Posted by Brandon on November 16, 2006 at 09:52:10:
Robert,
The Sargeant is right. But, there’s some caveats to what he’s saying. It’s all negotiation. Sometimes it’s better to pay cash for short sales because you can offer the bank a very quick closing. But, it all comes down to what you can get the bank to accept. If you can get them to accept your offer to close in 30-45 days, there’s no reason you wouldn’t be able to get a “conventional” mortgage.
I’ve even heard some rare instances where the bank offering the property will even do the financing for the investor. But, deals like this are few and far between.
Posted by Robert on November 16, 2006 at 01:30:35:
Hi.I’d like know that after the bank agreed for shortsale price, is it OK for me to use my own mortgage financing to pay for the house, or I have to pay off all by cash? And have anybody know someone do the foreclosure case by "subject to "? Thank you for your help.
Posted by Sgt.Sausage on November 16, 2006 at 09:33:06:
==>OK for me to use my own mortgage financing to pay for the house, or I have to pay off all by cash?
I’ve never done a short sale, but I’ve gotta ask: What’s the difference? Any way you look at it … they’ll get a check for the full amount of the agreed upon price. What do they care where the funds come from?
If you sold a house to some guy off the street for, say, $100K. Do you really give a rat’s arse if the funds came from a mortgage company or from the guy’s personal savings account. You really don’t care do you? As long as the check clears and you get your $100K, what’s the diff?
I would think the bank has the same attitude. As long as they get theirs, what’s it matter where it comes from.