Anyone try to buy a short sale house before?
Ok, I've said it a million times before but this time I really mean it! 
We found the house of our "dreams"...
Let me give some history first. About 5 years ago, we were moving due to a job relocation. The new job was in the same town as family so we stayed with family as we were looking for a home of our own. As I flipped through real estate magazines and the online MLS, I kept getting drawn back to one particular house. It met a lot of our criteria except for one thing --- price! It was much too expensive for us. I even told my MIL one time that if the price would decrease into our budget range at all, I would buy the house without even looking at the inside of it. The location of the house and the topography of the lot itself sold me on it. Alas, the house price never dropped so we ended up buying the house we currently live in (and are trying to sell).
Fast forward to the present. The house from way back then has been on the market since we first saw it 5 years ago! I love looking through the MLS listings as a hobby so I've noticed it on there all this time --- again, the price never budging. But, lo and behold, what do I see now? The price of the house has dropped over $150k in one sh'bang! It is now subject to a short sale with bank approval. DH and I went out to finally take a peek into our "forever" home. It needs A TON of work... the house had been vacant since that fateful day 5 years ago when I first noticed it for sale. Needless to say, it needs a lot of TLC. It was built in 1981 but looks pitiful now. The roof has to be replaced, the carpets in the bedrooms are hideous, there is wallpaper everywhere, and don't even get me started on the bathrooms! But, now that I've seen the inside of it, I love it even more! I can see the potential in it and think it would be a showstopper once we get done fixing it back up.
So, although the price has come down $150k from the original listing price, DH and I still think it's a bit overpriced for the sad condition it is in. We would be willing to buy it for another $100k off the current asking price. Would anyone out there have any experience dealing and negotiating with potential short sale offers??? I don't want to waste anyone's time if the banks don't even consider lowering the price anymore than what is listed --- but really, this is the one!!
Short Sale purchase??
May 23rd, 2011 at 06:27 pm
May 23rd, 2011 at 07:07 pm 1306177630
May 23rd, 2011 at 07:09 pm 1306177768
My ex-husband has been trying to do a short sale for about 2 years now. The lender set the asking price, accepted an offer, then demanded more money not just once but twice. The second time was at closing, and the buyer walked. They immediately re-listed for less than the original asking price. It makes no sense.
If this is the house you want, then give it a try. But be forewarned, short sales are often frustrating experiences. Good luck!
May 24th, 2011 at 02:50 am 1306205401
My sister bought a short sale house in January after months of hassle from her bank, their bank, etc. My cousin is in the process of buying a short sale house, which he is paying CASH for and he is getting nothing but the run around as well. I'd have to say run while you can. :-/
May 24th, 2011 at 04:27 am 1306211256
May 24th, 2011 at 05:50 am 1306216207
May 27th, 2011 at 09:48 pm 1306532931
May 30th, 2011 at 08:20 pm 1306786826
That said I would try for it, but don't get your heart set on it.