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Home Buying in La Crescenta : Real Estate Advice

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  • Home Buying4
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Activity 4
Sun Jan 25, 2015
Cindy Davis answered:
you can look up information on this website:
0 votes 1 answer Share Flag
Fri Aug 27, 2010
Shel-lee Davis answered:

This is how I am understanding your situation.
1. Short sale approval was given 30 days ago and has expired (hopefully not) or will expire before lender can fund the loan.

2. You will be able to close right away, ie. there is nothing on your side holding up the documents and/or the funding.
3. The date of the trustee sale is irrelevant, as you will be able to close long before 9/20/2010.

If I understand this correctly, then this is what needs to happen.
1. The listing agent / short sale negotiator for the seller has to contact their counterpart at B of A and tell them the three items above. Hopefully, they have been in continuous communication with the B of A negotiator and updated them along the way on the status of your loan.
2. You may need to get a letter from your lender stating the same thing.
3. B of A, once they are told about the situation and provided any and all documentation they are requesting will take 24 - 48 hours to produce the updated short sale approval. (They often say it will take longer. The listing agent has to press the issue that they can have their money right away if they get this out right away, but may lose the buyer if they dawdle.)
4. B of A will want a date certain that they can expect their money. They may charge something for this extension, however, they usually grant the first extension, especially if it is just for a week or 10 days without penalty. They will threaten a penalty, so hopefully the listing agent knows how to call their bluff.
5. Then be ready to close right away and celebrate your new home ownership.

Hope this helps. You can contact me directly if you need further clarification or guidance. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
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0 votes 5 answers Share Flag
Sat Sep 12, 2009
Robert Spinosa answered:

If you would like some help with the pre-approval on your financing, please feel free to get in touch with any questions. As stated below, the fact that you may purchase a home in foreclosure is largely irrelevant to the initial steps you would take.

Thank you,

Rob Spinosa
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0 votes 7 answers Share Flag
Fri Apr 18, 2008
Phyllis Harb answered:
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