Categories
|
|
|
|
|
Frequently Asked Questions
|
|
|
|
|
 |
| How does financing work when buying a short sale property? |
|
Question:
How does a "short sale" finance? Is it the same as qualifying for a regular loan? Do you have to have significant down?
Answer:
In most cases, the financial process for buying a short sale is similar to any other home buying process. But there are two areas where buying a short sale differs from buying a regular home.
First of all, it could take a while. Depending on what state you are in, there could be a lengthy process that the pre-foreclosure sale must go through. In some states, it can take several months to actually close on the property. So I would do some homework and look into the foreclosure process in your state.
Secondly, the buyer's offer must be accepted by not only the seller, but the seller's lender as well. This adds another link in the chain and can also add some time onto the process (while the lender is processing / reviewing the offer).
Related articles:
What Is a Short Sale
Buying a Home Through Short Sale
|
|
|
| Article ID: 10015 |
Article Created: 05-25-2008 14:18 PM | Last Modified: 05-25-2008 14:18 PM |
|
|
