patrick.net

I'm buying for a rental not to live in. The wait won't change my price cause the short sale is an already agreed upon price. If I lose my job it won't matter if I bought the property for X or 75% of X. Though I think it's very unlikely I'd lose my job any time in the near or distant future.

EVERYTHING IS A GAMBLE...ITS WHEN YOU WAY THE RISKS THAT ARE IMPORTANT.
It sounds like you are prepaired for anything....do what makes you happest !!

UnitedSocialistStatesofAmerica says

Stick around tomorrow, when I answer another readers’ question: “Is there any downfall to sticking my tongue into the electrical outlet?”

Angry much? Appreciate your input, don't appreciate the condescending manner in which you give it. You're posting your opinion - maybe you're right, maybe you're wrong. But I know that I'd sure appreciate reading your thoughts in a bit more conversational manner.

UnitedSocialistStatesofAmerica saysI may come across as condescending only because I FEEL condescending.

well, duh.
UnitedSocialistStatesofAmerica says

That’s because most times I find myself speaking to people who couldn’t find their own arses even when using both hands AND a roadmap to look for it. I’m not saying that’s YOUR case (in fact, I KNOW it’s NOT), but the averages justify my approach.

Yea, because you're, like, so much smarter than the rest of the world, and stuff. (to quote a friend...)

UnitedSocialistStatesofAmerica says

I’d like to add that BESIDES condescending, I also have a certain CONTEMPT for many posters here as well.

well, duh.

So, spout your shit. Get it out of your system. Maybe along the way you'll realize that your approach is incendiary and won't be taken seriously, if it's taken at all.

UnitedSocialistStatesofAmerica says

Up to NOW, *I* seem to be the only one consistantly backing-up his arguments with links & references. If THAT constitutes ’shit’, I’d really, really like to throw a lot more of it at you.

Up until now? You've been here about 20 minutes... and are quite nasty...

Unless you're OTS and you were lonely.

E-man says

@ burritos,
Hey, nice hearing from you.
I’d say go ahead and try to hook up with another bank owned property while waiting for the short sale approval. On the bank owned property, I would offer AT LEAST $6k less than your short sale offer. If they accept it, great; if not, you got nothing to lose. Talk to your RE agent to see how comfortable she is with the whole situation.
Good luck.

My realtor prefers bank owned sales, not a fan of the short sale. I had the option to pull out of the short sale this month, so last week I tested the waters and offered a bank owned which was out right rejected without a counter. So yesterday I decided to extend the short sale process for another 3 months. The bank is requesting for a BPO(broker price opinion?) which at least means the wheels are starting to move. Whether the wheels come off, well, we'll just see. There are more properties coming on to the market every day. I don't expect the prices to go up, especially now without that $8000 tax credit. In three months if nothing happens, it'll be at the end of the prime selling season so hopefully there be more desperate sellers. If the short sale happens at the price and terms I want, then even better.

Just an update. We finally closed. This original short sale fell through, but I was able to buy a larger bank owned property for 10k less. Closed today. My realtor will be passing the keys on to my property manager tomorrow. I plan to get this rented out asap and maybe consider another property.