I have no clue how long approval can take, but we're hoping for a long while so we can stay put. Assuming the offer is accepted, closing will be 30 days after approval. I anticipate a mad scramble to find a rental and to set a moving date. I don't mind the idea of relocating, but I'm dreading the move itself. My mom's move was so nightmarish. However, ours is certain to be much easier. That's a guarantee.
I should look at the brightside, house hunting is always fun. It's not in our desired area, but look at this beauteous rental...
I think we'd consider the extra commute, it's gorgeous. Ultimately, we're looking to stay near our current neighborhood, we really enjoy the Southwest part of the valley. Once, we get the green light the search is on. In the meantime, it's time to purge and pack.
4 comments:
I have probably missed something, but I didn't know you guys were looking to move? Is this a move you guys wanted?
I hope so, and that congrats are in order. Sight unseen, I didn't think that happened any longer, even with the bargains out there.
We listed the property for short sale in November. It's not a move we wanted, but we feel it's for the best. We make less than when we bought it, and we are so far underwater its digusting - like $165k. I just don't have the stomach for it. Moving will allow us to do more of what we enjoy. Living life is most important to us.
I completely understand...no, really I do! I was going to go the short sale route myself until, after consulting with an attorney and an experienced short sale RE agent. Both said, and I agreed, that I'd be better of just walking away unless I wanted to live where I am for the next 15 or more years. I know some will say a foreclosure is worse than a short sale - yes, it is, but for a number of reasons that just isn't an option.
So anyway, I made my last mortgage payment last month, and I'll be officially late for my January payment on Sunday. Weird feeling.
This will be a long process, but I'm ready for it. Congratulations to you guys for getting that short sale through - that has got to be a great feeling.
Deed-in-lieu of foreclosure is also an option. We did that with our condo after we were unable to short sale it (we had one offer that the bank refused). It looks a bit better than a straight foreclosure. I lost about 100 points on my credit score, but gained it back within 1.5 years with current loan & cc payments. The only negative is not being able to buy again for 3 years from when the deed-in-lieu filed.
You have a long while in your house before foreclosure. Sock that money away. Hope your bank is really slow and overwhelmed. I know people that have been in their homes over year waiting on foreclosure.
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