Short Sales- A Real Estate Dilemna
Sat, 05/03/2008 - 02:48 — ryanolWe put in an offer on a decent little house in St. Louis Park...but unfortunately the house is a short sale. We put our offer in two days before the home was set to go to sheriffs sale(foreclosure). The sellers agent and the seller(lender) did postpone the foreclosure till the 30th of May. But they didn't give us an acceptance on our offer. Since the home will go to sheriffs sale on the 30th the home sale needs to close by the 29th.
So here we sit waiting to hear if our offer has been accepted, knowing full well that each day that the bank(seller) waits on our offer gives us less time to get our inspections, and mortgage closed. Nevermind the fact that we have waited for over week for a response on our offer.
Our current landlord requires a 60 day notice to vacate our lease. So with out a clear answer on our offer we put in our notice to move out at the end of June. Now we wait in limbo, if the offer gets declined or expires on May 15 like we specified then we have to either scramble to find another acceptable house and close in a month in a half or pack up our belongings in a pod and move into my parents bathrooms. Add all this together with the fact that I recently learned that the home is just north of the EPA toxic gas zone noted here:
http://www.stlouispark.org/about/whats_new.htm#Februaryupdate
and you have a nerve racking transaction.
Aaagh this house hunting business can be a little stressful at times.














