Short Sale Purchase Mortgage Process For Home Buyers
This BLOG On Short Sale Purchase Mortgage Process For Home Buyers Was Written By Alex Carlucci of Gustan Cho Associates
Experience With A Short Sale Purchase Was Written By Alexander Thomas Carlucci of Gustan Cho Associates
Just imagine that you are in the market for a new home and after scouring the MLS (Multiple Listing Service) and going to countless showings, you finally lay your eyes on the house of your dreams. You see this house where you can grow your family and quite possibly grow old in. However, your realtor breaks it to you that it is indeed a short sale property. Your heart drops, what is next? What will you do? Here is my story….
Here Is My Story With A Short Sale Purchase
December 2013 I started looking for a home as I wanted to get our family out of the rental home we were currently in.
- I was on the real estate websites for hours on end looking for that perfect home in our price range
- After viewing 20+ homes we finally came across this home that was available via short sale for $230,000
- After walking through we had our realtor put in a full-price offer of $230,000 and it was submitted the very next day
- We are initially told by the listing agent that our offer will be accepted by the bank
- So we put the wheels in motion in ordering the appraisal which came in with a mid-$230’s value which was perfect
- Then the waiting game started….
Stressful Waiting Period With Short Sale Purchase
January, February, and March all came and went without a single word in response.
- The only answer we got from the listing agent was “banks take a long time to respond.”
- Now this I can understand, but they gave absolutely no indication if we were going to have our offer approved
- Finally in April we got a verbal that the bank was going to approve our offer as they had zero other offers on the property for full asking price
- In May I went to my landlord and gave her the mandatory 60 days notice that I would be moving out and began to pack up our belongings
Outcome With Short Sale Purchase Experience
A few weeks later, our realtor calls with bad news, “the bank has determined that $230,000 wasn’t a high enough purchase price and the new price to keep the home was $250,000, take it or leave it.” What!
- How can this happen?
- We went into shock as the rug had been pulled out from under us
- We had an FHA Appraisal in the $230’s so there was no way we could get it to $250,000, plus we didn’t have the down payment to bridge that gap either
- After going back and forth with the listing agent and bank, we were forced to walk away from the property
- As a result of this we didn’t have a home to move into and were forced to live with our in-laws for 3.5 months until finally purchasing our current home, which is a story for another day….
About The Author
It is a pleasure for me to introduce Alex Carlucci as our writer for Gustan Cho Associates Mortgage And Real Estate Information Center .
- Alex Carlucci is a senior loan officer for Gustan Cho Associates
- Alex is an accountant by trade and has vast experience in all areas of accounting, auditing, finance, real estate, and lending
- Due to Alex Carlucci’s expertise, Gustan Cho Associates has promoted Alex Carlucci to be our corporate recruiter
- Alex has a reputation of recruiting talented loan officers for many years
- Alex helps recruits in the final stages of them getting ready for taking the federal NMLS mortgage examination
- Once new loan officers pass the national federal NMLS exam, they will go through the licensing phase and once he gets their NMLS license
- New loan officers will be officially part of our growing team
- Alex Carlucci also looks forward to new loan officer in coming on board with us
- Our whole staff benefits by new loan officers joining Gustan Cho Associates Mortgage Group
Alex’s extensive work experience, especially in the areas of accounting and recruiting talents makes him a great addition to our growing team. We look forward to the regular blogs Alexander Thomas Carlucci will be publishing in the coming weeks.