are there any legal issues on paying cash for a short sale?

Asked by Baracuda, 48126 Wed Nov 24, 2010

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9
Derek Bauer, Agent, South Lyon, MI
Fri Nov 26, 2010
I have yet to find a seller, short sale / bank owned / or otherwise, who wouldn't prefer cash...
0 votes
John Juarez, Agent, Fremont, CA
Wed Nov 24, 2010
Baracuda,

Great name! I checked your other questions. Your problem will have nothing to do with buying for cash. If there is any problem in the future it is because you are trying to find a way to circumvent the “arms-length” requirement that all lender require of a short sale transaction.
0 votes
Pam Bava, Agent, Rochester, MI
Wed Nov 24, 2010
Baracuda, there is a saying that cash is King. I have sold many homes this year with cash buyers.
0 votes
Daniel, , Baton Rouge, LA
Wed Nov 24, 2010
Legal issues?? no

and no, the bank will not look at you any different than a mortgage buyer. The bottom line will be how much will the lose in the end....
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Wed Nov 24, 2010
Any legal issues should be asked to a practicing attorney to get the BEST answer...
0 votes
Marge Bennett, Agent, Fort Myers, FL
Wed Nov 24, 2010
Other than the bank may look more favorably on it. Like any other purchase, make sure you have a good title insurance policy and all liens are paid.
0 votes
James Wehner, Agent, Scottsdale, AZ
Wed Nov 24, 2010
The type of financing or paying cash for a short sale home has no bearing. The transaction should transpire and close the same if not sooner if it is a cash sale. Most banks will require review and approval of the settlement sheet, so using a title company to provide you with a title commitment is important. If they can provide title insurance, then you may want to pass.
Web Reference:  http://www.jameswehner.com
0 votes
Tomas Datorre, Agent, Miami Beach, FL
Wed Nov 24, 2010
No there is not just like they said below make sure the tilte is clear and that there are no open permits. Allot of banks actually prefer cash buyers because of the conditions that some of these properties are in.
0 votes
Cicely Brook…, , Birmingham, MI
Wed Nov 24, 2010
No. Just make sure that you/your agent/your attorney checks that you are getting "good" title. When in doubt - pay your own title company to be a a part of the transaction.
0 votes
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