Posts Tagged ‘Bank’

Question by Holly B: What does this mean: “Bank approval required for short sale“?
I am looking at houses online for sale and I don’t know what this means exactly. I was hoping for an answer tonight – I’ll talk to my realtor tomorrow. Thanks!

Best answer:

Answer by trcharest
This only means that whatever is offered for the property, even though it may be full offer or better and the owner approves, the lender must approve of the amount so that they will know exactly what they will get from the sale.

“Short sale” means that the lender will be getting less than what is owed. This is also a lengthy process. I could take more than a several weeks to get a response from the lender.

Give your answer to this question below!

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What is a short sale and is it something I should consider?

That is a question that I get a lot from sellers looking for short sale information.  I tell them the basic definition of a short sale “A property that is sold ’short’ of what is owed on it.”.  The chief issue being whether or not the lenders involved will accept the this transaction or seek to pursue an alternate remedy to the situation (like foreclosure or going to court for a monetary judgement).

The best thing to do is ask questions.  Ask your real estate agent, ask your accountant, ask your lawyer, ask your banker and finally ask yourself if this is something that you need to do.  This site (www.HomeAndPropertySolutions.com) is a great resource to find answers on and to get a whole bunch of short sale information.  A perfect place to start answering that question and when you are set to move forward, it is a great place to find an agent who is an expert in this area (no matter where you live in the US).

Browse around, use the search and remember that you can never ask too many questions when it comes to doing a short sale and how it will affect your credit and ability to purchase in the future.

I hope this helps!

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Short Sale and Bank REO Certification

I want to short sale an investment property. the difference between what is owed, and actual value is signifigent, and will lead to bankruptcy.

if we recieve an offer from a potential buyer, can i counter it back to say “subject to: bank not issuing 1099 for the difference”?

FYI – the bank is WAMU.

Up to how much do you think a lender will accept on a short sale offer based on the BPO (Broker Price Opinion)? 70%? 80%?

Trying to buy a property on a short sale, and wanted to see if people negotiate\ or have their agent negotiate directly with the bank, . I feel like the listing agent is pulling my chain.

Is there a website\ public records you can go to, to figure out which banks has the mortgage to the property?

Any advice is appreciated.

My husband and I just put in an offer for a house that is a short sale. The seller approved, and today the realtor sent the paperwork to Countrywide for them to approve it. I heard it can take months for them to respond, but the house already has an appraisal on file at Countrywide and I was told that Countrywide just recently got a short sale “department” to speed up the process. Anyone have any idea or estimate of how long we will be waiting for a response?

I know several people who’s banks will not allow them to do a short sale instead of being foreclosed upon. Is there something in it for the banks (tax write-offs?) that makes it more beneficial for them to deny short sales?
Some of the people have had a buyer ready to buy if they were allowed a short sale too.

We have bid on a house that is and has been a short sale for a few months. We know that the seller is eager, and willing to negotiate. How long does he have to sell his house as a short sale before the bank will foreclose?