Quote:
Originally Posted by StephM
We saw a house that is a short sale, and we'd like to bid on it. I just have a few questions-if anyone has any experience or a REA can give me their input I'd appreciate it.
The house has two mortgages on it. Does that make the process even longer or more difficult?
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If the second mortgage is with a different lender it can make it more difficult and take a lot more time, because you have to negotiate twice. Just how difficult or impossible depends on who the lenders are.
Quote:
Originally Posted by StephM
Can we put a contingency in, that the bank needs to reply by a certain date, so we don't have to wait months to hear back from them?
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Use an attorney who has a lot of
current experience with short sales (IMHO very important!) and the attorney will handle that and will let you know what'll happen next.
Quote:
Originally Posted by StephM
How soon can you typically close on a short sale after the bank has approved your offer?
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The lender will usually want to close within a month or less.
Quote:
Originally Posted by StephM
Is it true that you have the inspection and everything before you even know if the bank accepted your offer?
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Let the attorney advise you.
If you need the name of an experienced short sale attorney, send me a PM.
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Short sales
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