About a month after we moved into our rental house, we got the itch to own and started looking. We looked at 3 or 4 houses and found one in Falcon (where we went to high school and our parents had both lived) that fit our needs. Here's the caveat: it's a short sale.
Short Sales. They are not short. From what I have learned, a short sale is when the owner is upside down in their mortgage. They owe more than the house is worth. So they are trying to sell it at the lower price and work a deal with their lender (bank) who may require the owner to take out a personal loan or something to pay the remaining balance. But in order to even get to the point where everyone negotiates with the bank, I THINK the order needs to go as follows:
Buyers (us) make offer to seller
Seller sends offer to their Lender
Lender reviews file
Accepts or counters offer and takes BUYER to "final negotiations"
Buying resumes as normal - 30 day close, we do inspections, appraisal, etc.
We made our offer to the seller the end of August, the seller immediately accepted and sent the offer to the bank. It has been nearly 9 weeks. The bank asked us about 3 weeks ago how soon we could close if they accepted and then we didn't hear anything for a couple weeks. We asked our AWESOME realtor if she could check into it a bit and she got back with us and said the bank had to order a new appraisal because the one they already had on file had expired. Boo.
Overall though, we are working on our patience as this process unfolds. Bryce and I are content with the outcome regardless how it pans out. This home would definitely not be our "forever" home but it has more than enough space and is a really great investment if we do all the upgrading ourselves - which who am I kidding, we always do.
Pics are below of the house! If we end up getting the house, I will absolutely dedicate an entire section of this site to the upgrades!