Since Daniel and I currently have an offer on a townhouse that is a short sale I've been reading everything that I can about the subject. It's really kind of sad. A short sale is when the home owner is selling the house for less than the mortgage with the hopes that their lender will forgive the difference. In the last two weeks I've read almost every single website that has the word short sales on it. The people who are doing this are trying to avoid being foreclosed on. It's better credit wise for a short sale to happen then for a foreclosure . From the seller's end it's a great way IF they can get their bank to approve on it.
This is where the problems come in. Banks are reportedly dragging their feet on approving offers that buyers are putting in on the houses. The sellers agree to the price, forward that to their bank and then the bank does nothing. Most of the time they sit on the offer for anywhere from 2 weeks to months. There are horror stories about people waiting on a house for over a year. Waiting on the bank to say yes or no. I don't understand that. Why would you want to not just sell so you can get some money? Your not going to get a lot but it's better than doing nothing and foreclosing.
This is the nervous part for a buyer. We found a house in an area we love. We like the neighborhood, good schools, close to shopping with amenities. The same style townhouse would normally sell for 30k more than this one. We've pretty much love this house. Our agent and their agent feel pretty strongly that the bank with approve out offer but they can't guarantee anything.
So now we wait. It's so hard to just wait...I want to buy things. I want to decorate. I want to get the things to change it from a house to a home.
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