If you haven't seen it already, take a few minutes to read up on this funny-but-really-kind-of-sad nightmare story posted on The Consumerist about a short sale of a house gone real, real bad.
The short sale short tale goes like this:
Guy buys a short sale house (a short sale is a home sold for less than what the owner owes on it). Seller's realtor forgets to submit important paperwork. Home sits for months on end, subject to vandalism, water damage and deterioration. Buyer stubbornly refuses to look for different home. Readers' comments reflect a popular sentiment.
Check out the full story and be sure to scroll down for the comments.
The real question here is this: should the buyer walk away from this deal?
You want to get a deal on a house. Buy one from an owner that is willing to swallow the the drop in market price of the home.
Short sales are below market price.
to get the deal done you will put up more money time and aggravation.
Don't just blame the Realtor. while the seller's Realtor may have been incompetent. they may have submitted all of the paper work requested by the seller's Bank. Long story short. Short Sales are not easy. they are a hard pill to swallow for the home owner and the bank(s).
I have an offer in now on a short sale that is being held up by the second mortgage holder that wants 60,000 over market price.