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!
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.
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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.
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!
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
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.
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.
Equator Platinum Certified
Downing-Frye Realty, Inc.
"Voted #1 Ten Years in a Row by Naples Daily News Readers"
Charles Rutenberg Realty
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.
Dimitri Schwarz, Realtor
A Delta Realty