Short Sale Question. Please Help.
Hello
My house is in foreclosure now. I found a buyer and dealing with the bank for short sale now since I owed the bank more than the value of the house. This is the highest offer that I can get . I'm waiting for the bank to approve but it can take long time and the buyer might change his mind . Can I just go ahead to sell the house before the bank approve for short sale ? If the house is sold to the new owner before foreclosure complete and the lender will receive partial payment, then what will happens to the new and old owners . Do the lender still have the right to foreclose the house that has been sold to the new owner?
Best Regards,
Kim
Without written mortgagee short sale approval, you won't be able to convey clear title... which would be required if your Buyer intends on mortgage finance.
Hopefully, your Buyer knows that mortgagee short sale approval can take from 45 days to, in some cases, up to 180 days.