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Trying to buy a house under a short sale and morgan stanley holds the note - Any advice?

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June 10 - Cabbagetown

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Linda Strasberg, "L Strasberg"
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Linda Strasberg, "L Strasberg"

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How long since your offer was submitted? The general rule is 45 - 60 days for a reply when it's a good offer. Upon acceptance it takes no time at all to close. Are you offering cash/conv?

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July 05

Theo Shaw, "Theo_Shaw"
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Theo Shaw, "Theo_Shaw"

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It is also EXTREMELY helpful to use a real estate attorney that does a lot of short sales. I have had attorneys be unable to deal with a short sale because they were unfamiliar with them. I have had sales expedited because the attorney I used was a short sale expert and had "plan B" up her sleeve when we were stymied by the lender.

Theo Shaw
Baird & Warner
Evanston, IL

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July 05

Myersteam_1
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Myersteam_1

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Use a Buyers Agent that Specializes in Short Sales. A Specialist knows the correct questions to ask to make sure your transaction is not on the bottom of the assett managers stack.

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July 05

Johnny James, "Palmdale Mortgage"
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Johnny James, "Palmdale Mortgage"

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Hold on a short sale is not the average transaction that require time and patience. Lots of faxes,lots of phone calls,lost more faxes, lots more phone calls. It is almost a tennis game back and forth for months. Hold on and get ready to put your gloves on.

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June 27

Jay Bailey, "jaybailey1"
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Jay Bailey, "jaybailey1"

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Short sales require a lot of patience. They are much more complicated than a typical transaction and require a lot more paperwork and time. Your best bet is to have a good agent or closing attorney that can help you through the process.

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June 27

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Question Trying to buy a house under a short sale and morgan stanley holds the note - Any advice?

Latest answer by Linda Strasberg
July 05

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Trying to buy a house under a short sale and morgan stanley holds the note - Any advice?

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Question Trying to buy a house under a short sale and morgan stanley holds the note - Any advice?

Related Articles about Buying Process

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