Depending on where in Foxboro you are, you may be able to bike to the Mansfield MBTA Station. The Mansfield train line is a great MBTA option to get in to Boston. They even have shorter "Express Trains" during peak commuting hours.... more
I have seen the banks that hold the notes on these distressed properties (in your case a short sale) ask for the prospective buyers to demonstrate their commitment to buy by asking them to put upwards of 5% into escrow....before beginning the short sale approval process.
To ask for a buyer to get a full mortgage commitment, including paying for an appraisal, however, is in my opinion extreme.
I don't even know if YOUR lender will provide a mortgage commitment without having an approved short sale. Unless I am missing something, I don't see that you could possibly provide a commitment before receiving an answer to the short sale.
Donâ€™t put up a lot of money, an underwriter is going to apply the rules that exist when you apply for a real loan, they wonâ€™t follow your contract with the seller unless is jives with mortgage guidelines. They are not as simple as you think they are, see the link below, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time... more
Typically you can recover the amount you had to put down for a deposit in the loan, so you can get that money back at closing or put it towards closing costs and points. If not having the monies available for the deposit - Did anyone explain to the Seller that you are using a 100% loan program and that you probably don't have the 3.5%?? In my area where we havea Navy base and many Coast Guard personnel, Sellers know that $1,000 or so is typically what we will get from a VA buyer for a deposit.... more