You did everything you were supposed to. You researched your choices carefully on the Internet using useful websites like www.dchomenews.com, that really guided you to all the good deals. You got your financing in line, and you found yourself a fabulous agent. After several months of looking in Bethesda, Chevy Chase, DC, and everywhere else,
As everyone knows, a short sale is never short! It can take months to close, leaving you, the buyer, in the dark as to what is happening. You sign a contract with the seller, but the contract is subject to third party review. The seller doesn't actually care any more what price he or she sells the house for. He isn't breaking even, so a small loss is the same as a big loss. Don't count on the fact that the seller accepted your offer.
You sit back to wait for the broker price opinion, and the process, the review, the paperwork. Rationally, you know that you don't have a "deal" yet, but in your mind, you are arranging furniture in your new house. You are picturing the flowers in the garden and the holiday dinners you are going to prepare. You are telling your friends about the lovely color that you are going to paint your bedroom, and the new comforter that you saw at Target.
BUT WAIT! REMEMBER..... YOU DON'T HAVE A DEAL YET. YOU AREN'T ACTUALLY COMPLETELY UNDER CONTRACT! You still have a HUGE contingency.
Sure, tell your heart what your brain doesn't want to remember.
It actually is important to remember that you don't have a contract with all the contingencies removed. The listing agent may call your agent and say that the bank has refused to accept your offer - even though the seller did agree - 2 months ago. The market is changing, and the banks may not be so willing to go along with contracts that were negotiated several months ago between the buyer and seller.
Another important thing to remember is that the banks have stockholders and they can't give away tens of thousands of dollars just because you got the seller to agree to sell the house at a rock bottom bargain basement price.
If you want to go for a short sale, don't count on that house until everything is signed and you have that third party approval. Better yet, call Lise Howe at 240-401-5577 and she will find you a great house that will close on your schedule!
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