First time Short Sale

6 Replies

Do I need to do anything besides show POF?

Anything aside from POF? Yes - Patience! I purchased my primary residence as a short sale in 2010 -- it took 3 months to close. I am trying to buy a short sale right now as an investment property - we're 1 month in right now. I resubmmitted my bid at list this Tuesday and am hoping to hear back soon.

The Purchase Agreement do I get that from the bank or from the company processing my short sale? I am doing it tomorrow :)

Originally posted by @Rafiq Bashir :
The Purchase Agreement do I get that from the bank or from the company processing my short sale? I am doing it tomorrow :)

Are you the seller or the buyer?

If you're the seller, you should have a real estate agent who is experienced with short sales help you with this (and they can provide the contracts). Unless your lender is a small local/regional bank, you will almost certainly be required to list the property on the MLS prior to accepting an offer and submitting it to the lender for approval.

If you're the buyer, the seller should have a real estate agent and do all the stuff above...

Thank You once again. I am the buyer. I have worked for companies who processed them, but I was never a part of the process to learn. The agent got in touch with me finally, and they are walking me through it. I appreciate the feedback!!!

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