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Can I get financed for a short sale property?

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January 15 2013 - Troy
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Answers (4)

Short sales are not much different than regular sale homes.  The largest concern with short sale is making sure all of the proper paperwork has been completed and submitted by the current homeowner.  You will most likely have to wait several more months for a closing, which will require a few extensions by your mortgage person.  As long as both agents and loan officer is on top of all deadlines. You can get a nice home for a fraction of its value.  If you have any further ?'s feel free and drop me a note or call.  Good Luck!
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February 25 2013
In today's market, short sales are the norm.  Lenders will finance your loan on a short sale property just as easily as a standard sale.  As a buyer, however, you need to be aware that short sale lenders may not approve many fees that are "standard and customary" in standard transactions. These additional fees may include:

--Termite repairs
--Home warranty fees
--Sufficient fees to cover escrow/title/attorney fees
--HOA transfer and reinstatement fees
--Retrofitting fees/smoke alarm/carbon monoxide

You also need to be aware of any junior liens that my be on the short sale property you are purchasing.  If these junior liens require a pay off that is not completely satisfied by the 1st lienholder, the difference will have to be paid in cash at the close of escrow.  Your loan will not cover these fees so your closing costs will have to account for this.
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January 18 2013
That will depend on a lot of factors. The first step is to contact a local loan officer and do a loan application to get pre-qualified. Good luck and take care. 
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January 18 2013
User,

If you are looking to purchase a home that is being offered as a short sale then the answer is yes, you can be qualified to purchase that home as long as you meet the credit and income guidelines for the program you are applying for.

If you are looking for more information you can contact me through my profile page.

Thanks
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January 15 2013
 
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