Well, our offer on the house we love was accepted last night! The house was listed at $74,900, and we offered $73,500 and seller to pay 6% closing costs. Now this house is a short sale….which sucks….but we’re half way there to finding out if it is going to be ours! The offer was submitted to the bank around 9am this morning, so now we just have to wait and hear back from them.
Little bit about the house, if you don’t know already; It’s a 3 bed, 1 bath Cape Cod style home within walking distance to Downtown Howell (and only 5 min from Ryan and Katie!) It has a pretty big backyard, a little park across the street, and was completely remodeled and updated 2007. Hard wood floors throughout, except on the staircase. Huge, “mature” trees surrounding the home and an adorable little garden in the front. So it’s very, very cute, and we’re so in love with it….and we’re really hoping everything works out.
Here’s where I need your guys help. I don’t know a whole lot about short sales….I know the basic “offer gets submitted to the seller- seller then accepts or declines- if accepted the offer goes to the bank- and you sit and wait.” Is that really all there is to it, or am I missing some information?
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Comments: 20
Congratulations!
Second, all-cash buyers are more likely to be approved. If you’re getting a mortgage on the home, you’ll need to be pre-approved and put up a significant amount of earnest money.
More issues buyers should be aware of:
• Do your homework – What looks like a good deal may not be. A buyer needs to work with a real estate agent to know what home values are.
• Watch out for low-ball lenders – Sometimes lenders will set a short sale price artificially low in order to attract bidders, then they’ll jack up the price during the bidding process. Again, a real estate professional will help a buyer know what offer to make.
Thanks Cathie!