If you are a getting a mortgage to buy a property, the lender will require homeowners hazard insurance. If the roof is not in good enough condition to pass a roof inspection then you may not be able to buy a short sale because most short sales require a closing within 30 days after the approval letter is eventually issued. To get a renovation mortgage it will take longer than 30 days to close so a Short Seller may be foolish to accept a "renovation" mortgage buyer--especially when we have many, many ALL CASH buyers ready and willing to pay at or above market prices.
All the best,
A Buyer must pay an additional $3,000 "mitigation" fee at closing if they want to buy this property.
Flood Insurance can be expensive in Baycrest, about $1,000 per year so just make sure to take that into consideration. The assigned schools are not the greatest so if public schools are important you may want to verify t he schools. We do have nice Magnet and Charter schools and Private schools nearby so that will give you other options if you're not happy with the public schools.
Also you will need to be patient with a Short Sale because it may not close for a year or may not close ever if the Seller decides to get a loan modification and keep the house.
All the best,
I will be gald to assist you. Sam, the good news is was just price reduced today by $20K! More good news it is currently still available. Call me to schedule your showing ASAP!
Jim Myers http://www.luxurylivingintampa.com