Financing in 19464>Question Details

Kathy, Home Buyer in 19464

We are currently wanting to purchase a home we have been renting for a yr and it is for a short sale we have b

Asked by Kathy, 19464 Fri Aug 14, 2009

apporved for a mortage in the amt of 232.5 with seller assist of 6% the home is priced a 229.9 and the home owner owes 90,000.00 on a second mortage. Will the bank allow us to purchase this home with the conditions set by our mortage broker. or should we consider other options in puchasing a home. The real estate agent for the seller is telling us this loan should go lthrough but our agent is stating not so fast. Who is right? kathy

0 votes Share Flag Financing in 19464

Help the community by answering this question:

Answers

2
It will be up to bank on what they accept. I was a buyer's agent and my client's came in with a reasonable offer, no contigencies, no seller's assist, and about 8 weeks later the offer was rejected. The bank wanted full market value. My buyer's said "goodbye"to the deal and moved on. Some banks are coming around with Short Sales, some aren't. I wish you great luck in your RE pursuit.
0 votes Thank Flag Link Wed Nov 11, 2009
Short sales can be tricky and you never know what the bank will say. I'm currently working on a short sale with the buyer getting seller assist and the bank has approved that part of it. If you really want the house, I'd say take a chance and go for it. It can be time consuming and you never know how long it will take to get a response from the bank so you need to be prepared for that. Make sure your agent is comfortable in working with a short sale property or that they have a reliable resource to work with them on this before you go any further.
0 votes Thank Flag Link Fri Aug 14, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer