All Forum Posts by: Steven LaLonde

Thanks @Gino Barbarothis is likely going to be a fix and rent scenario.  Single family in good neighborhood.  @Wayne Brooksappreciate the added insight.  It's interesting because the agent was telling us there were three offers on the house for a couple months, until just last week and now it's just our offer.  I'm going to give her a call.  My guess from what you just described is that someone is confused (maybe me, as I'm getting 2nd hand information and going through family (father in law) as he's helped me find this deal and is in the RE investment business).  Appreciate the help.

Hi all -

New here and about 3.5 months into my all cash offer on a short sale outside of Albany NY.  I was told by our agent that there were three offers originally submitted to the bank, but the other two were lower and not all cash and 'dropped' as of last week.

Agent thinks we're going to get the house and hear back soon, perhaps this week.. but 3+ months in, the wait and suspense is tough to bear!

What do you all think - impossible to say/read situation and just have to keep waiting?  Is there anything else we can do or push the agent to do?

Thanks!

Hi Everyone,

I'm about to do my first RE deal with the help of my father in-law, acting as a mentor (he is a landlord and RE investor locally where I'm buying which is in/around Albany, NY).

The deal is a short-sale, and we made a cash offer w/ proof of funds back in mid November 2015.  I know these (Short Sales) can take time, so fast forward to today and we're almost 2 months in since our offer.

We have been in touch with the listing agent and it seems like the bank just got back to us. There were two other offers on the house but they were dropped, seemingly because they had required mortgages/contingencies.  She (listing agent) was "90%" confident we'd hear more next week and should be good to get the house. 

As this deal potentially gets real and goes through, I am looking for advice.  My biggest concern admittedly is: "What do I need to do, to make sure nothing catastrophic happens." Reason:  As this is a cash deal, it's a huge part of my savings and overall net worth and want to make sure I'm very 'safe' and protected. Otherwise, I'm very excited and hopeful as we know this deal is a very good one!

Thanks!

Steve