Home Buying in 34117>Question Details

Jollyo_777, Home Buyer in Naples, FL

I am interested in buying a short sale home. am I correct in assuming that I would be better off borrowing the money from a private source?

Asked by Jollyo_777, Naples, FL Tue Jun 12, 2012

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Steve (888) 662-4404’s answer
#1 -- avoid getting tied up in a Short Sale or better known as Long Sales that take 10 months to finally go into Foreclosure in the end!

Kinda like the Obama administration, short sales are..."A CLOWN CAR FULL OF HORRORS!"

Do yourself a favor and search for a Foreclosure or Re-Sale so you can actually close and while rates are in the 2% range for qualified borrowers!

0 votes Thank Flag Link Thu Jun 14, 2012
Flag Tue Jun 19, 2012
Not necessarily...cash offers do offer the ability to close quickly but if you get a loan from that same short sale lender they tend to push the approval thru faster as well(Not always though). All offers to lenders require either a proof funds for the cash or a pre approval for the loan.
Keep in mind that some short sales and foreclosures will not qualify for loans either, so of course a cash offer would be needed. There are hard money lenders that provide this type of funding but it is usually at a premium rate with points up front. I have worked on both sides of 100s of short sales in Naples so if you would like any help feel free to call or email me.
Cherrie Cecil
Re/MAX Affinity
0 votes Thank Flag Link Tue Jun 12, 2012

Please help us...help you!

Please answer these questions:

1. Are you Self Employed?

2. Do you have bad or good credit?

3. How much money do you have in accounts, in your name, as of 9/13/12?

0 votes Thank Flag Link Wed Sep 12, 2012
Cash is usually best; refi after c losing, but must show lender you have the cash. At these low interest rates I'd prefer to finance, however, if your time horizon is short cash may be best because of the fees. Long term finance if you can, I believe 5 years from now these interest rate will look like a steal. KathyBC 800-448-3411 ext 601. (9/12)
0 votes Thank Flag Link Wed Sep 12, 2012
I would speak to these people prior to making that decision, private lenders are normally very expensive.
Your buyers are always welcome to apply for a free no obligation Pre-approval via my quick and easy website at their convenience, 24 hours a day! Weekends too.

For Free Pre-Approval APPLY HERE;


Please feel free to forward my link to your buyers.

Remember; KNOW before you SHOW!

I am here to help you and your buyers however I can.
Thank you, your business is greatly appreciated.

jbrenenstuhl@aemc.cc Cell: 239-470-1711 FAX: 866-686-5382
Two great locations to serve you better!
International Center The Offices at Mercato
6804 Porto Fino Circle E2 9128 Strada Place, Suite 10106
Fort Myers, FL 33912 Naples, FL 34108 NMLS# 375376 LO7638
Gulfshore Life Magazine's FIVE STAR MORTGAGE PROFESSIONAL: Best in Client Satisfaction 2010 & 2011
0 votes Thank Flag Link Wed Sep 12, 2012
Your financing options are greatly improving these days with cheap money available. However, your REALTOR can help you to assess your situation and help you with preapproval. Depending on your situation you really may be better off to look at the market. Your agent can show you some great values and in addition show you costs, fees, restrictions and other community information. Our website http://www.agent4naples.com can show you what is available and you can get daily updates. There may be areas that you did not think about from Marco Island, Lely Resort, Isles of Capri, up to North Naples.
Web Reference: http://www.agent4naples.com
0 votes Thank Flag Link Sat Jul 28, 2012
A short Sale will allow you to purchase and finance through a lender with an FHA or VA or conventional loan just like a regular sale. The only difference is you usually have to wait up to 90-120 days for the bank to approve your offer price unless it is already approved. There are times the Bank will come back at a different price higher than your offer so you have to be patient when buying a short sale. The other thing with a short sale is that normally the Seller will not do any repairs prior to closing, so check with your lender to ask what they will require prior to the end of your due dilligence or Inspection Period. You really can get a good deal though most of the time.
0 votes Thank Flag Link Sun Jun 24, 2012
Not if you qualify for a mortgage. Why a short sale...a number of properties are competitively priced to a short sale property, and may be better cared for. KathyBC 800-448-3411 ext 601 (6/23)
0 votes Thank Flag Link Sat Jun 23, 2012
You'd be better off putting forth efforts on a purchase that will actually close!

