Second thoughts about moving

[jessica31876]

I posted about us looking for a new place to be closer to our daughter earlier this year. We finally found something in our price range which isnt needing to be completely stripped and redone inside and in the area we were hoping to move (further east to the country)....but it is a short sale and I feel really bad about buying a house someone is losing due to not being able to pay the bills or being out of work or something. The guy who owns it is now renting the house next door. Meeting him and seeing the person who had to leave makes it harder to say ok lets buy it. We did put in an offer and I am pretty sure the bank will accept it and the realtor is hoping for a closing date of August 31st.

[Arual]

Jessica, I understand feeling bad about it, but look at the other side of it... by buying his home on a short sale you are helping him - because now it won't go into foreclosure which would be much worse for him.

Good luck on the new home!

[nun69]

I agree that you are helping him in the long run our neighbors house was a short sale for over year, NEVER sold and they just moved back in last wekend (not sure how they did it though)...but you will totally help him in the long run!

[SeattleSheri]

I would do some research on short sales so you understand what they are. I agree with the other ladies, there is absolutely nothing wrong with buying a short sale ... or a foreclosure for that matter, especially if you're willing to wait it out. Just because a house is a short sale doesn't mean the owner can't pay their bills, it means they are upside down on their loan, etc ... You're actually helping the person if you buy a short sale --- they are actively looking to sell their house vs. being forced to sell their house.

[heathergw]

Originally Posted by SeattleSheri

You're actually helping the person if you buy a short sale --- they are actively looking to sell their house vs. being forced to sell their house.

this

[heathergw]

and we bought a short sale and banks only agree to doing a short sale if you aren't late on payments... they actually have to approve the seller selling it short of what's owed, vs. the bank taking over and kicking them out...

for instance the guy we bought our house from didn't have problems paying his mortgage, he was just living paycheck to paycheck and couldn't afford all the repairs and such on the house... which is why we had to buy all new appliances and had to replace the siding and fix a bunch of cracks in the foundation... repairs were just adding up on the house that he just couldn't afford to pay because all his paycheck was going to the mortgage... so since he hadn't faulted on his mortgage, he was able to get the bank to agree to a short sale rather than letting it go to foreclosure...