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"i Bought My House Last Year As A "short-Sale". Ask Me Anything"

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Im reading with great intrigue a post on Reddit from a guy who bought a foreclosure, the circumstances, time-scale and processes. It's quite fascinating to see how things are going on there as we'll be seeming something similar in the coming years in the UK

Question:

Was there much negotiation with the homeowner, or was your communication mostly back and forth with the bank? How long did they take to get back to you when you made an offer?

Answer:

I had almost zero communication with the homeowner. Each time we viewed the house, they were gone (except the last time, when their kids were home, which was weird.) All of my communication was with my realtor, who in turn communicated with the bank.

That said, there's very little communication there anyway. We submitted our offer, and then we waited - about 4 months! When our offer was finally accepted there was a little back-and-forth with the bank (neither the bank nor the homeowner had offered to pay HoA back dues, we called them on that and about 5 weeks later the bank agreed to pay them off.)

I didn't even meet the homeowner until I came to take possession, at that time he was doing one last tour of the house, grabbing some stuff that hadn't been picked up by the movers. It was awkward... "ok, well, thanks, you can leave now, I have to start cleaning your mess."

http://www.reddit.co..._shortsale_ama/

Edited by Earthling10

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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