Updated over 5 years ago on . Most recent reply
Purchasing a short sale property
Hello! I looking to put an offer on a 3 family in Connecticut. The property is listed as a short sale. I was hoping for any advice on dealing with these type of properties when making an offer. I have heard the bank will take their time responding to offers. Has anyone been able to get the bank to finance? Any insight would be much appreciated.
Thank you,
David
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#1 Foreclosures Contributor
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
You need a legit PreApproval for the lender to even look at a short sale contract/package. Do Not ask the existing lender for financing. There is too much to talk about here....find a buyer’s agent knowledgeable in short sales. Some research on on junior liens, among other things, is necessary to structure a proper offer. Hint....with junior liens the buyer often has to kick in additional money above the contract price to satisfy them.