Short sales, bank owned and standard. Do I really need to say more?
Ok so On Friday we met with our realator and headed to the burbs to search for a new house. We have been out searching already so this process should be easy. Besides for this time we got to go into some of our top choices.
Started with a bank owned with an amazing pool. The rooms were bigger than we thought by peeking in the windows. But I asked if someone died in the home. Just gave me this feeling like someone was there that I couldn't see. Was a little weird but the home just wasn't what we we're looking for so we left. Now if we could just pick up the pool and move it we would it was just stunning. But to be honest that was the selling point of the house. Since this was a bank owned home the process would be LONG. Talking to lenders (in banks, that we're honest) told us to count on at least 4 months until we heard a yes or no on any offers. Not something we're happy about but will do it for the perfect house.
The Next house was a standard listing and prefect until the realator told us that there we're renters there until JULY. Ok so they paid us rent we threw that rent into our rent and our rent money (less than our rent) went into paying mortage. Umm not so bad so we looked and the house was perfect until the hubs started looking up and noticed some water marks near the A/C ok considation but as he looked more into it the water marks flowed so he went outside and they (2realtors and hubs) looked and there was some bad sagging in the area so hubs looked more at the roof and saw some other areas. The roof would need to be redone. Ok not scary if the owner was willing to go down in price so we could go down in price some for the repairs or have it done. Yeah, i guess last offer she got she declined the same thing. The loan we are getting dosen't alone for things such as that unless it's in the loan for correction. So walking away from that one. Seller dosn't have to sell so she isn't in a hurry to sell.
Short sales just made me SAD. I met pets of these families and I saw their stuff and my heart just hurt knowing they HAVE to sell or they risk losing so much. Glad that they are doing what they can to try to save what they can. But the dreaded short sale is owner accepts but than the bank has to accept as well.
So to sum it up
short sales equals owner approval, bank approval before you can even have a completed accepted offer that you can move on.
Bank owned equals slow bankers to accept or pass on your offer and they almost never want to help in anyway (repairs or any closing cost)
Standard listing equals the easiest method so if you find a listing that fits your needs it's not going to be there long. There are few of these types of homes on the market but they seem to be the best cared for homes.
Next post will come later this week with updates of our house finding journey