By: Kim
My husband and I have looked at a short sale that we really like. We are working with an excellent realtor who has been very candid that this process could take up to a year, so we are hesitant to jump...
View ArticleBy: Bill Gassett
Kim – All the lender is going to do is approve the terms submitted to them. The lender is not going to care if the Realtor is misrepresenting the septic system capacity.
View ArticleBy: Mandy
We have a short sale house under contract since October 3rd 2011. Last month our agent told us bank (BOA) has sent the appraiser to the house. There has been no word yet! Is this common?
View ArticleBy: Bill Gassett
Mandy it would depend on when the appraiser was sent for the short sale evaluation. Do you mean the appraisal was done last month or sometime before? If it was just last month you may hear something...
View ArticleBy: Fred
We are at the end of a 7 month wait to purchase a short sale. The sellers are getting divorced and getting anything signed from them is a Pain. We are supposed to close next week, but we still don’t...
View ArticleBy: Bill Gassett
Paul – something does not smell right here! When did the short sale lenders ask for a 30 day close? I ask this because the lender does not give closing terms until after short sale approval comes not...
View ArticleBy: Chuck J
Bill, This is helpful – but may leave one question unanswered. Can a seller/realtor not disclose that they are in a short sale situation? We have an accepted full price deal that was supposed to close...
View ArticleBy: Bill Gassett
Hi Chuck – A seller has to disclose a short sale but only in the event that they do not have the ability to bring funds to the closing and needs lender approval. If they have the ability to close...
View ArticleBy: Brandon
We made an offer on a short sale (within 20k of asking) over two years ago which was declined. Now, two years later, the house is still for sale as a short sale. I believe the people are not really...
View ArticleBy: Bill Gassett
Hi Brandon – Unfortunately there is nothing you can really do as the home owner can do anything with their property including ultimately letting it go to foreclosure if they elect to do so. You could...
View ArticleBy: Brianna
My husband and I are in the process of buying a shortsale. We are hesitant about get the mortgage commitment prior to receiving the short sale approval. The thing that we are worried about is if the...
View ArticleBy: Bill Gassett
Brianna that is certainly a possibility but it is also the lesser of two evils. There are times when a lender will give you a short window to close and if you don’t have your financing in place and...
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