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Davisra3, Home Buyer in Panama City Beach, FL

Considering making a short sale offer. How do I find out remaining balance on the existing mortgage?

Asked by Davisra3, Panama City Beach, FL Thu Aug 8, 2013

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Davisra3,

The balance on an existing mortgage should not be a factor when you are making an offer on a short sale property. Get a buyers market analysis done by a good agent and then use that to determine what the property is worth. With that information and input from the agent determine how much you would like to offer on the home.
0 votes Thank Flag Link Fri Aug 9, 2013
You don't, it is an irrelevant factor on a short-sale purchase. The fact that it is a short-sale tells you that the mortgage owed is higher than the asking price, therefore the lender will take a "short"-sale.

So if your thinking is, I am really going to pay the least possible for this home, stick to your short-sale plan. But keep in consideration the bank may still want more money than the advertised asking price that has not been bank approved yet. But even after they tell you how much more they want, it will still be below what is owed on the mortgage....and that should keep you happy. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Fri Aug 9, 2013
You can ask your Boca Raton real estate agent to check with the seller's agent or with the title company. However, that figure has no bearing upon the sale. In fact, if you were to offer to pay the mortgage balance, you might often find that it comes to more than the asking price of the Boca short sale home that you are trying to buy.

Short sales are not short. They generally take a long time. Two thirds of them do not go through the first time. Very often the asking price turns out to be less than the bank is willing to accept.

However, you will not know this until such time as the bank responds to your offer. If a miracle occurs, or you're dealing with one of the very large banks, that could be within 45 days. Otherwise, be prepared to wait 90 - 180 days or longer.

Also, a cash offer does not move a short sale along any faster. Also, your broker will not know any more than you do about when the bank may approve. Nor will the seller's broker. Only the bank knows and they won't tell until they are good and ready.

If you have the patience, short sales are often worth the wait.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Thu Aug 8, 2013
You can ask your Boca Raton real estate agent to check with the seller's agent or with the title company. However, that figure has no bearing upon the sale. In fact, if you were to offer to pay the mortgage balance, you might often find that it comes to more than the asking price of the Boca short sale home that you are trying to buy.

Short sales are not short. They generally take a long time. Two thirds of them do not go through the first time. Very often the asking price turns out to be less than the bank is willing to accept.

However, you will not know this until such time as the bank responds to your offer. If a miracle occurs, or you're dealing with one of the very large banks, that could be within 45 days. Otherwise, be prepared to wait 90 - 180 days or longer.

Also, a cash offer does not move a short sale along any faster. Also, your broker will not know any more than you do about when the bank may approve. Nor will the seller's broker. Only the bank knows and they won't tell until they are good and ready.

If you have the patience, short sales are often worth the wait.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Thu Aug 8, 2013
This would not be data needed to make an offer. Ask your Realtor to go over the comparable sales.
0 votes Thank Flag Link Thu Aug 8, 2013
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