! It does need a lot of work though. *On a side note, anybody know much about pond management? This house has a beautiful (should say had) pond on the property. Pictures from 5 years ago show the pond double the size it is currently. Cat tails have turned the majority of the bank into dry ground, at least 15 feet inward has been turned into dry ground. I think the best thing to do (if we land the property) would be to rent a back hoe and dig out the banks 10-15 feet and widen the pond to where it was. Cat tails are rascals if you don't get the root structures. Can anyone lend some advice on this?
Posts: 8,540