I had an e-mail last week asking me about the house hunting, where we were and how it was going.
I have learned a new meaning to patience, and it is not going well for me. I am anxious, nervous and frustrated.
I also learned the meaning of Short Sale.
A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Examples: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.
What they don’t tell you in the definition, it can take FOREVER. Ours hasn’t been to long, but wow…three weeks here people. Waiting. For three weeks.
In many areas, people wait 3-6 months for closing on their short sale home. We are luckily not having to wait that long. While the bank end of everything is taking longer, it will be done very soon. Mainly because we gave them a deadline, and will not look past that at this point. We must know by the date or we will walk away.
They don’t want that.
We are the only offer.
I won’t show you the house, I think that might be a jinx, but I will tell you it is one of the houses from THIS post. Want to take a guess?
When we know, I know I will be here letting you all know. It is to exciting to keep to myself!