Posted by: adamthedad | March 29, 2011

A Short Sale and a Long Story – Update!

Ok, so maybe it’s not such a long story after all. I thought I’d take a second to update the whole process for you folks who might be interested. Which judging by the comments my first post received some of you are. So, well, we got our approval from the bank. In what we are pretty sure is record time. Shocking really. It happened so quickly that we received the approval the same day of the first call from the back asking “Where’s our money!” Which means by the time escrow closes on the 26th (or sooner) of next month, we won’t have been more than 60 days late. Hallelujah!

So what happens now? Well, now we proceed with all the fun of selling a house, the inspection, the signing, the notarizing, the wood eating pest inspection, the signing, and on, and on, and on. We actually feel quite free at this point, and blessed that it has gone so smoothly up to this point.

There has been one catch though, the buyers had offered to rent the place back to us (they are buying it as an investment.) Alas, this doesn’t look like it will be able to happen, thanks to a little thing called an arms length affidavit.  Which is kind of like the final kick in the head from the bank. It essentially says the seller can pretty much never live in the house again, whether as a buyer or a tenant. Oh, and apparently signing the affidavit, then living there, is a federal crime, so there’s that.

So now, to the next step, finding a place to rent. Anybody have a 3 (or more) bedroom place to rent?


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