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The majority of the news about short sales comprises sad tales of frustrating negotiations with banks. Sometimes, short sales are so frustrating, people walk away.
But I heard yesterday from reader Tom Hanscom and liked his e-mail so much I asked if I could share it with you.
Hanscom wanted me to know: it’s not all bad. In his words:
I keep reading horror stories about the short sale process here and around the country, but wanted to share that I recently completed a purchase via short sale and am happy with the results… if not the journey. Yes, it took from mid-January to mid-May to complete; yes, there were any number of times it looked like the deal would fall through; yes, I was given every indication that the bank (BofA) could give a flying f–k if the sale was ever completed.
But in the end, I paid $135,500 for a house that was carrying $350,000 in first and second mortgages. It’s in Escondido and it’s tiny (550-square-foot), but it’s in a fabulous neighborhood with great views of the mountains to the east, and a quarter acre of property, and with a little bit of work it’s going to be a show piece. So it’s not all bad.
Do you have your own short sale tale to share? Leave a comment and tell us about it!
Still not sure how a short sale works? Here’s the explainer we produced with NBC 7/39 about short sales earlier this year:
View more news videos at: https://www.nbcsandiego.com/video.
— KELLY BENNETT