Short sale contract now in the eighth month
I have been ready to close since the contract was accepted on May 3, 2012. The bank pre-approved the property for a ’short sale‘ and the owner moved out. Some interesting things have happened along the way. When the original closing date came and went, the bank said they decided the price wasn’t high enough. They wanted $3000 more. So, a new contract was written up with a new price and new closing date, then it was sent in and accepted.
A few months passed and it had been awhile since I visited the property. I went and checked it out. There were a few items missing, first the AC unit in the back yard (see photo #1) was gone. In the garage, the top of the furnace was taken (I believe this is called the condenser), see photo #2. Next, the property is a perfect example of what happens to a vacant property, it deteriorates. The longer it sits the worse things look. Everything seemed dusty with cob webs everywhere. The counter tops and appliances appeared worn down. Nothing looked good.
The only thing that was positive was that everything in the neighborhood has sold. The most recent at higher prices. I am still ready to close, but they need to hurry up. To continue, the bank has said they would put in a new AC unit and condenser (that was three months ago) and they have not done this yet. Today, there was some activity. They told us we could close on April 25, 2013 and to write up an addendum to the contract to stipulate that.
Also, they wanted (for the third time) a proof of funds letter. This is a letter from my bank proving I have the money needed to close. It just makes you wonder, do they really want to close or are they just wasting everybody time. The average person that sells a property or has a lease expiring, they know the exact date they must move. There is no way for them to think about buying a short sale property. That only leaves the investor who can wait it out. I’m still waiting.