The whole process of buying a house stinks

MacDaddy

Training wheel examiner
With apologies to our resident real estate folks ...

Mrs. Mac and I are currently living in an apartment. With noisy neighbors. Which I've commented on in the past.

Her relocation package runs out this weekend. So, we have to vacate the premises by this Sunday.

That's the background.

We put an offer on a short sale house a few weeks ago. The bank(s) countered. And we were told the short sale had "been approved by the banks." We countered back a small amount. Then didn't hear anything for about a week. We then were told we had to re-sign documents, as one of the banks involved needed additional paperwork. Then a week later, we were told we had to sign them again, as the original date had expired. Then a week later (last week) our agent calls, tells us we have to sign these documents again. Apparently it took the bank a week to decide they didn't like a black line through the fax, where someone had faxed it to the bank. We signed these, and have been waiting since last week.

Well, we've had enough. We told them that we now want to live rent free until the closing, and we want a signed contract from the bank by tomorrow, or the whole deal is off and we are going to look elsewhere.

Meanwhile, Mrs. Mac has been frantically searching for a place for us to stay. We have no furniture, as it is still in her house - and we expected to have a house to move it into by now. We are heading to a nearby apartment she found this past week, and we'll probably be sleeping on an air mattress for a while.

I'm getting too old for this stuff.

On the plus side, the new job is looking good. Still a lot of training, but the benefits are amazing and the pay isn't too bad. It will be a positive addition to my resume should I leave in the near future. The commute is irritating, since I'm not used to a commute, but I can deal with it.
 
Good that the job is looking good anyway. The house thing should just be temporary Hades, so better times to look forward too.
 
:( Short sales are notoriously a pain in the behind. I will pray you get it worked out soon and you and the Mrs. won't have to be on an air mattress long! Good to hear the job is working for you!!
 
I know it's frustrating. But, don't try and force things that weren't meant to be. I would bet something better is out there for you. Best of luck with all of it.
 
That is the main reason I will not do short sales, the banks have no clue what they are doing and everybody involved gets pi$$ed off. Working for their REO departments was bad enough. The average short sales take as long as 6 to 9 months to close and have heard of some taking 18 months!

I wished I could offer you some advice to help..... other then run, run away from any short sale!
 
Oh, I can say right now how that demand with the bank is going to come out. :whistle But you do not want to hear that right now, I'm sure.


Some days I just want to tell all these banks to :neenerbutt
 
My nephew recently purchased a home in Michigan on a short sale and it took three months.
 
Thanks for the well wishes, and feedback.

We were told that short sales typically take 4-6 months. BUT, we were told the banks had approved the short sale on this house, and the process should move quickly.

I know it's too much to ask, but I would think the bank would want to help everyone (including themselves) when a legit buyer comes forward with a valid offer? It helps the sellers, the bank, and the buyer!

Ah well, we will see.
 
The thing to remember when dealing with a bank is that the decision maker at the bank has never seen the property, it is only a case file, they are not in this state and may have 1000+ case files to keep up with. Your offer may be one of 300 that came in that week. But the biggest thing is that they are hourly employees and get paid the same wether the deal closes or not. The odds are stacked against the buyer.

All I can say is if you want THAT property is take a deep breath and work thru the situation. Create too much heat on the bank and they will call your bluff. They do not care if your case closes because they have another 299 offers they have to work.

There is nothing short about a short sale!
 
Winchester, thanks for the info.

Turns out, we got everything we asked for! Just heard this afternoon. The owners are fine with us moving in this weekend, and staying through the closing - rent free. The banks, both primary and secondary, have agreed to our counteroffer - we should have a purchase agreement by the end of the week.

Whew, Mrs. Mac is a very happy camper. We have some place to live this weekend!

Now, for the move. Painting. Fixing up. More fun, more fun!!
 
Glad to hear that it worked out for you. One of the rare cases I have heard about in a long time.
 
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