Buying a short sale

Author Message
bwilton

Guest






PostPosted: Wed Apr 22, 2009 11:04 am    Post subject: Buying a short sale

Three weeks ago I put a contract on a short sale. The cost of the house is 265k with some help for closing. My offer was 260k with 15k back for closing etc.. I’m VA eligible and don’t have a down payment at all. The sellers’ bank said if I could come up with 3% we would have a deal. Is there a way around it? I already told my bank to increase the cost to 265K but we don’t think it’s enough. The house has been on the market for 1 year. You would think they take any offer by now. BTW I live I in Maryland.

Thank you
Brigitte Sad

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor


Joined: 09 Nov 2007

Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
PostPosted: Thu Apr 23, 2009 6:57 am    Post subject:

bwilton, are you completely unable to come up with 3% for down payment? it would certainly get you in the house more quickly if you can. apparently the seller's bank isn't enthused about you as a borrower - they want to know that you'll get approved once they sign off on the short sale. money rules, you know. find $8000 or so somewhere - family, if need be - and let them know you have it.
_________________
George M. Akerley
Loan Consultant

860-221-5044
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0