Home Buying in 30319>Question Details

Dennis, Home Buyer in 30306

Does paying cash for a "Short Sale" speed up the process?

Asked by Dennis, 30306 Mon Nov 7, 2011

Does paying cash for a short sale or foreclosure speed up the process? How do I find a realtor that specializes in foreclosures?

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12
Dennis,

Paying cash won't speed up the short sale process. It will speed up the closing process, but that would be the case no matter what type of property you purchase.
3 votes Thank Flag Link Mon Nov 7, 2011
Dennis,

The"Short Sale" that you mention is supposed to be a general question about all short sales, isn't it?

Scott's answer "NO," is the simplest and best answer. Because, your question is only relevant to the exact process of one specific and particular contract to closing sequence...

Ask around when you make an offer.

There are no two purchase and sale transactions - equity or short - that are exactly alike. How dynamic is cash? It's nice, but it may not get you to the closing table any quicker than a loan if the seller is mired in typical short sale "sturm und drang..."

Rodney, Scott and Aaron get thumbs up.

To answer your other question, many of us are highly experienced with foreclosure purchase and sale transactions, but most of us do not necessarily specialize in foreclosures. Foreclosures are the bread and butter of some listing agents, and offers on foreclosures probably represent anywhere from 20-70% of the total amount of contracts that a busy buyer's agent will write in any given year.

As an example, if you are buying in 30306, then there is a much larger proportion of foreclosures in the condo submarket, than in the single family residence market.

To take this a step further, many agents develop special demographic and geographic submarket expertises, so depending on what you seek to purchase, your question may or may not even be relevant.

Just find an agent with brainpower and knowhow who identifies with your specific needs.

What exactly do you seek to buy in 30306?
1 vote Thank Flag Link Mon Nov 7, 2011
"No" is the short answer to the question concerning cash to shorten the time frame when attempting to buy a 'short sale'. Consider finding a REALTOR who has an SFR designation. (Short Sale, Foreclosure Resource).
1 vote Thank Flag Link Mon Nov 7, 2011
During the short sale approval process, both the seller and the property must be approved by the seller's mortgage holder. The buyer's method of payment has no bearing on how long that process takes.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
1 vote Thank Flag Link Mon Nov 7, 2011
Finding a Realtor that specializes is easy.
I am, and a few others, are NAR ShortSale and Foreclosure Resource (SFR) certified.

It will be my pleasure to help.
0 votes Thank Flag Link Tue Nov 8, 2011
Dennis,

Paying cash speeds up the "collective" process. You can also negotiate more aggressively on price. Leveraging a cash offer and properly structuring the purchase and sale agreement to get the best price and terms is as much art as science.

An often overlooked variable in distressed property acquisition scenarios, as it relates to finding a realtor, is rehab. Finding one that has solid experience in this arena and great contractor resources can be invaluable.

I have helped more than 10 buyers close on distressed properties year to date. I'd be happy to talk to you about the process and offer any advice I can.

Best Regards,

Frank Brockway
Brockway Real Estate Consulting
Keller Williams - In Town Atlanta
Tel: (404) 787-2253 | Fax: (404) 974-2616
Email: frankbrockway@kw.com
http://www.frankbrockway.com
0 votes Thank Flag Link Mon Nov 7, 2011
No & Yes. No, cash does not matter to the 3rd Party Lender. Yes, it will shorten the time it takes you to fund on the loan once your offer is accepted by 3rd Party Lender. Cash means you do not have to wait for your Lender to process your loan. It doesn't motivate the Short Sale / 3rd Party Lender.
0 votes Thank Flag Link Mon Nov 7, 2011
Actually paying cash for a short sale can offer you several advantages as a buyer. First, it is likely to make any offer you make more attractive to the bank that is considering whether to approve the short sale. Be prepared to provide proof that you have the cash on hand necessary to close the deal. Second, it very well can speed up the closing process since you are not at the mercy of an appraiser or lender to determine whether your financing will be approved.

As a cash buyer though, you do need to make sure that you have a good handle on property values in the area you are looking to buy. I have been involved in quite a number of short sales and REO transactions and would be glad to help you with your search.

Jeff Baillis
Chapman Hall, REALTORS
jbaillis@gmail.com
404-556-4139
0 votes Thank Flag Link Mon Nov 7, 2011
Jeff, you mentioned being prepared to provide proof of cash. What documentaion does the sellers bank need from us? The RE Agent is not being specific on what the Letter needs to state. Are there actual forms our Attorney needs to fill out? Or is it just a simple letter stating the funds are in a said bank account?
Flag Thu Nov 6, 2014
Hi Dennis, thank you for your inquiry. Cash can help since the loan approval process isn't part of the transaction but it can still take at least 45-60 days and can be longer. I would be pleased to help you!

I currently have a transaction scheduled to close soon and it is all cash.

I represent buyers and sellers in Cobb, Fulton (Buckhead/Lenox) and DeKalb counties. I look forward
to your reply and to working with you.

Sincerely

Elizabeth 'Beppy' Walton
Keller Williams Buckhead
C/404 234 9418
beppyswalton@gmail.com
http://www.beppyshomes.com
0 votes Thank Flag Link Mon Nov 7, 2011
In my experience, paying cash slightly speeds up the process. Its still going to be at least 30-45 days, but you won't have to worry about the appraisal aspect of it.

It certainly makes the process simpler.
0 votes Thank Flag Link Mon Nov 7, 2011
Can tell you this, buying anything for cash certainly cannot do anything but speed up the process! Please make sure proof of funds are provided on your offer!!
0 votes Thank Flag Link Mon Nov 7, 2011
Unfortunately no matter the method of payment, there isn't much one can do to speed up the process...when choosing an agent consider interviewing in person a few local agents from different realty offices, then choose the one you like best; you can also locate some area agents under the find a pro tab.
0 votes Thank Flag Link Mon Nov 7, 2011
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