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Replies (4)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
It would help if you mention what are you referring to?
Happy funding, Rudi
Happy funding, Rudi
- His glory
- Contributions:5
We're interested to purchase a home which is a "short Sale". We would like to submit an offer on the asking price with 20% down in hope to get the sale...
- Michael Emery, "MikeEmery"
- Contributions:7298
In a short sale, the homeowner still owns the home so the homeowner would have to agree to the terms, conditions and price of any purchase agreement that is presented to them by their agent.
Price is not always the determining factor. Sometimes buyers want the seller to make repairs which the homeowner cannot afford. Or they want a closing date which is not acceptable to the seller.
Once the homeowner agrees to the sale (signs the purchase agreement) their lender must also agree to the sale as they are absorbing the loss in a short sale.
If a home is a bank owned property, you will only need approval from the bank that owns the property as the homeowner no longer is in possession of the home.
Price is not always the determining factor. Sometimes buyers want the seller to make repairs which the homeowner cannot afford. Or they want a closing date which is not acceptable to the seller.
Once the homeowner agrees to the sale (signs the purchase agreement) their lender must also agree to the sale as they are absorbing the loss in a short sale.
If a home is a bank owned property, you will only need approval from the bank that owns the property as the homeowner no longer is in possession of the home.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Even an all cash offer does not guarantee the current lender will accept your offer. Unfortunately, it could take up to 5 months or even longer to find out if your offer is accepted or not. Patience is a virtue.
Happy funding, Rudi
Happy funding, Rudi
What do you mean about "approval from the homeowner"?
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