NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
As to the Real Estate Professionals who have responded thus far, I think we can all agree that short sales are the most difficult sale to begin with, and in all fairness it may not even be the attorney's fault.
The short sale process works in stages and there are many factors involved, including how many mortgages and liens there are against the property. Short sales require the cooperation of the homeowner, single contact (Realtor, title company or Attorney), negotiator and lender.
In today's market with inventory at an all time low, it is frustrating to have patience when you see other properties moving so quickly.
Some questions a buyer should consider...Do you understand the short sale process and have the patience to wait for lender approval? Are you confident that the parties involved are equally vested and working toward getting the property sold?
If not, then short sale properties are not a purchase you should consider.
#1 move on!
Stop chasing that Short Sale carrot (i.e. Long Sale) a Clown Car Full of Horrors!
You are going to miss out on buying at these low prices and interest rates while you waste 10 months waiting on the seller to go BK and you will end up with nothing!
For about $200 more per month step up 50k in home price and be happier in a much nicer re-sale or foreclosure...that will actually close