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Buying Short Sales in Destin Florida
 
Buying a Destin Short Sale?  What is the Process?
When you write your offer for a Short Sale, your agent should insert language into the contract that states the contract is "Contingent on seller's mortgage holders' approval". Often, lenders require Short Sale properties to be sold in "as is" condition, thus not threaten a potential closing with repair items.  Language should  be inserted into the offer in that regard, either with appropriate addendum, or under additional terms. The Seller may counter your offer.  Remember, the contract is between you and the Seller, not you and the Seller's lender.  The Seller does not want to submit an offer to the bank knowing it will likely be rejected and/or counter-offered because it is too low or has too many closing costs on the Seller's side.  The lender pays these costs, and will always analyze its "net".  In this case, it will be a "loss", so the lender wants to mitigate the loss as much as possible. After the contract is signed and agreed to by both you and the Seller, it will be sent to the Seller's lender, or lenders if there is more than one mortgage holder.  Documentation submitted with the contract ... more

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