Ok so its time for me to buy a new house to live in and I found a house that I really really like. Went to put in a low ball offer and found out that they cant go any lower then the asking price b/c they are now currently 3 months behind on their payment. And they have already been approved for short sale by the bank.
Well option 2 was going to be to catch them up on there payments and take them over. There payment are too much for me to handle right now. About 300 more then what they should be for this house. My guess is a high interest rate when they bought it about 6 years ago plus a small 2nd mortgage.
So I was thinking ok lets go short sale route. Have never done a short sale so was hoping for some advice. I need to do this as quickly and easy as possible. I need to close on something by May 1st.
They are asking 126,500 and appraisals are any where between 123,000 and 130,000. Did my walk thru and found that the floor (concrete slab) has actually settled about a 1/2". The foundation hasn't settled just the inner floor all around the outter walls. No cracks in the ceiling or anything. So I have that going for me on my offer I guess....
I wanted to low ball of course b/c of this reason and the realtor I am dealing with ( a good friend of mine) has done many short sales. He has said now remember this can be a long process. I have seen the bank take up to 90 days to even counter on an offer.
So from what he has said I'm wondering if I should just move on to the next house, or does anyone know of anything I can do to hurry the process up!!
Sorry this post is all over the place and hopefully not to confusing but does any one have any advice on what they think I should do.