Quote:
Originally Posted by Ratters
Mine was a short sale. They can take a long time to get approved. Luckily mine had already been through the approval process so it only took a month to get back to me with the approval. But waits of a few months are common. Short sales are better than forclosures in that people are usually still living in them and they are better cared for. All the foreclosures I looked at were pretty thrashed or the previous owner gutted them before leaving.
In a couple years 5.5% will seem rediculously low.
And yeah, don't buy at the top of your price range, make sure the payments are comfortable. I got approved for way more than I was comfortable spending. And make sure you have a cash reserve for all the stuff you'll need to do moving and after you move in.
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If we have to go that route we definitely will shoot for a short sale, for the exact reasons you listed. And to my surprise we're looking at a 30 year fixed at 4.75%, so we're going try to lock that up here shortly.
Now when you said your price had already been through approval, does that mean that was they price they had listed it at? We've been thinking of offering list price or list price + closing just to speed things along.
We would like to rent in the area first if we can find a month to month, but we just don't want to get locked into a year lease, and moving that often with a 2 year old just plain sucks.