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Buying a Short Sale If you are a motivated buyer looking for a great discounted deal that gives you instant equity, or an investor looking for a good bargain, buying a short sale may be just the ticket. The risks that go along with foreclosing on a property have mortgage companies looking for ways to avoid foreclosure and reduce the losses, which can be in the thousands ,incurred when a loan goes delinquent. A short sale allows the mortgage holder to limit losses on a deliquent loan(s) and take the loan(s) off their books. The discount a lender is usually willing to approve means the purchaser gets a very good deal. How Long Does It Take For A Lender To Approve A Shortsale? Approval Times vary by lender and the volume of short sales that they have. The Lender may take 3 weeks to 4 months to decide whether to approve a short sale, according to the lender's size, location and staffing. Your patience will be rewarded. As a buyer/s, you may be able to improve your position by making your inititial offer as strong as you can to encourage the short sale lender to approve your purchase transaction. Your agent will assist you in deciding the right offering price. Although there are obstacles to purchasing a short sale, this type of transaction may also offer an excellent opportunity to find your ideal home @ an extraordinary price. Be prepared to show that you are pre-approved and therefore qualified to get a new loan on the property if needed. Once the lender approves your sales transaction, the escrow timeframe begins. Be prepared to show that you are pre-approved and therefore qualified to get a new loan on the short sale property you have selected.Once the Lender approves your sales transaction, the escrow timeframe may begin. What Is The Procedure After The Seller Accepts An Offer? As your agent, we will send the offer, plus the Hud statement and short sale package to the bank immediately. To make your offer stronger, be prepared to place a small refundable Earnest Money Deposit into escrow before the bank approves your offer. Lastly, feel free to contact me with any questions or concerns you may have. You may reach me @ (562) 691-8497 Direct or drop me an E-Mail @ DarrellWilde7@aol.com. Thank You. |
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UPSIDE DOWN?
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MARKET ANALYSIS
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Short Sales FAQs
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NEGOTIATIONS
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BUYING A SHORTSALE
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Loan Quote
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Mortgage Calculator
|
Mortgage Rates
|
Testimonials
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