Relief,
After waiting for 6 months, finally closed on the short sale my young clients made an offer on back in Feb, 09.
We almost bailed a few times, but in the end, we got a great deal on a home in Silverton.
It was very stressfull, cause we had the appraisal done in March (before the new HVCC rules) and we had to relock twice on their loan. I was afraid the the lender would not take the appraisal cause it might be to old and also we did the USDA 100% financing deal that brought another agency in the U/W the loan process.
But, after waiting all this time for WaMU/Chase to sign off on the 1st and 2nd held against the the property, another offer came in and we almost lost the deal. I requested the Listing Agent to immediatly request the 'letter of approval' so we could move on. She complied and the 'letter' was issued and we closed on the purchase.
My young clients, bless their hearts, are delighted with the purchase and seem to think that the wait and stress was worth the time invested in this property.
Not sure if i would make an offer on a 'short sale' again. But sometimes they can work out.
It would seem that the lenders would move quicker on some of these properties to get them off the books.
If you know of someone buying/selling or need financing in the Salem/Silverton area, Service is my #1 goal.
bob frazier
valleyhomesandbeyond.com
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