Home Buying in 33173>Question Details

Pam, Home Buyer in Miami, FL

I put an offer on a short sale property several months ago. Now the short sale specialist told the realtor that

Asked by Pam, Miami, FL Tue May 4, 2010

the MI company at this time is requiring an amount of net payoff too high to the property's value. Under the lender's suggestion, we should pull back on the current offer and resubmit it as the foreclosure progresses to a scheduled sale date. This will put pressure on the MI company to have to change their perspective on this particular loan and lower their standard to the net payoff.
What happens to my offer? Are they going to accept new offers after the property is foreclosed?

Help the community by answering this question:



It may be possible the "servicer" for the actual investor on the mortgage wants you to pull your offer so they can get financial incentives under the new HAFA short sale program. The investor that owns the mortgage and the Mortgage Insurance company may also get incentives under the TARP HAFA program.

Worth a try...

Good luck!
0 votes Thank Flag Link Wed May 5, 2010
You could try asking them if they would accept your offer after foreclosure, but I doubt that will happen. Often short sales and foreclosures are handled by entirely separate divisions of the bank. The bank will have legal expenses to pay. There is no way to tell where they will put it on the market as a foreclosure.

If you rescind your offer, the seller is free to look at any other offer and subnit it to the bank.

Do you know how far the home is from foreclosure and how long the process will take?
0 votes Thank Flag Link Tue May 4, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
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