Oct 27, 2009

Tip 38-2009: Short Sale (Inspection & Financing Contingency)

If you represent a buyer of a short sale property, I recommend that you do not delay the buyer’s inspection and loan application until after short sale approval. Short Sale lenders want to know if they approve the short sale, that there will not be any other delays or issues with the closing. They usually want to be certain that the buyer has their loan commitment and the buyer has accepted the property “as is”. All the Short Sale lender cares about is how soon the closing can occur and how much money they will receive. They do not want any surprises like the buyer’s loan has not been approved or certain repairs will need to be made before closing. The Short Sale lender definitely does not want any additional deductions from the HUD they had previously approved.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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