Real Estate - Can we talk short-sales?

[Ratters]

Originally Posted by colimo

expect the unexpected, as in additional $$ for something or other, once we had the deal done with the seller and 1st mortgage lender, the title company discovered a second mortgage on the property, who even though they would have been foreclosed out, refused to release unless they got something...ended up doing a 3 way split (us and both realtors) of a nominal amount just to get the deal done.

Had the exact same thing with mine, though the bank (BofA) actually approved it in a month, but it was the third go around with people dropping out with the wait. Day before closing found out there was a second, even though I asked, and they wanted $3k to approve. Ended up splitting it with the realtor and seller. But other than that mine went really smooth and I love the hell out of the house. One nice thing about short sales is the houses are still lived in and cared for. I looked at a lot of forclosures but they were all beat to hell or ransacked. Good luck on finding something you like.