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FHA HUD and/or any investor. g A cancellation clause which reads as follows Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other consideration if the property is conveyed to the mortgage insurer or the mortgage holder. Each signatory also understands agrees and intends that the Lender FHA HUD and/or any Investor of the subject Mortgage are relying upon the statements made in the aff ...

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Why would a bank do a short sale?

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

Can you make money in a short sale?

No cash-out A short sale means they won't earn any profit from the sale of the house - the bank or mortgage lender gets all the sales proceeds.

Should I offer 10 below asking price?

Unless there is a significant number of people interested in the property, start low. Around 5% to 10% below the asking price is a good place to begin. Make your offer in writing as there's less chance for confusion and only offer more than the asking price if you know that someone else has already offered that much.

Who has the final say when we have a short sale?

As explained above, in a short sale, the seller does not have the final say over whether or not to accept an offer. Instead, it must be accepted by the seller and then go to the bank, where several other levels of approval are often required.

Do banks negotiate on short sales?

Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.

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What should I be aware of in a short sale?

Here's an overview on buying a short sale home: The lender must agree. First, the lender must agree to the short sale. ... The seller must prove they have no other option. The seller needs to show some sort of hardship. ... A home's price must be in line with market value. ... Short sales need to be disclosed.

Is buying a short sale a good idea?

The biggest benefit to buying a short sale home is the chance of finding a great deal. And unlike with a foreclosure, a short sale home is likely to be in good condition. Often, the current owner will be still in residence and keeping up basic maintenance. A foreclosure, by contrast, might be in disrepair.

What are the disadvantages of a short sale?

7 Disadvantages of Buying a Short Sale Long Process. ... Subject to the Mortgage Lender's Approval. ... Lender Could Counter, Reject or Not Respond. ... Opportunity Cost. ... Property 'As Is' ... Is the Seller Approved? ... Lenders Prefer All Cash or Large Down Payments.

What is a reasonable offer on a short sale?

This is something that the buyer should discuss with their real estate agent. It's best to strike a balance between what's a good deal for you and what's reasonable for the lender. A price that's 5% to 10% below market value is typically a good number to put on the table.

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