Home Rant

Re: Home Rant

• natswild member

  

  August 2014

  dumb question-what's a short sale?

  Report0 Reply
• minskat30 member

  

  August 2014

  @natswild - Not a dumb question at all.  A short sale is where you have to get one or more of your lenders to agree to the sale because the purchase price for the home is less than the amount to pay the secured lender(s) in full.  Here, my purchase price would take out the first lender's loan but I wasn't aware the sellers had a home equity loan on the property as well (and the purchase price we agreed on with the sellers only covers $2-3,000 of their $50,000 debt to that bank).  A second-lien lender may often agree to take less than what they are owed though because the alternative is a foreclosure in many cases (where they are out even more money 9 times out of 10).

  Report0 Reply
• natswild member

  

  August 2014

  okay, thanks for the explanation!

  Report0 Reply
• Blue & White member

  

  August 2014

  Did you get it?!

  I guess, to tell you the truth, I've never had much of a desire to grow facial hair. I think I've managed to play quarterback just fine without a mustache. - Peyton

  Report3 Reply
• BreMR member

  

  August 2014

  Wow, I'm sorry for your disaster experience!  It seems so shady what they did, but I hope everything worked out! 

  

  Report1 Reply
• eilis1228 member

  

  August 2014

  How'd it go? 

  
  
  

  Report1 Reply
• minskat30 member

  

  August 2014

  Sorry I didn't post over the weekend. I didn't have internet... because we were in our new house trying to set all the new things up!!!  We closed Friday late afternoon and, thankfully, our closer put us in a different room than the sellers.  I really didn't want to see their faces.  But we are closed, had contractors come in this weekend and today to get some things fixed up before we can move in.    H and I are over the moon.

  Report8 Reply