Short sale fell through after 6 weeks...........

Profile picture for arnie84
Ok after 6 weeks the bank came back & said they will not be excepting a short sale on the property period! My question is why did they wait 6 weeks to tell me that shi*? Im pissed off now!!  Inventory is way down in my area, and I wounder if I will be able to get any house now let alone one that I like or want??????
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October 07 2009 - US

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Keep looking, I don't think the markets from the interchange 5 and 405 freeway go up north and northwest are hot right now or in the future, since they want to built 20,000 home on somewhere close to Valencia (i don't remember the community's name) and the project was accepted by county of Los Angeles last year, they just wait for the market more inprove to start to built, unlike from that inter-change go south or south west or south east, tell the truth, there are no more land to built there (on the south of that inter-change).
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October 07 2009
Profile picture for wetdawgs
Short sales are always dependent on lender approval, so can be very frustrating as the lenders do not want to lose money.

You are very lucky that you heard within six weeks.  I'm hearing far too many people with six months or longer for a response.

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October 07 2009

This does not help your problem - but please feel lucky that it only took 6 weeks - I am a realtor and have two short sales that the banks have still not answered and we submitted in March.  Any house that is a short sale will take time.  Do not let anyone fool you into thinking otherwise as the process has not been fast here in Colorado and I have 6 that I am working on.  There is no set time period as banks are overwhelmed with the requests for short sales and foreclosures.  They are usually not in the state where you are purchasing the property so they rely on the realtor to be their eyes and ears- they have certain procedures that they go through to consider a short sale and each bank is different.  Please look again for aonther home and ask the realtor to not show you short sale properties (meaning your realtor will need to ask each agent on each house if the home is a short sale if their MLS system does not allow disclosure of a short sale.  Stay patient and good luck! You will find the right home!

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October 07 2009
Profile picture for arnie84

Yea they had plans to build a community right off highway 126 not far from the 126/5 interchange. I live right near there in Castaic at the  parents house. The only good thing that has happened in the last 10 months looking for a home is I have saved a lot more money, and am able to strech out my search. However, The excitment of owning a home is completly gone, and it seams harder to buy a house then anything else these days. I just don't get it! 

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October 07 2009
Inventory is seriously doubt is down in your area. Banks simply are not posting them in the typical spots. Realtytrac.com shows that only about 1 out of 10 homes are 'listed' for sale, yet many homes get sold w/o ever listing them. lol
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October 07 2009
 
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