Saturday, February 4, 2012

Goodbye short sale house

They call them “short sales”  because the sellers are “short” on what they owe to the bank, so it seems like a cruel bit of irony when your short sale drags on forever. I held on for as long as I could, paid to have utilities turned on so I could have the inspection done. I’ve been paying utilities on an empty house for months now because the seller’s agent assured me the sale would be complete “any day now”.

He’d been saying that every few days for weeks now. The last thing he said was that he was sure “the dam was about to break”. That was over two weeks ago and he’s been very quiet since. If the dam broke, he must have drowned.

It’s really sad when you think the previous owners were likely pushed out because they couldn’t make the monthly payments. So instead, no one’s made a payment on this house in a full year as it sits empty, vulnerable to vandals and roof rot.

Unfortunately, it seems the bankers have no incentive to sell these houses. They already got their bail out, so what do they care? I don’t pretend to know how the system works, but that sure is how it feels. (On a related note, if you haven't already, you might consider moving your money out of the big, bailed-out, consumer-exploiting banks and into a credit union/community based, we-value-our-customers type of bank.)

So I bought a different house. It wasn’t a short sale, so they’re actually going to let me have it. I close at the end of the month. More on that in my next blog.

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