About that house we looked at.

January 30, 2010 at 3:25 pm 3 comments

So a few days ago I posted about a house we looked at in Andover.  The house is a short sale, which means it’s not in foreclosure yet but the owners have negotiated a deal with the bank to sell it for less than what it’s worth, just to get out from under it.  We’ve decided to go for it.

We met with our realtor Tuesday night to prepare our offer and sign the necessary paperwork.  I don’t think either of us were prepared for the sheer volume of paperwork that has to be done just to make an offer.  Then there’s the paperwork the bank requires to loan us their money.   It’s already been a lot of signing.

And that’s before we even know if our offer is accepted.  With a short sale, the owners don’t have final acceptance of the deal; their mortgage holder does.  And in this case, the home owners don’t have just one mortgage, they have two – which makes this deal even more difficult.  It could be four to six months before the bank even accepts our offer.

There are a myriad of things which have to happen before we can get this house:

  • The bank has to accept our offer over the other offer that’s been made.
  • We have to dodge any other offers that might come in before the final deal is made with the bank.
  • Our financing has to be finalized.  Which means our house has to sell before we can buy the other house.  Which means we have to: paint the main living room, freshen up the downstairs bathroom, clean every surface, steam clean the carpets, and do general deep cleaning.  Oh, yeah, and put our house on the market and sell it.  Hopefully to someone who doesn’t have to sell their house.

Fortunately, since a short sale typically takes a lot longer than a traditional sale, should our offer be accepted we have plenty of time to do what we need to do to our house and get it on the market.  That’s a plus for us; we aren’t in any hurry to move, so a short sale actually benefits us.

So now we hurry up and wait to see if our offer gets accepted.  And waiting is not something I’m good at.  It’s going to be a long few months.

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Entry filed under: Life in general.

Great green globs… Made me giggle

3 Comments Add your own

  • 1. Anne Burris  |  January 30, 2010 at 9:00 pm

    I was impressed by the little that you have to do to your house to get in in selling condition. I’m envious! By the way, is there anyway to search for just foreclosure or short sale type homes?

    Reply
  • 2. amymanatee  |  January 31, 2010 at 1:18 pm

    I think there is a way to find them, but I’m not sure how. This particular house is listed in the regular MLS system, and I just noticed that it seemed to be priced low for its size & location. I looked at the pictures of it online about 12 times so I asked our realtor about it. It never hurts to shop online!

    Reply
  • 3. Amy  |  February 2, 2010 at 2:59 pm

    What side of town do you live on now? You know, Jen and Grant are looking to buy.

    Reply

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