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captain planet
06-04-2010, 11:32 AM
I put in a bid on a house that is on short sale on April 9. The home owner signed the offer a couple days later. So now the ball is rolling between the bank and the homeowner to do whatever it is they have to do during a short-sale. The realitor selling the house has been a little slow in getting this thing rolling. My realitor has been on them to get them to get their stuff done so we can close on this house. This closing needs to happen by June 30 or I miss out on the $6400 tax credit. If the process doesn't start by Monday or Tuesday at the latest we will probably miss out. :rant:

Also in the mix is the fact that I have a deal on my house that I am selling that is contingent on the purchase of our next house. Two deals are being held up due to the bank and the sellers real estate company and bank.

I'm to the point where I think maybe an in-person visit needs to happen at the sellers real estate office to get this point across. It seems a bit rash and I hate to go over my realitors head, but something has to get going.

Does this sound unreasonable?

captain planet
06-04-2010, 11:55 AM
Ok, so none of this matters as I just received the phone call I have been waiting for since the beginning of May. I guess I don't have to make any special appearances.

Dylan
06-04-2010, 12:01 PM
Banks are overloaded with short sales right now, and unfortunately a lot of offers are being swept under the carpet without ever being looked at because of time constraints. It's a real grueling process, I know first hand :) Congrats on possibly making the upgrade!

Thrall
06-04-2010, 12:27 PM
Glad it's in progress now for you.
Talking with a local realtor, she said unless a person has 3-4months to purchase a short sale home look elsewhere, it's a long process.

JMann
06-04-2010, 12:34 PM
I'm heard the same as Thrall. A friend was looking for there first house last summer hoping to get a short sale until until the where told how long it would take, at least 3 months. Then they had a hard time find a realitor that would deal with a short sale, most said it wasn't worth their time. They ended up not buying a short sale.
Congrats on the new house. As always pictures please.

Double D
06-04-2010, 12:42 PM
I put in a bid on a house that is on short sale on April 9. The home owner signed the offer a couple days later. So now the ball is rolling between the bank and the homeowner to do whatever it is they have to do during a short-sale. The realitor selling the house has been a little slow in getting this thing rolling. My realitor has been on them to get them to get their stuff done so we can close on this house. This closing needs to happen by June 30 or I miss out on the $6400 tax credit. If the process doesn't start by Monday or Tuesday at the latest we will probably miss out. :rant:

Also in the mix is the fact that I have a deal on my house that I am selling that is contingent on the purchase of our next house. Two deals are being held up due to the bank and the sellers real estate company and bank.

I'm to the point where I think maybe an in-person visit needs to happen at the sellers real estate office to get this point across. It seems a bit rash and I hate to go over my realitors head, but something has to get going.

Does this sound unreasonable?

Staying in the Canton area? Don't tell me you bought a house on a lake because I may just have to come visit and covet.... :D

Lottawatta
06-04-2010, 01:07 PM
The sqeaky wheel get the grease. Stay on them, daily if need be. As someone who has some experience in this area, I can tell you that the bank doesn't care one iota about this sale, it is just another number to them. Every Ohio realtor works for a licensed broker. That broker is essentially the realtor's boss. I suggest you contact the broker the seller's realtor is working for and they can make sure daily pressure is put on the bank to complete the deal in the allotted time.
Two things I have learned about real estate: 1.) never get emotional about a property, 2.) You have to be a hustler. Be the early bird, be the most presistent.
best of luck

mrprostar
06-04-2010, 01:21 PM
Should have posted here in May...30 minutes after posting you get the call. Coincidence? I think not. :D

oxberger
06-04-2010, 01:36 PM
captain, i hope all is going well. my fiance and i were able to get our house as a short sale, but we had nothing but time and were able to get a great deal. I hope this is the same for you. Let's see pics of the property.

captain planet
06-04-2010, 01:40 PM
Staying in the Canton area? Don't tell me you bought a house on a lake because I may just have to come visit and covet.... :D

Not on a lake, I don't have that scratch. It's just a nice house that we can live in, not just exist, as is the case with our current house that we have completely overgrown. When I hit the lottery I'll buy a house on Norris and you can come down and covet that house!

Should have posted here in May...30 minutes after posting you get the call. Coincidence? I think not. :D

Maybe the realtor and banker are lurkers here, also belong to the CIA, know who I am and wanted to keep me quiet, who knows? It worked, that's what matters.

The good news is, my bank has told me that THEY will expedite our closing and have it done in 2 weeks! My grueling 3+ year search to get into a new house looks like it may be becoming a reality!!!! :D

TX.X-30 fan
06-04-2010, 01:56 PM
What everyone said about short sales is true. I would check on that credit too from my understanding its only a loan and you have to pay it back to barack 500 bucks a year.

oxberger
06-04-2010, 03:53 PM
TX fan. In a sense the credit could be a loan. It depends on how long you stay in the house. I closed on my house Dec. 31st of 2008 and originally wasn't going to take that credit just for that payback reason. After looking at the irs.gov website and speaking to a tax attorney did i realize you didn't have to pay it back unless you sold the house within 3 years. I would consult a professional about it to find out for sure. That was over 2 years ago for me and I can barely remember what i did this morning.

captain planet
06-04-2010, 04:15 PM
What everyone said about short sales is true. I would check on that credit too from my understanding its only a loan and you have to pay it back to barack 500 bucks a year.

Here are the stipulations for the tax credit.

http://www.federalhousingtaxcredit.com/glance.php

And actually, you wouldn't pay it back to Barack, you would pay it back to the Fed so they can then turn it back into thin air. :rolleyes: