I have some questions about the process of a short sale.
Can anyone here help?
My realtor has said she can not advise me and she doesn’t want me to talk to my lender any more, so I’m not sure who else to ask. I don’t know if I need an attorney, a CPA or what.
The property in question is an investment home that I have rented out, so it’s not my residence. I know that makes a difference.
Any direction here would be appreciated.
You’re wanting to buy a property listed for short sale?
OR
You want to short sell your property?
If you are doing a short sale or want to, you have to talk to your lender. Whithout them doing significant paperwork I don’t think you can short sale at all.
I am selling my property. I am over $100K under water on it. My lender has already approved the short sale. I have a tenant and she wants to buy the place. What I don’t know is, if I should continue to collect rent from her during this process. My payment is more than what she has been paying monthly.
I asked my realtor, but she can’t tell me. She did say I am still responsible for the insurance and maintenance and taxes though.
I had hoped this would be a quick process, but my tenant is having problems getting a loan, so it could actually be a while.
I don’t think that question has any bearing on the physical dimensions of the sale. Until the sale closes, your tenant is a renter, and should continue paying tent.
Thanks for your help.
We now have an offer from an investor. Does anyone know, in the case of a short sale, who decides whether or not to accept an offer? Us or the lender?
Why did your realtor say they could not advise you or wanted to talk to your lender? I believe that is why you pay them for their services.
IANAR, but my understanding of short sales are that you would first have to accept the offer from the potential buyer. After you present the offer to the lender, it is up to them whether or not to agree to the short sale.
Good luck!
Thank you.