Thursday, April 2, 2009

Update: Short Does Not Mean Fast

SHORT SALE = to sell your house for less than it is worth.

We are in a "short sale" situation at the moment. We have submitted the SHORT offer (short in terms of money) to the bank with our Short Sale Packet for approval.

SHORT SALE PACKET = Letter of hardship, last two months of pay stubs, 2 most recent bank statements and some other stuff

The bank is in the process of reviewing the packet and the offer. This can take up to two months, but things are moving faster in our situation. This is due to the fact that I managed to establish contact with the Office of the President at Countrywide. Things move a bit faster in that office.

The next step is the appraisal. The bank has already contacted us to let us know that will be happening. In a short sale situation you are allowed to submit more than one offer and the lender will go with the highest one. This means that we are still showing the house.

The daily cleaning frenzy continues. I've been so busy lately and Bob has really been picking up my slack in the cleaning department. (Thanks, honey!)

We had a showing yesterday and we have another today.

Sunday we're doing an open house.

While we would love to get a higher offer and one a bit more solid, we're hoping the bank will move on the submitted short sale offer and just accept it. Because at this point, it doesn't really matter to us what the sale price is (except that we really don't want to contribute to declining housing values in our neighborhood) because we're losing our full investment in the house anyway.

That's the long and the short of it.

1 Comments:

Kim Hooper said...

Sigh... Good luck with the showings!

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