Home Buying in Norwood>Question Details

Megan Stamm, Home Buyer in Braintree, MA

I am buying a short sale with 2 mortgage banks. We are the 3rd offer today the second bank bought out the first banks mortgage. Is this a good?

Asked by Megan Stamm, Braintree, MA Thu Jan 31, 2013

I am buying a short sale and have been in the process for about 3 months. The house has two mortgages banks. In the middle of this process they just told us that the second bank bought out the first banks mortgage. Is this a good thing?

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When there are two+ banks involved in a short sale it can be a nightmare. Louis is right, there is a chance you will have to start from scratch. The bank process is very bureaucratic, unfortunately, lots of corporate hoops which is why statistically short sales don't close and instead go to foreclosure.

Good luck!

Territory.com
Massachusetts Premier Buyer Brokerage
617 84 5407 x701
Web Reference: http://territory.com/
0 votes Thank Flag Link Fri Feb 1, 2013
Depends on which bank you had been speaking to about the short sale, hopefully it was the one that is taking out the other bank.

Other wise you may have to start the process again from scratch and hopefully the new bank does not want to foreclose.
0 votes Thank Flag Link Fri Feb 1, 2013
Hi Megan,
Dealing with one bank is always better than dealing with multiple banks. Talk to your buyer's agent and ask him/her where abouts is the approval (second lender may have different goals than the first one),if you are not represented get your own buyer's agent. L e t us know if you need assistance or if you have any questions. Info@wenrealty.com
0 votes Thank Flag Link Thu Jan 31, 2013
Good chance the 2nd lien holder is foreclosing.
0 votes Thank Flag Link Thu Jan 31, 2013
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