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Another option if you want to look further would be on the Fannie Mae web site.Homepath is a program that have houses owned by Fannie Mae. Just go on the web site and look at that program..You might find a property that going to give you all of the financial considerations that the other property was offering.Short sales should be called Long sales.. Lot's of moving parts involved.FannieMae.comGood House Hunting.jim
I would agree with William. It sounds like this is a short sale with two banks. Usually the first lien holder will offer the second only $1,000-$5,000 to essentially forgive their portion of the debt. The idea is that if the home goes is foreclosed, the second lien holder normally gets nothing. Usually getting the second to agree to this take a long time though, and sometimes they refuse outright. Your agent should be able to find out how much is owed to the first and to the second.
It usually does not take a huge amount more to get the second to agree. If you offer to pay the second a couple thousand directly at closing you might be able to still get it to go through. I know this can be very frustrating. Hope this helps.
With this market, there are sellers out there that will work with you on your closing costs.Your local real estate investment club will have tons of qualified leads of people looking to sell their home, that can give you a great deal. Many of the investors there will have homes that may not fit their criteria, but if you are only looking for a good deal for an owner occupied home, it may be just the thing you are looking for.I would try this route. These folks have done all the leg work for you already, now you just shop for the one that fits you best.Dennis
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