Question?
Must an individual purchasing a property through a short sale have CASH?
or
Can that individual already be approved for a mortgage loan and be able to close in the given time frame?
Any info would help.
ShortSale approvals are usually time sensitive meaning that the Purchaser must close within a short period of time... typically within 30 days of the written approval... which also contains closing restrictions and instructions.
If you are prequalified for a mortgage loan.. subject to title searches and appraisal.. then you've got to move quickly. Remember, most ss approvals require that the home be sold in as-is condition... most mortgage loan approvals require that the premises be in good repair. So, be prepared.
Cash is easier.... but there is nthing wrong with using a mortgage loan to acquire the property... provided you hit the ground running once the approval is issued.
YDE, It is totally possible and very common to get a loan to buy short sale deals! You must give yourself and your lender ample time to get your ducks in a row
(2-3months). Cash is always King and makes the transaction flow smoother, but is not always required.
Good luck
[addsig]