short sale approved, almost
by debt kid on May 30, 2007
Just got off the phone with my real estate agent.
The bank has approved the short sale! Yay!
But only at a price 15K higher than what I have the buyer in contract for. So, good news on the approval, but now just need to make sure buyer follows through. If not, my agents thinks we can still find a buyer at the higher price.
Getting closer…
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{ 7 comments… read them below or add one }
Well good luck with that one… it’s not really good news but certainly not bad news….
I’m going to look at the positive side of it which is that is good news. Hopefully you can find a buyer that will be able to handle that 15k shortfall for you, or it will become a reminder of this house. Good luck!
IT seems as though the banks and lenders may wnat to re-look at how they approve these short sale and try to be more willing to do them to avoid forclosing.
As seen in the Casey serin saga he had a couple houses that had a short sale pending but the bank forclosed anyway… perhaps it was because of his noteriety, but in the end the bank lost more than what it could have gotten.
I would think it would behoove the lenders that funded these junk loans to re examine thier florclosure process to include a mitigated “way out” for lenders finding themselves over their head that isn’t as heavy handed as forclosure.
Anyway, it seems debtkid here has outlasted the Casey saga…
socially acceptable gambling is all it was, and you learned the hard way. remember, the stock market is to blame for just as many bankruptcies as people “making it.” the odds are not necessarily in your favor – but you know that now.
i wonder why there’s this stigma to just getting a job and working hard and saving? seems to be working for me.
oh, i know why: typical american me-first greed.
@john tribbet
You probably know, or society has successfuly convinced everyone that borrowing for a house is ‘good debt’ so much so they have conviced a lot of people that you need to get that house however way you can even if that means getting a junk loan, and people buy into it. Then people do it and end up in the situation our freind Debtkid is in.
I’m jsut now realizing that no debt is good debt, it all means slavery to payments. Yeah, I could sell it, but that’s trouble and I would probably jsut break even… then I would still need a place to live.
right now i’m working on paying things off and devolving my lifestyle. It sucks when the career you are doing isn’t what you want to do anymore, but since you’ve built up this life on credit, you’re stuck for the time being.
Anyway, don’t want to hijack too much, just wanted to vent some soul searching I’ve been doing. Maybe i should just get my own blog.
Zin, there is such a thing as good debt, but it depends on your personality type.
Take my sister, for example. She and her husband make enough money that they could probably pay off their house in 2-3 years. However, they refinanced at the bottom of the market and are now paying 4.25%. If they are disciplined savers, then it makes far more sense to keep the $100,000 that could pay off the house and put it to work elsewhere. Even my bank account earns over 5%!!!!
But if you are the type of person who would take that $100,000 and buy a new car and a plasma TV, then there is no such thing as good debt for you.
A note on the American Me-First Greed sentiment…I understand that there is some backwards ideas of success, but rather than American, might you say Human greed. I think if you do some research you will find that greed exist in every culture. Good luck Debt-Kid on the short sale, I am going through one right now, getting the offers is not the problem, getting the bank to respond to the offer and accept it is what I have found difficult. Who is willing to hassle through a short sale when there are all of these foreclosures going for auction at a much cheaper price . It is absolutely silly that the banks are not giving more priority and sway to the short-pay offers. One thing I wonder about is the other side of the fence, do the loan companies benefit moe by pushing it through to foreclusure after a certain percentage of the home being up-side-down? Is there some sort of federal backing that they can look forward to when they push through to foreclosure, gees this would be helpful to know in finding a bottom line and not wasting anybodies time. I am sure getting tired of buyers walking through my home, it gets old quick!