On a short sale bid, will it help the process if we apply to finance it through same bank selling it

Gearhart66
Contributions:4

I'm curious if on a house that has went into short sale, it's been on the market for over a year and owners went back to China, asking price already reduced 45,000 from what they paid, 4 year old house. Anyways, we made a short sale offer, and there was another offer too, will it help our offer any if I go to the bank (Chase) selling the house, and ask them if they want to finance us, and apply for a loan with them? We are already approved with Bank of America and have stellar credit, but plan on doing an FHA loan because we have less then 10k for down payment and closing? Any thoughts on if using the same bank that is trying to recoup losses to finance the sale will help pursuade them?

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July 17 2009 - US

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Answers (1)

Loves LA
Contributions:14

Absolutely! I did this for a short sale and was approved.

As well the seller also offered me 6% towards my closing costs if I went through them as opposed to 3% if I went through the credit union I'd already been approved with. They also offered to pay a percentage of points towards lowering my interest rate and their GFE was also several thousand lower than than from my credit union (they didn't know what my credit union GFE was), I was surprised.

So yes, apply then compare them to your other possible lenders, you might like your options. Plus in the end they can't legally force you to finally finance through them if you are approved... I guess they could still go with another offer who does, but maybe they won't want to go through the process all over again either.

It's worth seeing what they come back with though and to have options.

Good Luck!