How can I buy a short sale property if I need to sell my current home?
I found a wonderful property but it is now a short sale situation and I have to sell my current home in order to buy it. I was told that a offer contingent upon the sale of my current residence would not be accepted. Are there any other options?
Sell your house but make the sale contingent on short sale approval of your current offer (could be difficult to find a buyer willing to wait). Now that the tax credit has been extended it might be a little bit easier.
Once you have short sale approval and a buyer for your home, try to close both deals simultaneously.
Another option would be to take a hit on the sale of your property by pricing it very aggressively once you have short sale approval.
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January 7th, 2010 at 8:25 pm
sell your house first. you cannot buy a short sale or foreclosure if you have to make a contingent offer.
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January 7th, 2010 at 9:14 pm
If you don’t have the finances to go speculating, just don’t do it. This type of investing is a large part of the reason behind our current banking crisis. People overextended themselves or invested in properties with money they didn’t have.
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January 7th, 2010 at 9:54 pm
You can’t. No lender is going to accept a "contingent" offer on a short sale. And most lenders of bank owned properties most likely won’t either. I suggest you get your present place sold first.
References :
January 7th, 2010 at 10:36 pm
Sell your house but make the sale contingent on short sale approval of your current offer (could be difficult to find a buyer willing to wait). Now that the tax credit has been extended it might be a little bit easier.
Once you have short sale approval and a buyer for your home, try to close both deals simultaneously.
Another option would be to take a hit on the sale of your property by pricing it very aggressively once you have short sale approval.
References :
http://www.johnsweeneyrealtor.com/SanDiegoShortSales