short sale approval: Government Backed Loans May Be Delayed
- 11/04/13 06:33 AM
So you have your approval letter and now you are running into problems with the Buyer’s government backed loan. Whenever you take on a short sale an important consideration is the Buyer and the Buyer’s loan. For example, if the property is in unfit condition and requires some repairs prior to making it livable, the Seller may have to complete the repairs prior to closing or put money in escrow if it is a government backed loan such as USDA, HUD, VA or FHA. This is probably not going to happen in many short sale situations. This would be important to … (0 comments)
So you have your approval letter and now you are running into problems with the Buyer’s government backed loan. Whenever you take on a short sale an important consideration is the Buyer and the Buyer’s loan. For example, if the property is in unfit condition and requires some repairs prior to making it livable, the Seller may have to complete the repairs prior to closing or put money in escrow if it is a government backed loan such as USDA, HUD, VA or FHA. This is probably not going to happen in many short sale situations. This would be important to … (0 comments)
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