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Old 09-15-2011, 09:09 PM
 
6 posts, read 7,999 times
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Okay, I've got a crazy question for all of you experts....

My husband is in the Local 3 in Manhattan...they have layoffs and furloughs regularly and for th pass couple of years his income has taken a hit but we're surviving comfortably on his "B" fund and unemployment on the lean times. We recently came across a bank approved short sale that has had no offers and made an offer of 250k that was accepted. We had our engineer come in and look within a couple at it as per the sellers agents request and aside from some issues we were well aware of, it looked great ...

Here's the catch...
hubbie is still unemployed for atleast another 3 weeks. Our lender has already gotten a look at our accounts, w2s, income tax, ficos...alllllls great, they just need 2 paystubs which they know we need hubbie to get back to work to get!

Our attorney told us he's a bit nervous about going to contract because of hubbies job situation and we would need a mortgage commitment within 45 days after signing the contracts. Do the math and that's a close shave.

SOOOOO...here's my question(s). Why, when we don;t have an official "ok" from the bank on the short sale do we need to guarantee a mortgage commitment in 45 days...why not 60 days? I thought short sales take a long time? Are there legal ramifications if we say roll the die and make that contract? Can we lose our down payment if we don't get the loan?

HELP!!!!!
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Old 09-16-2011, 06:32 AM
 
213 posts, read 680,349 times
Reputation: 175
the standard contract states 45 days n since the bank is invovled I doubt they want to change it. The sooner they sell the sooner they can cut losses right it off etc.

If u do not get approved (u do still have to try) for the loan u will get ur down payment deposit back. U would b out the money for inspection, the mortgage app, and the lawyer.

You said the offer was acceptable do u mean by the bank if so then it shouldn't take long to close. The longest part of a short sell is waiting for the banks approval

Last edited by starwind; 09-16-2011 at 06:53 AM..
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Old 09-16-2011, 07:17 AM
 
6 posts, read 7,999 times
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They said they had already gotten bank approval and the amount we offered was "in the ballpark". So, does that mean after we sign the contract and goes to the third party it could be a matter of days that they agree to the price? WOW. It figures I find the one short sale in america that's quick when I anticipated a tiny bit of lag than a standard house sale...
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Old 09-16-2011, 07:29 AM
 
213 posts, read 680,349 times
Reputation: 175
That's the appeal of bank approved short sells. Removes a huge part of the guessing and waiting. I would agree with ur lawyer its not a great position to put urself in. Have u talked to ur loan officer to see if he can approve the loan if he goes back to work soon?
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Old 09-16-2011, 07:47 AM
 
6 posts, read 7,999 times
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We've been told that we can get an FHA 30 year but we MUST have those two paychecks. Technically, my husband has been employed by the union for 14 years...he just needs to show recent income for obvious reasons. Sigh.
I hate to see this slide. Its hard to find houses in our kids school district at this price point.
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Old 09-16-2011, 08:50 AM
 
1,615 posts, read 3,229,072 times
Reputation: 1113
As you know that in a short sale the seller can approve but the bank has the ultimate say. That being said your Husband may have worked for 14 years but currently has no job which means no income. You should keep renting.
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Old 09-16-2011, 09:13 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
8,345 posts, read 11,236,800 times
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Hate to throw this into the mix, BUT, knowing how the banks are looking at this these days, even if you had the check stubs, they may well turn you down because they don't know how long he will be employed again. The last thing the banks want is to sell a short and wind up with it back. I understand how Local 3 works, as a neighbor is a member and he went back a few months ago. I understand how crappy this is but I would run it by the lawyer to see his take even with the stubs. now trying to be a spoiler , just trying to save you problems later. I would definitely run it by your lawyer and hopefully you have a Real Estate attorney. i am not an attorney but especially in a short sale, you really need an expert.
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Old 09-16-2011, 09:20 AM
 
Location: under the beautiful Carolina blue
17,604 posts, read 27,123,678 times
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Am I reading this wrong or did the bank only approve the short sale and NOT your offer as of yet? If they didn't approve the offer, then you don't need to worry about the contract yet anyway. Your posts aren't entirely clear to me (not necessarily your fault!)
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Old 09-16-2011, 10:37 AM
 
1,615 posts, read 3,229,072 times
Reputation: 1113
Thousands of houses are being forclosed on and many will hit the market at a better rate. Get yourself settled first...a better deal will come along.
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Old 09-16-2011, 11:00 AM
 
Location: Long Island
9,313 posts, read 19,639,235 times
Reputation: 5046
Quote:
Originally Posted by twingles View Post
Am I reading this wrong or did the bank only approve the short sale and NOT your offer as of yet? If they didn't approve the offer, then you don't need to worry about the contract yet anyway. Your posts aren't entirely clear to me (not necessarily your fault!)
Lenders generally won't look at an offer without a contract . They want to deal with someone who's serious (committed to the deal), see all the terms, etc. before giving their "blessing".
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