Unapproved Short Sale

Foreclosures
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Unapproved Short Sale

Shami Mizani
Investor · Fort Lauderdale, FL · Member since 2016 · 1 post · 0 votes

Hello there,

I'm having my first experience with short sale and it happened to be an unapproved one. (I guess I'll be an expert if I go through this one) I was wondering if anybody had an experience with unapproved short sale. Here is the list of questions I have. I appreciate if you can guide me thru this process:

1) I've heard/read that it can be a very lengthy process. Is it worth the time to invest in the process? I mean how likely is it to get the lender acceptance?

2) Does anybody know how I can get the money owed on the property as of now? (I did quick search and the answer might be "not possible", but I thought its worth the shot) If not possible, is there a way to guestimate?

3) Is it beneficial and legal to get a hold of the owner to get an idea of the situation? like amount owed and etc.

4) Can I get an FHA loan for short sale property? if so, how about FHA 203k?

Thank you for your time,

Shami

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  • Brett Goldsmith
    Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
    9y

    There is really no such thing as an approved short sales unless if an approval letter has been generated for a specific buyer.

    Most Banks quote 45-90 days for a decision; Many times it may take longer. Some short sales you can get a discounted property: they are speculative transactions when you don't have all the information. 

    Knowing what is owed likely won't assist a buyer if the property is underwater. Sellers side can order a payoff or you can estimate by taking the UPB and tacking on an estimation of delinquent fees.

    If you have direct contact to the seller then that would be nice. If they have a listing agent and you have an agent, then you should be attempting to go through the proper channels

    If the property qualifies for FHA financing, the fact it is a short sale, won't prevent that type of financing.

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  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    While the seller may accept any offer, in a short sale, the bank has to concur on the sale, so in that sense, the bank does accept or reject the offer.

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