Saturday, June 21, 2008

Update on my Short Sale Deal

I promised you I'd give you a heads up when we finally heard from the lender about our short sale offer. WE FINALLY RECEIVED A COUNTER OFFER from the lender this week! We immediately countered and hopefully they'll take our offer. The listing agent warned me that it might be 2+ weeks before we hear from the lender again! We rec'd a response/counter offer from the lender on day 70. If we hear back from them in 2 weeks, that will mean that it's been 90 days to get acceptance of our offer! TEXT BOOK SHORT SALE! Unfortunately, it will probably be 30 days after that before we close!

Short sales are a great way to save money when you buy a house. But you have to understand that it might take MONTHS until you close. This all depends on how far along the process is when you find the house. If it's still early in the process--be prepared for a 3-5 month wait until closing.

The interest rates are creeping up at a pretty fast clip. Please don't continue to wait too long to find your dream home. The rates are expected to continue to rise steadily until September and then the Feds are expected to raise rates. This will probably cause a substantial rise almost over night in the mortgage rates. Don't hold out too long! Take advantage of the current rate today.

Call if I can help. (904) 241-2386

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