Quote:
Originally Posted by Smokin Gator
I have purchased five or six short sales in the last 14-15 months. Much of what I could offer has already been said... but I want to reiterate one point... if you are under any kind of time restraints, as it sounds like you are, I would be very hesitant to get in on a short sale. The quickest one I had was about 6 weeks. The longest was almost 7 month. I would also strongly advise not to put ANY earnest money down until the bank has accepted all of the terms. What I usually do is put down 10-15 percent within 48 hours of the bank signing the short sale addendum. That much tends to get their attention. Also, if it is with Bank of America, Citimortgage, or Indy Mac I wouldn't even bother. They take forever and through endless roadblocks into the situation.
One very positive aspect of a short sale versus a foreclosure is at least you are pertty much guaranteed to get a clean title. Foreclosures, on the other hand, have gotten to be a real crap shoot. If you don't really know what to look for in the title history it can get ugly!!!
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Bolded for emphasis. I found one near my house a couple of months ago that I would have bought on the spot. Long story short, Bank of America holds the paper on it, this thing has being in short sale / foreclosure/ auction for 2 years. It has currently been taken off the market...again, because the owner's attorneys are trying to work something out with the bank...again. I would venture a guess that they're holding all the "bad" foreclosures that BoA is accused of against them as a bargaining chip.
I ain't got the time for that shizz.