Concord, NC · Member since 2016 · 6 posts · 0 votes
I have a home in the Charlotte NC area that is going for $139k. Im looking at 2,500sqft with appliances in the house in good condition. The cashflow is sitting around $911 a month. The house is amazing.
The issues is that the seller is attempting a short sale. The deal has fallen through twice in the past 1 1/2 years. This makes me nervous as I don't want my money tied up in escrow for 6 months just to find out he got approved for the short sale but declined to accept the remained as an unsecured loan. I do not know yet why the deals fell through (agent is looking that up now). But its either the seller was approved for the short sale and then decided he didn't want to remainder as another loan, or the short sale was denied.
Finally got the home inspection from another buyer that was looking at this place. Mold and termites through out. Guess its a good thing i was delayed. I did not think the buyer was able to lie about something like that though.
I have a home in the Charlotte NC area that is going for $139k. Im looking at 2,500sqft with appliances in the house in good condition. The cashflow is sitting around $911 a month. The house is amazing.
The issues is that the seller is attempting a short sale. The deal has fallen through twice in the past 1 1/2 years. This makes me nervous as I don't want my money tied up in escrow for 6 months just to find out he got approved for the short sale but declined to accept the remained as an unsecured loan. I do not know yet why the deals fell through (agent is looking that up now). But its either the seller was approved for the short sale and then decided he didn't want to remainder as another loan, or the short sale was denied.
Any suggestions on this?
Just don't put earnest money down. Are you working with an agent? They should have suggested that as a potential solution.
Lucky I did not. Then had paid for their own home inspection a few months ago. My realtor did not even check on this originally. I had to poke and prod her to ask. I now have a new Realtor and things seem to be going better. I also have a local friend who is going to be doing pre-home inspections for me to avoid this in the future.
In the end I stepped away from the house. I am in no rush and want to make sure I don't get myself in over my head.