Answer to your question, no big deal at all. The larger downpayment will not matter as It is all cash to the bank. All the lending bank wants to know is that you can buy the house. Period.
You should most definately look at short sale properties as there are many "diamonds in the rough" out there!
What you need is to be with an agent that understands the short sale process and how to get the transaction to closing. If you know what is necessary and how to arrive at a figure that the bank may accept, short sales can be a breeze. I appreciate agents like Joe below me here.. he does not want to get involved with what he does not know about. No problem.
Find and agent that is SFR certified ( Short Sale and Foreclosure Resource) not that these certified agents are the answer to the short sale process, but they are trained in short sales and have taken to initiative to find out about and learn how to process these type sales.
Email or give a call and we can discuss further!
Orange Key Realty
Let me know if you have any more questions.
I would not be afraid to buy a short sale as long as it does not have too many liens Your agent should be able to find all that out for you upfront so you are not into something that is a night mare.
But most are good deals. Use an experienced sales pro to help you make sure the other side is experienced as well.
Do you due diligence asap upfront. Do not wait. Hold off on appraisals...
Search foreclosures and short sale here: http://www.BuyNJShortSales.com
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Joe Montenigro REMAX Home Team
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