Cash Only When Buying Short Sales

I have heard conflicting reports that banks will only except a short sale if the deal is cash only. Is it true that a bank will not give a loan to someone to purchase a short sale from another lender? Thanks for any insight into this.

Comments(6)

  • InActive_Account2nd April, 2005

    Ask to speak to manager politely and when you talk to the manager explain that there is a time issue and that it would be in their best interest to speak to you as soon as possible.

  • WeAllWin5th April, 2005

    I have also found that, at the end of a particular month or quarter, the reps are very busy. After trying back on the 1rst or next business day, I have gotten response.

  • ZinOrganization5th April, 2005

    http://www.thecreativeinvestor.com/residential/ViewTopic44014-34-12.html

    this may help.

  • bgrossnickle5th April, 2005

    Are they actually in foreclosure yet? If the reps are busy, they are going to respond to the loans that are closer to the foreclosure date. I have been working on a SS with ASC for 8 months now. Nothing for the first 6 months, and the once my client got served (and I faxed a very professional but critical of my loss mit rep letter to the loss mit manager) the ball started rolling.

    Brenda

  • ZinOrganization5th April, 2005

    glad to hear that things are moving.

    some banks stipulate that they wont even negotiate untill the legal suit or NOD has been filed.

  • anewer29th April, 2005

    move to the next deal

Add Comment

Login To Comment