Need Help With Short Sale
Just found a property. Owner in in banklrupcy. Owes 78 K and thinks bank will accept 65K. He just recieved short sale forms and has agreed to let me buy the house if the bank agrees. What do I need to do. Purchase and sale? The forms state he needs to use a licesned broker and list house on mls. Is this only if he does not have a buyer? What do I need to do to aquie this. Have all the funds. House comps at 109K. Needs about 12K in work. Will speak to him tommorrow again, Thanks
Comments(0)
sounds like an FHA backed loan. if it is, maybe ask to see all the docs his lender sent him or her. in my expierience, he would have received a HUD/FHA guidelines worksheet or packet, this pretty much spells out the minimums required for his indivudual workout/short qualification..hope this helps..
regards-pat
Quote:Thanks. Does this mean it will have to be listed. Jim
On 2004-05-25 03:33, patricc68 wrote:
sounds like an FHA backed loan. if it is, maybe ask to see all the docs his lender sent him or her. in my expierience, he would have received a HUD/FHA guidelines worksheet or packet, this pretty much spells out the minimums required for his indivudual workout/short qualification..hope this helps..
regards-pat
if this is the FHA, then , yes it will require listing with a licensed broker..