Mar
2
cash offer to a short sale?
Filed Under Short Sale Hardship
help_please asked:
What should I do (since no mortgage bank is involved) to protect me if I make a cash offer to a short sale? What about the title insurance, and many other stuffs?
What should I do (since no mortgage bank is involved) to protect me if I make a cash offer to a short sale? What about the title insurance, and many other stuffs?
Your advice is greatly appreciated.
Caveat: I am going a buyer to this short sale property. Cash offer means no financing. I will be using my saving and HELOC.
Eulah
Comments
2 Responses to “cash offer to a short sale?”
K Im confused, there is no bank involved? Is the mortgage to a private party? I am assuming that you are selling the property and will not receive enough funds to payoff the loan entirely. Get everything in writing, make an offer to the mortgage holder and be sure and get an agreement from them in writing. Your title insurance has nothing to do with your short sale. Title insurance just guarantees that you bought a property free of any undisclosed liens.
if your offer is accept than it is up to the seller to get you a clear title — your may have to pay some of the other closing costs and the property tax may be proreated!!!!