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Answers (9)
- Mary Ann & Gerald Laurita, "laurita7988869"
- Contributions:32
Hi--I didn't see the whole question--part of it was cut off--but from the other answers--it looks like it may be a possible short-sale. If you're not familiar with the workings of a short-sale--you should read up on it. One thing to remember is that it most probably won't happen quickly--so if you have time to wait and I mean most likely months--go for it. However, having said that I would work with a realtor experienced in short sales if possible--but I would seek an attorney that knows how to keep them moving. Hope that helps.
Mary Ann Laurita
Mary Ann Laurita
- shapiroamg
- Contributions:3058
The only risk as a buyer is being caught up in a transaction that takes longer than typical. You make your offer and then the seller has to get permission from their lender to sell at the agreed price. It can take a couple weeks to months for the seller's lender to review and approve the short sale. In the meantime rates go up and down (you shouldnt lock a rate until you have a definative closing date), other property comes on the market that you might be interested in and you are tied to this transaction with no guarantee it will close.
- Todd Turcotte, "Todd Turcotte"
- Contributions:4
Hi BBartlet,
A good attorney and real estate agent working on your behalf help minimize the risk associated with any purchase.
Short-sales tend to take longer than conventional sales as they need bank approval to go through. In most cases, the seller is only selling if the bank will release them from the remaining balance on the loan. Sometimes the process can be dragged out for months longer than what would be typical in a conventional sale.
Buying a short-sale doesnt have to be risky as long as you do your homework on the property, and have a qualified local real estate agent an attorney working on your behalf!
- Mina Patel, "kamla"
- Contributions:15
Hi Bbartlet,
My name is Mina Patel. [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy]
- BBartlet
- Contributions:4
What is the risk of buying a home in Short Sale? Do past obligations or liens create headaches?
- shapiroamg
- Contributions:3058
So you need a lender or bank for a mortgage in CT. Ask around to your friends family or co workers. Perhaps you can get a referral to a good Loan Officer that way. If you would like, contact me. I am only licesed in MA but do know some CT loan officers.
- Phil Zimbardi, "TOP END Properties"
- Contributions:209
Financing for a Short Sale is no different than any other sale. Once the sellers lender approves the short sale, they should give you reasonable amount of time to secure financing.
- BBartlet
- Contributions:4
Thank you Cindy I am looking for "how to " find financing for a short sale home. I currently live in CT and I need financing for a home that is going into short sale that I believe the investment is a good one.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
It cut off your question. You could just hit POST REPLY and finish asking your question.
I live in CT I am trying to find financing for my first home. I have a home picked out but it is goi
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