Posted on: 11th May, 2011 04:41 pm
I am having a hard time confirming if a house I am looking at has real potential for getting to close. It is listing thru a Realtor as a short sale but it's not their primary residence and they are not (according to them delinquent) they have a loan with IndyMac and IndyMac will not approve a short sale without an offer or delinquency so the seller plans to turn in my offer and not pay her mortgage... seems like a stretch to get this short sale approved? and can you even get a 2nd property approved?
If you have any references or places you think I can pursue confirming this answer I'd be grateful....
If you have any references or places you think I can pursue confirming this answer I'd be grateful....
It all depends on the lender and their plans for the home. If they can make more money by foreclosure, they will push them to stop making payments. If they will make more money on the short sale, they will allow it. They use a process called Net Present Value, or basically weighing the short sale against other options. The seller should not stop making payments, once you stop, unless you save every payment, when the lender denies the short sale, you woulnt be able to cure or reinstate the loan. If you place an offer on the home and the bank accepts, then you are saved. Try purchasing a home that is already bank owned. Much easier. Short sales, even when approved, can take months