My recent experience with short sales has been quite a trip. I made an offer on a sweet little house in North Carolina for the full asking price of the short sale. The owners accepted, but it had to be approved by their bank. Short sale means the bank is supposedly willing to accept less than the seller owes them.
All seemed well and we were waiting for confirmation of our closing date. Waiting. Waiting. The bank kept asking the seller for more documentation on their end. Waiting. Then my realtor got a phone call from their realtor. The bank had "accidentally" let it slip into foreclosure. Real bummer for the sellers who now have a foreclosure on their credit record. Bummer for me, but not hopeless -- I could just keep looking.
I decided to wait until winter to look for the next little place to fix up and "flip." Meanwhile, my realtor, Bill Millwood, suggested that we follow up and try to buy the property at auction. He knew I was still interested -- after all I had already drawn up a budget and made the plan for the fix-up. I went out and bought 3 books on buying at auction and am now wading through them. They pretty much say the same thing -- I could have saved a couple of bucks by only buying one.
Continue reading "SHORT SALE, AUCTION and OTHER REAL ESTATE EVENTS" »
My recent experience with short sales has been quite a trip. I made an offer on a sweet little house in North Carolina for the full asking price of the short sale. The owners accepted, but it had to be approved by their bank. Short sale means the bank is supposedly willing to accept less than the seller owes them.
All seemed well and we were waiting for confirmation of our closing date. Waiting. Waiting. The bank kept asking the seller for more documentation on their end. Waiting. Then my realtor got a phone call from their realtor. The bank had "accidentally" let it slip into foreclosure. Real bummer for the sellers who now have a foreclosure on their credit record. Bummer for me, but not hopeless -- I could just keep looking.
I decided to wait until winter to look for the next little place to fix up and "flip." Meanwhile, my realtor, Bill Millwood, suggested that we follow up and try to buy the property at auction. He knew I was still interested -- after all I had already drawn up a budget and made the plan for the fix-up. I went out and bought 3 books on buying at auction and am now wading through them. They pretty much say the same thing -- I could have saved a couple of bucks by only buying one.
Continue reading "SHORT SALE, AUCTION and OTHER REAL ESTATE EVENTS" »
