Comments on: What is the Process of a Short Sale? http://eshortsales.net/short-sale-process/ Short Sale Definitions, Homes and Foreclosures Mon, 31 Aug 2009 22:19:45 +0000 hourly 1 http://wordpress.org/?v=abc By: Tom http://eshortsales.net/short-sale-process/comment-page-1/#comment-46 Tom Wed, 14 Jan 2009 23:25:21 +0000 http://eshortsales.net/?p=226#comment-46 Beware when the sellers agent says its an "Approved Short Sale" I put a bid out on house listed as that and a month went by with no reply. Finally my agent found out that the bank requested and appraisal order. It turns out that the bank had approved that they can sell it short but never decided how much. Basically meaning that my bid sat in some dusty file cabnet for over a month and was never even thought about. Another month later my offer was rejected and teh price of the house was jacked up from 245,000 to 278,000. So basically I wasted over two month of my life on a house I thought had been approved at around (or at least close to) 245. Oddly enough that house has been sitting on the market ever since. If your going to bid on a short make damn sure that the seller\sellers agent has done all their paper work. Beware when the sellers agent says its an “Approved Short Sale”

I put a bid out on house listed as that and a month went by with no reply. Finally my agent found out that the bank requested and appraisal order. It turns out that the bank had approved that they can sell it short but never decided how much. Basically meaning that my bid sat in some dusty file cabnet for over a month and was never even thought about. Another month later my offer was rejected and teh price of the house was jacked up from 245,000 to 278,000. So basically I wasted over two month of my life on a house I thought had been approved at around (or at least close to) 245. Oddly enough that house has been sitting on the market ever since. If your going to bid on a short make damn sure that the seller\sellers agent has done all their paper work.

]]> By: Real Estate Short Sale http://eshortsales.net/short-sale-process/comment-page-1/#comment-29 Real Estate Short Sale Tue, 28 Oct 2008 00:10:38 +0000 http://eshortsales.net/?p=226#comment-29 Short sales are quickly becoming the hottest thing in real estate today. Homeowners who have no other option are using a short sale as an exit strategy. They used to be a last resort only used to avoid foreclosure, but since values have dropped so significantly they are needed many times to just make a sale happen. Short sales are quickly becoming the hottest thing in real estate today. Homeowners who have no other option are using a short sale as an exit strategy. They used to be a last resort only used to avoid foreclosure, but since values have dropped so significantly they are needed many times to just make a sale happen.

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