Dump the short sale (i.e. Long Sale) and forcus on foreclosures and re-sales for a better deal, less out of pocket and while rates are still in the 2% range for qualified borrowers!
0 votes Thank Flag Link Fri Jun 22, 2012
if you can borrow the money for less that 2.75%, then yes
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Jollyo_777,

Are you purchasing the property as a primary resident or for investment purposes? If you are looking to have an upper hand in the negotiations because you have cash and you plan to flip the property; you may in deed benefit from private funding. Depending on the rate of return vs your costs via a private money loan, you may in most cases profit significantly by going the route of doing a private loan as what most Real Estate Investor gurus are doing today.

Feel free to contact my Private Money Lender for more information on the pros and cons:
Al Mills of High Rises, LLC

Normalina Martin, Real Estate Broker
Clear Vision Realty & Associates
0 votes Thank Flag Link Thu Jun 14, 2012
Not necessairly, loans are available...unless your credit has problems. KathyBC 800-448-3411 ext 601 (6/14)
0 votes Thank Flag Link Thu Jun 14, 2012
No......borrow money from a bank. Rates are low.....private lenders are a lot higher.

0 votes Thank Flag Link Wed Jun 13, 2012
We advise our buyer clients to avoid short sales (pre-foreclosure), and the lengthy buying process is only one reason. Buyers negotiation leverage is reduced in these transactions and we would rather see our clients look at bank owned properties (post-foreclosure). Contact us direct for a list of foreclosures and a Mortgage Broker as well for financing. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Wed Jun 13, 2012
IT all depends on the situation.
You can buy a short sale with an FHA backed loan, but if the home will not pass the FHA appraisal, then another source of funding will be needed.

If there is a hidden issue in your credit history, there is a pattern of bank behavior that any blemish will result in refusing to fund your purchase. Alternative financing should be available.

If you are looking to flip the property after six months, you may need private funding.

Private money can be expensive. But in many situations, it is the only option.

Without knowing more, actionable direction can not be provided.

Best of success in acquiring a real deal in real estate.

0 votes Thank Flag Link Wed Jun 13, 2012
Lenders are concerned with their bottom line, what they will net. I've sold short sale homes with all types of payment: cash, conventional, and FHA loans.
Any home may not be financible if there are certain conditions that are not been met: there are underwriting guidelines ofr a home that is "liveable."

Our company has a top mortgage co. that does their own funding which is a bonus to a buyer and the whole process.

You are welcome to contact me.

Mary Horesco
Equator Platinum Certified
Downing-Frye Realty, Inc.

"Voted #1 Ten Years in a Row by Naples Daily News Readers"
0 votes Thank Flag Link Wed Jun 13, 2012
False. It will make no difference if getting a mortgage from a Bank, a Private Lender or paying with cash when buying a short-sale. Of course in any situation Cash makes things easier (not waiting on approvals, no chance of delays, no last minute loan rejections). You will spent many months (patience) waiting for the short-sale to work itself out, then once the bank says is time it will be a now thing (running) to have it completed in 30 days. So cash will be best, or working with a lender that can have your full approval done, then just waits to issue the check. DO NOT wait until last minute to be Fully approved, ask for a loan commitment letter and then wait.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Wed Jun 13, 2012
Dear Jolly_777,

This is not correct, with a Shortsale you have enough time to get a mortgage.....if you are not able to get financing, you can get privat money with about 50%-60% down and a high interest rate.

If the people cleaned out the home and there is stuff missing, like A/C......maybe there is no financing possible, but this is a question for the Mortgage Broker.

Feel free to contact me for the Mortgage Broker info, also if you would like to get updated on a criteria for example: foreclosures, please check out this life link:


With our notify system, I can also get the new listings right into your e-mail.

Looking forward talking to you.

Best Regards,

Dimitri Schwarz, Realtor
A Delta Realty
0 votes Thank Flag Link Wed Jun 13, 2012
0 votes Thank Flag Link Tue Jun 12, 2012
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