Mar

4

I’m looking into purchasing a Condo thru Short Sale, the Realtor told me i’d basiclly need the money upfront?

Filed Under Short Sale Hardship 

LittleBirdyâ„¢ is The King asked:


either in cash or a mortgage. But What if the bank doesn’t approve the shortsale… What happeneds to my loan? Also… is there a difference between a short sale purchase and a regular purchase. What are the differences when it comes to the buyer?

Felipe
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Comments

5 Responses to “I’m looking into purchasing a Condo thru Short Sale, the Realtor told me i’d basiclly need the money upfront?”

  1. Stacy on March 7th, 2009 2:25 am

    If you put in an offer of say $200K on a house with a $220K mortgage, the bank has to green light your offer, or you have no contract and will not receive a mortgage (you’re still approved for one; you’re just not going to have one until you close on a sale). It’s not as though you’re going to get all the way to the closing table before finding this out.

    The $20K difference is the bank & seller’s problem, not yours.

  2. Doctor Deth on March 9th, 2009 6:40 pm

    if the deal doesn’t go throw – you don’t lose anything

  3. Linds on March 10th, 2009 9:58 pm

    on a short sale some companies can require a 10% earnest money or promisary or in the form of downpayment. If the bank does not approve the short sale you do not get the house. A short sales usually means that the seller is in forclosure and going into forclosure and is trying to refinance to avoid forclosure. The seller will make no profit, they will make enough to payoff the mortgage settlement and realtor, and any title fees/closing costs…

    If you get a house like this you can get a great sales price on it in this market, but make sure before you invest ANY MONEY that you see the approval in writing from the bank….

    Send me a message with further questions, I do a few a month.

  4. Fl. Guy on March 12th, 2009 6:30 pm

    the short sale simply means that the previous buyer has defaulted or is about to . either way you get the property at a bargain price ( less than what is owed any way)

    The downside is you need to accept the property as is.
    There will be no improvements, and possbly no cleanng or painting of the property before you take ownership.
    Most likly the bank will not be willing to pay for a home inspection so you take your chances on the quality.

  5. Dr. KIA GCG is Irish â„¢ on March 12th, 2009 9:24 pm

    it extremely selfish of you to be asking all these “real” questions

    “real” answer. You get approved for the loan, deal falls through, you’re still approved, but nothing happens…you’re still approved and you find another home to blow your wads on