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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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please help me with short sales with two mortgages?
what does it mean when realtor says "you have to put your money up and may not get it back for a while."
any clue?
basically telling me, it's not a good scenario...
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Posted 9/25/09 11:11 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: please help me with short sales with two mortgages?
You have to actually go into contract on a short sale, and then wait for the bank to approve it.
This is a difficult process because once you go into contract, you are pretty much tied to that house (you can't back out) and you have to wait until the bank decides that it's OK to sell the house at a loss (thus approving the short sale).
That is why they said you put the money up. Because when you go into contract, you are putting the down payment into escrow like any other transaction.
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| Posted 9/25/09 11:18 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: please help me with short sales with two mortgages?
a short sale with 2 mortgages is not a good easy thing. Basically the first bank may approve the sale but the 2nd bank will most likely not because they will probably not get anything.
I would say keep looking. Sorry....
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| Posted 9/25/09 11:54 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: please help me with short sales with two mortgages?
oh well....
anyone ever have a success story?
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| Posted 9/25/09 12:19 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: please help me with short sales with two mortgages?
Eh... I just noticed the two mortgage portion. Yeah that is difficult as the senario the PP posted makes sense.
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| Posted 9/25/09 12:28 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: please help me with short sales with two mortgages?
I know people who have bought short sales and foreclosures but when there are 2 mortgages involved it gets really bad.
Just be prepared for the process to be slow if you are buying a short sale. The banks do not move very fast.
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| Posted 9/25/09 12:29 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: please help me with short sales with two mortgages?
Thanks everyone!
It stinks to look at something online, think "wow! that looks great!" and get a little excited, then find out this info.
thanks for all your help these past few weeks!
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| Posted 9/25/09 12:49 PM |
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HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
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Re: please help me with short sales with two mortgages?
I'm currently in the process of buying a short sale. We signed the contract 3 weeks ago. The sellers don't seem to be in any rush to sign the contracts and haven't yet! It's driving me nuts! once they do sign it can take a while for the bank to approve it. One good thing is that the bank has already approved the house at this amount (someone else was in the process but then couldn't get the mortgage). Right now it's the sellers holding it up! ARGH!
With 2 banks it's even harder because both have to approve that they will take less than the sellers owe.
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| Posted 9/25/09 1:06 PM |
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