Your question is pretty detailed and should definitely be handled by a mortgage professional. You should call Marc D'Angelo with SunTrust (404-925-8291) as he tends to specialize in Short Sales, Foreclosures and First time homebuyers. He has been in the business for over 15 years. This is a difficult process and he will help you navigate through the rough waters!!
I am a Short Sale Listing Specialist so if you have any questions please feel free to contact me and I can help you through the process!!
Lisa Allen, REALTOR
Prudential Georgia Realty
It would be best to get approved up front.
I am a mortgage loan office with Sun trust and can get you pre-approved for free.
Short sale financing is the same as any other purchase. Short sales may take some time to get approved from the bank/banks that hold the mortgages on the property. You should expect a 60-90 day approval. As far as financing goes, you should start the process after the purchase contract is approved from the bank.
Hope this helps.
Please let me know if I can assist you when you are ready to get started with your purchase! My office is in Roswell on Mansell Road.
Have a great evening and good luck!!!
Atlanta Real Estate Agent
Keller Williams Realty Consultants â€“ Roswell, Georgia
Tweet Me: http://twitter.com/JodiRSmith
Banks want to make sure your can comfortably handle both mortgages and that your debt to income ratio is satisfactory to them; however, I would not advise you to have 2 mortgages unless you clearly intend to. If your intension is to sell your current home, you will probable need to factor in a few months of holding cost. This obviously will depend on pricing, staging, and your local market.
Keep in mind that most short sales are sold 'as is'. So you will need to factor in repair cost. Secondly, you'd want to make sure the lender you intend to use will approve your loan with some needed repairs on the house.