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The major differences between a short sale and a traditional real estate transaction are in a short sale:Â
1. The seller can sign the contract but the contract is not considered fully executed until the lien holders (lenders aka bank) sign.Â
2. There are often more than one lien holder on record.Â
a. All lien holders must agree to the contract and the dividing of the debt for the contract to be valid.Â
3. HAFA is a program for certain owner occupants that allows "moving expenses" to be paid to the short sale seller. Call Arthur for details at 505-503-0520.Â
4. The lender will review the contract that has been signed by seller and buyer and order an evaluation of the property. If the offer received (price and allocation of closing costs) fits within their criteria then they will sign the agreement.Â
5. At this point the contract to purchase will be fully executed. Inspections, survey and appraisals can be ordered and paid for as stated in the fully executed contract.Â
It is suggested that the buyer earnestly pursue the purchase of a property that an offer has been submitted for. If the lender is not making any progress or other properties become available that are more advantageous for the buyer it is suggested that the buyer's agent contact the listing agent and cancel the contract. There is not any recourse that the seller has in regards to cancelling a short sale offer unless agreed to in writing within the contract.
Contact me to recieve a list of short sales in your area as they come on the market and are reduced in price!
Have you found the perfect manufactured home that is so cheap that you are basically getting the house for free? The only problem is that when you talk to lenders they say that they do not perfrom loans on manufactured houses. May be you found the perfect manufactured house but it had a leak in the roof and you might have found a lender that would perform loans for manufactured homes but since there are repairs needed the lender will not fund a loan.
I am excited to share with you an answer to your manufactured housing headaches. Wells Fargo has a great department that can fund loans for manufactured homes, even those that need repairs. There are guidelines and I am happy to discuss them with you. If you have found or want to find that perfect manufactured home contact me
and I can connect you with the manufactured loan specialist in the Greater Albuquerque/Rio Rancho Area.