Any experiences with Short Sales
I posted on the household finances with my situation. Not alot of activity over there and was hoping maybe some of you have any experiences/advice to share.
Our situation is not one of financial hardship. My husband eyesight has deteriorated over the last year. He has a corneal disease and his eyes have rejected the contacts that are basically the last option before cornea transplants. Right now he's just barely legal to drive in the state of Georgia with the lenses he can tolerate. He commutes anywhere from 2-4 hours a day depending on Atlanta traffic. We have to move closer to his job for his safety.
Our house has been on the market going on 7 months. We just lowered by 10K to $139900. Short sale down the street closed for $110000. Our house still needs about $15-20K in updates (roof, remainder of Louisiana-Pacific siding, HVAC and windows). These items still work, but will be noted by any inspector. We are listed for $5K less than what we paid and we have sunk several thousand $$ into this house. We are already listed at our rock bottom and can't go any lower...it'll have to be full offer at this price and I'm not confident that's going to happen.
I spoke with Wells Fargo about the short sale process. The rep told me we would qualify for hardship short sale, but would have to move first and then get behind in our payments. The rational is that we can't afford two carry two households. That's pretty scary. Anyone have any experience working it out with their bank to stay current on payments, but just take an offer lower than the payoff balance? I'm learning that each bank is different, but maybe a real estate lawyer could negotiate some of their terms??
My husband and I will seek out legal advice, but in the meantime I'm trying to learn everything I can. Thanks for any advice offered!!