Short sale = long pain?
October 5, 2011 5:12 PM Subscribe
YANALFilter: Short sale: yay or nay?
Seriously, I'm not looking for legal advice - rather, I'd love to hear from buyers who've been through this before.
Am interested in buying a small 1-bedroom condo in Brooklyn which is listed as a short sale - broker claims (of course) that it's no big deal, that, with all the paperwork in place, a closing could happen in as little as 2-3 weeks.
Lawyers I've informally talked to on the phone tell me otherwise. Some facts:
- it is not a foreclosure: the bank is simply wiling to accept a lower sum for the outstanding mortgage;
- the seller has a judgment against him/her, which is what led to the short sale;
- everything from my end is in place, financially speaking (over 60% cash down payment, pre-approval for mortgage, excellent credit);
- I am a first-time buyer
What is the broker NOT telling me? Why are the lawyers so spooked? One flat out refused to take it on after I told him it was a short sale. Am I signing up for untold misery and prolonged agony? Please tell me what your experience has been like.