Tuesday, April 1, 2008

Update on Your Average Buyer

Things have been rather hectic for me lately. I have been playing single mom because Mr. BT has been traveling the great state of California with his new work assignment. As some of you may have noticed, Paul has stepped in to take up the slack.

As for the status of our short sale offer......it sounds like the 1st may be willing to at least consider it, they had an appraisal done recently. So its all about getting the second to sign on. Any suggestions are welcome.

I know many wouldn't consider putting in an offer on a short sale. However I don't really see it as that big of a hassle. Its not like we have to purchase a house in the next month, so waiting a little longer for an answer isn't really an issue for us. This home fits almost all of our criteria (except its a two story instead of a one story), otherwise we wouldn't be bothering to make an offer right now.

The "as is" sale would be the same if we bought from the bank, so that doesn't make a short sale any less desirable than an REO. We are rather handy so it doesn't intimidate us as much. (This home needs some serious TLC. )

The one true downside I have heard, is that sometimes banks cut the commission for the Realtors. So for some, it might be a challenge finding an agent willing to go the distance on a short sale.

If the short sale doesn't work out for us...I may start a scorecard to track all our failed offers and see at what price they finally sold.

4 comments:

Sippn said...

I should finally take the other side of this....

The positives from a short sale are... even if the sale is "as is" the seller owes you a full disclosure by CA state law of any material fact they know. (add that to inspections)

The seller is generally more cooperative and hasn't trashed the place on forced exit.

The utilities are still on the the lawn might still grow.

Good luck!

Buying Time said...

Thanks Sippn - It means a lot that you aren't throwing punches while I am down.

Your thoughts kinda go along with our thinking. The longer we wait, the more the house will deteriorate, since they don't have the $$ to keep it up (like the pool).

Jacob said...

Good luck.

I am seeing a lot of homes in my criteria, almost 200 now when last year it was 50 and the year before was usually 0.

Getting tempting.

Maybe 09 for me. :)

sacramentia said...

good luck - hope it all works out well for you.