Are Short sales Really Nightmares? Part 3
Many first time home buyer clients of mine… that are waiting for a short sale are sooooo patient! I have several buyers that have waited and waited and waited! Some of them were told that the bank would guarantee that it would only be 30 days from them sending in the offer before they got an answer. I told them not to count on that! Months later, those clients still have NOT received an official answer except…give us a better and higher offer!
Well, tonight I heard from the bank on another of my clients offer on a short sale home! They have been waiting for about 4 months! They had an offer of $138,9000 on a darling home in Eagle Mountain with almost 2,000 square feet, a 2 car garage and nice size yard with a fence! We were in first position, which means that no other offers were given to the bank until we get the chance to take their counter offer or reject it. Well, I advised them not to just wait for this one, and we kept looking! Just last month we found another home they could love, also in Eagle Mountain with over 2,000 square feet, nice yard and a quiet tree lined street! This one is a bank-owned. This one we were able to make a reasonable offer and the bank accepted it and we were under contract with them within a day! They got the home for $144,500, with a great 2 year home warranty and 3.5% closing costs paid for them by the bank! They were hanging on to the possibility of the short sale home as it was a little less, but we just heard from the bank tonight that they had to up their bid by $10,000 or lose it!
When you make an offer on a short sale home…the bank can take months and months to review…they can either reject, accept or counter your offer with their own higher offer. In this case the bank countered that the price had to be $149,900, and only 3% closing costs would be paid and no home warranty. So this price is too high and if they had been waiting all this time for this one house, they would be out of luck with just one email from the bank! THAT IS WHY SO MANY PEOPLE SAY THAT SHORT SALES ARE NIGHTMARES! Luckily my darling first time home buyers have a great Real Estate Agent (Me!! he,he) that took care of them and they listened to my advice to keep looking and found another great home with even more to offer them. A happy ending to this clients SHORT SALE NIGHTMARE!
Now, who do you know that would like to get a great deal on their first home? Hmmmm….I wonder who you could refer them to???