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Any real estate professionals here? Couple of Q's

Discussion in 'Off-Topic Discussion' started by Hardcorehehaw, Feb 13, 2010.

  1. Feb 13, 2010 at 4:20 PM

    Hardcorehehaw [OP] 1 man wolf pack

    Feb 3, 2009
    First Name:
    09 Magnetic Gray PreRunner
    Debadged, 20" Liquid Metal Magmas, Yokohama Parada Spec x 285/50/20, Llumar clear bra, Fold-A-Cover G4, Weathertech liners, Wet Okole seat covers, JBS technologies keyless entry keypad.
    Since the economy is in turmoil and the housing market in shambles, I decided to start looking for houses because I realized if there was ever a time to buy, it's now.

    So my g/f and I searched for a month and finally found the one.
    It's a short sale through Chase bank and the seller has an attorney involved.
    We submitted the first offer, the seller's attorney countered. I submitted another offer, just shy of what they were asking and the seller's attorney advised them to accept the offer. The house was on the market for around 2 or 3 weeks.
    The seller accepted the offer and it was submitted to the bank with the hardship letter and "short sale package"

    This was on Jan 21st. My biggest concern is closing by June 30th to get the $8k tax incentive. Do you think that is feasible?
    What would be even better is closing before April 15th so that I can get the $8k on this year's tax return.

    Does anyone have any idea how long it might take? I've heard that Chase bank is one of the worst for short sales.

    Do you think the chances of the bank accepting my offer are better since there is an attorney involved. Not for any legal or intimidation reasons, but because the attorney has already done some of the leg work as far as coming up with a price and list of comparables.

    The house was built in 2005 and sold for $280k. The offer the seller accepted was $138k, no closing costs.
  2. Feb 13, 2010 at 4:41 PM

    TacoSupreem Dirty Trucker

    Dec 21, 2009
    First Name:
    2013 MGM DCSB 4x4 Sport
    I would think that would be plenty of time. They should have it by april 15th.

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