Home Buying in 33487>Question Details

Marina Baghr…, Home Buyer in Broward County, FL

Thank you everyone,

Asked by Marina Baghramyan, Broward County, FL Mon Jun 20, 2011

It is avertised by agent bank approved short sale. My agent tells me we are very close to getting it- we have a case worker on our end who is on it all the time, also the sellers agent took the prop off the market. Anything else I should know?

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Answers

5
Hi Marina,
Wait another year to buy, prices are declining. Good Luck
1 vote Thank Flag Link Mon Jun 20, 2011
Dear Marina,

Congratulatins on almost getting the property! One question you may want to ask the selling agent is when the bank last approved the short sale. Also, although it's bank approved for the last offer, doesn't neccessarily approve it for every offer. Short Sales Approvals have expirations. So, you may want to ask them when it was last approved...and if it was on a particular offer....or if it's a general approval.

Good Luck, Marina!!
Sincerely yours,
Jennifer Sommers
Web Reference: http://www.AgentBoca.com
0 votes Thank Flag Link Sun Jul 10, 2011
Marina,
You are almost there and I have my fingers crossed. Just in case and it never hurts to make alternative plans and have a back up plan. Being prepared is always the best advice.
0 votes Thank Flag Link Wed Jul 6, 2011
Yes, you need to keep shopping until the day your receive the approval letter in your hands listing you as the buyer and the seller agrees to all of the terms of the short sale. If the seller is required to sign a promissory note to repay the lender or PMI or 2nd mortgage/HELOC, the seller may just decide to keep the property as a rental house.

So, hopefully this is going under the HAFA short sale program and the owner is still living in the house. With the HAFA program the Seller will $3k at closing so they may be more cooperative and leave the house with appliances and light fixtures and hopefully not just simply abandon the house without electricity for months on end!

Good luck!
Alma
0 votes Thank Flag Link Tue Jun 21, 2011
OH - Short Sale. That is a whole bag of worms. Some work out hard and some do worse. None are easy and none are quick.

Good luck. An experienced agent helps and lots of patients for you.
0 votes Thank Flag Link Mon Jun 20, 2011
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