What exactly is an FHA loan? Good question. An FHA loan isn’t really a loan, it’s a program that insures home loans. The FHA (Federal Housing Administration) doesn’t actually fund your home loan in any way. The FHA simply provides mortgage insurance to help consumers become homeowners. In other words,…
If you’re not clear on what a short sale is, check out this article. If you’ve already put an offer on a short sale, know that you are not alone. In 90 days your hair will have grown three inches, and you may or may not have approval on your short sale.
To stay sane, decide three things:
Don’t put your life on hold.
Don’t lose sight of your personal goals despite the waiting process. Don’t stop writing, blogging, reading, working out, eating healthy, studying, making music, painting or whatever program you’re in! Sticking with your personal goals will make the wait that much more worth it, and let’s face it – there’s time to kill.
Remember why you put in your offer in the first place. Great location? Bigger space? All the amenities? You have already invested time and money, and you’re not someone who gives up easily, right?
Don’t hound your real estate agent or home loan expert…as much as you want to.
Keep your cell phone out of sight when you should be focused. Chances are the bank won’t get back to your real estate agent with a decision early, and they won’t change their mind if you don’t pick up. If you don’t understand something related to the process, definitely call your real estate agent or mortgage banker, but don’t keep calling for a decision on the short sale from your real estate agent. Whether or not you become best friends after spending hours on the phone – your agent does not work for the seller’s bank, and really you’re just using up your daytime minutes.
Here are some tips for each 30-day mark:
At 90 days out, you’ve just submitted your offer. After negotiations your real estate agent and the seller’s agent are optimistic, you’re cool, you’re calm and 90 days doesn’t seem like a big deal. Within a week or two, you head back to the house for inspection. Worst case scenario: you’re convinced the necessary repairs outweigh the great deal you thought you were getting. Best case scenario: a little paint here, an update there, and BAM! Dream home. You’re about 3 weeks into the process; so, technically 69 days left…Or 39 days if you’ve lucked out on a 60-day process. Here are some things to keep sane in the beginning.
- Eat 90 salads. Healthy and yummy.
- Become a Guitar God in 90 days – Easy and free guitar lessons.
- Take the 365 challenge. Make something every day and “kick start your creativity.”
- Work out.
- Write a novel.
- Meditate, daydream, lie in the grass and look at the clouds.
Well here are more things to keep sane now that you have 60 days to wait:
- Write a book.
- Create 60 paintings in 60 days.
- Gain 20lbs of muscle in 60 days.
- Go from Couch to 5K in 60 Days.
- Take and pass the GMAT.
- Learn a language.
- Do yoga everyday.
- Sign up for baking classes.
- Read 60 books.
While you’re rereading what you’ve signed so far, you will cross your fingers, your toes, and tell all your friends and family on Facebook to do the same, and you’ll get bored of sitting around with your toes crossed and try some of these sanity-keeping tips:
- Try 30 sandwiches. Even if you don’t live in Chicago, this article will give you a jumpstart on your sandwich to-do list.
- Don’t eat junk. Tips to eat healthy fruits and vegetables on a budget, for 30 days.
- You may be on a budget, but don’t eat mac & cheese for 30 days. Unless you really want to.
- Learn five habits in 30 days. You’ve been putting this off and why not better yourself while waiting on that short sale approval?
- Play with your hair. Maybe this is easier with long hair, but why not go blonde, go pink, buzz a design onto your head. Go nuts on your hair, not your short sale.
- Learn to play piano in 30 days.
- Write a novel in 30 days. I know I’ve said this before, but if 45,000 kids and teens could do it in 2010, I have faith in you, me, and anyone else aspiring to write.
Remember: don’t put your life on hold, don’t lose your positive attitude, and don’t go crazy. Because some short sales exceed 90 days, and others are less than 60 days, I do recommend you ask your banker and real estate agent about what is expected for your situation.
If anything, at least this article gave you some ideas for how to kill time, and you weren’t thinking about your short sale for about three minutes.