I have sent a MASS of paperwork down by Overnight Mail previously, and then today, as the loan gets ready to go to underwriting, the processor sends me an e-mail requesting even MORE information. I ran around like a crazy person getting it all together to get it back down to the processor today. Thirty Nine Pages! Fortunately, I was able to e-mail it from the UPS Store instead of faxing it saving me about $31.00. I think the only thing they haven't asked for at this point is my first born child, and that may be next!
Short sales are almost always a great deal, and this one is no exception. Believe me, I have done my research, and this one is worth it. I just hope nothing goes wrong to mess up the deal before we get to closing. So far, so good. I have made inquiries to the Realtor regarding HVAC system and appliances and everything seems to be in good working order and fairly new. Another thing you have to be careful of with short sales and foreclosures is that most of the time they are "as is" sales, and that can be problematic if you don't know what you are getting into.
With condos you also have to be sure that the Association has adequate reserves in case of something major occurring which would require major repair/restoration (such as a hurricane in this case) to the building. We are on the Fourth floor, so flood insurance for our unit will not be required, and there is also a wind mitigation exception for this building, so our contents insurance is actually lower than it might be in another building. Overall, I am extremely pleased with everything I have explored.
One thing for sure, short sales are more work, and more risk. But, if you do your homework you can come out with the place of your dreams at a price you can afford. I can't wait!
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