Short Sale - Want To Bet It Ever Makes It?
By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have a customer that I am working with on a short sale. The property is a definite starter home but more is owed against it than it more than the offer. The offer is the maximum the client is able to pay for the property and qualify for the loan at current interest rates. The property has had no offers to purchase, one of the reasons is that it is in a flood zone so there is extra cost for the flood insurance. So it isn't a case of someone trying to steal it just to get a good deal. It is a case of making a reasonable offer for a property based on ability to pay for it and marketability. All pretty straight forward, isn't it? Well, the offer went into the bank before Thanksgiving. So that means we are over 6 weeks from the offer date. Knowing that the acceptance of the offer would not...
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