What's The Next Step After Negotiating A Short Sale W/ Lender?
Hello.
I wanted to know after a person negotiates and settles with the lending institution on a short sale, how long does that individual have before needing to provide the lender with the full payment amount on the property- especially if they're planning to resell the house to a potential buyer?
ASAP
SKI
In the formal application and Proposal, you'll be asked to provide a Contract for Sale between the Buyers and Sellers. You'll also have to prove that the Buyers have the resources to close (prequal letter). The mortgagee short sale approval letter will contain precise closing instructions (the amount of the payoff, any restrictions on distribution of proceeds, etc.) including when the closing must take place. Usually, the Buyer named in the Contract and as indicated on the HUD 1 must close within 30 days.
Thanks you guys...
On the subject of closing time, have any of you found that it is a big, huge, difference to be able to pay in cash, in 72 hours, as opposed to waiting 30 days to get financing.
On the subject of closing time, have any of you found that it is a big, huge, difference to be able to pay in cash, in 72 hours, as opposed to waiting 30 days to get financing.
On the subject of closing time, have any of you found that it is a big, huge, difference to be able to pay in cash, in 72 hours, as opposed to waiting 30 days to get financing?
Why back yourself into a corner? I think that mortgagees are content with closing within 30 days. I'll agree that Cash is King, and having an as-is Purchaser with cash will strengthen your Proposal.
You really don't know if you have a viable deal until the terms of the short sale approval are formally articulated in writing.
Can you realistically expect to close within 72 hours? Generally speaking, it's tough to close these deals within 30 days from mortgagee's written short sale approval. The titlework alone can take a week, and the Sellers will need some time to plan for their relocation.
We write "within 30 days of acceptance of short", for our closing date.
On your sales contracts and HUD1 what would you put for closing date?
If you put
I will buy "AS IS"
Close in "72 hrs"
Believe me they will put yours at the top of the list.
Also include a little Blurb about time value of money AND that you have discoutned according to the Immediate 100% Sure CLOSE
It has always worked for me!!!!!
The reason poeple do short sales IS BECAUSE
THEY USUALLY DO NOT HAVE THE MONEY NOW!!!!
You will get to the top of the heap with a SURE QUICK DEAL!!!!
SKI
We've just recently got the cash to close in 72 hours - I'm anxious to see how much it helps.