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Answers (4)
- pharmacy2
- Contributions:5
but the home owner has been out of home for 2 years no one lives in home bank checks on home monthly and we know irs has been there because we talked to neighbor so what would you do now
- asugradinwa
- Contributions:37
1. The seller has to qualify for the short sale, otherwise they'll be on the hook for whatever the remaining balance is on the mortage. Usually this is only accomplished by things like job loss, work hour reduction, ect. If the seller can still make payments then chances are that the bank won't go through with it. This is a bit of paperwork that the seller has to do.
2. The bank wants to lose as little money as possible. The closer your offer is to the remaining mortage balance the higher the likelyhood is that the bank will say yes.
3. The bank will also do a BPO (Broker Price Offer) to see if the amount you are offering on the house is in line with simular houses in the area. If everything is selling for $400,000 you most likely will not be able to get the short sale for $250,000.
4. You have to show that you qualify for the new loan. This is the other part of the paperwork sent to the Seller's bank.
After all that is done be prepared to wait anywhere between 4 weeks to never to hear back from the bank. I've had my shortsale bid in for a month and am hoping to hear back soon (Bank's already got a negotiator assigned and BPO done).
2. The bank wants to lose as little money as possible. The closer your offer is to the remaining mortage balance the higher the likelyhood is that the bank will say yes.
3. The bank will also do a BPO (Broker Price Offer) to see if the amount you are offering on the house is in line with simular houses in the area. If everything is selling for $400,000 you most likely will not be able to get the short sale for $250,000.
4. You have to show that you qualify for the new loan. This is the other part of the paperwork sent to the Seller's bank.
After all that is done be prepared to wait anywhere between 4 weeks to never to hear back from the bank. I've had my shortsale bid in for a month and am hoping to hear back soon (Bank's already got a negotiator assigned and BPO done).
- christopher Burns, "Five Stars Mortgage"
- Contributions:50
You want to not only submit a "reasonable" offer to the seller, but you need to show them that you are already pre-approved for your financing. This will be key in getting the bank to accept a short sale.
With your offer, Pre-approval info, and supporting information about the comparable sales in the area supporting your offer... the bank will most likely accept a short sale so you can buy the property.
With your offer, Pre-approval info, and supporting information about the comparable sales in the area supporting your offer... the bank will most likely accept a short sale so you can buy the property.
find out if the seller has filled out the paperwork for a short sale. if the house has been on the market for 90 days the bank will be more apt to do a short sale.
first they want to know what the houses are selling for in the neighborhood. then they will drop the price when they see the comps.
first they want to know what the houses are selling for in the neighborhood. then they will drop the price when they see the comps.
we have found a pre-forclosed house owner wants to sell how can we get bank to make acceptable price
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