Short-sale deal.?

Question

I’m purchasing a home in a short-sale deal, can I get the loan from my preferred bank, or I need to get my loan from the current seller’s bank?

Answer 1

This could go two ways, based on the negotiation done by your agent. Most banks at least want to have the opportunity to capture your loan, but its not always a condition. You should get prequalified and show a strong preapproval letter to get the bank to play ball. Plus they might actually be more competative. I've seen scenarios where the lender will impose and have the borrower use the bank for their purchase.

www.greatwestcapital.com

Answer 2

You can get a loan from what ever bank you choose. I do however recomend strongly that you purchase title insurance...with a short sale deal you are purchasing the house for less than what is owed on it and you will definatly want to make sure the title is clear so no one can come after you for later!

Answer 3

You can get a loan anywhere you want, but they may require you to pre-qualify with them before you make an offer. If they have this requirement it is stated in the MLS. Even though they can require that you qualify at their standards you are not obligated to actually obtain a loan from them.

Answer 4

not something you're able to do until the financial corporation had signed the settlement for the sale. feels like they only agreed to a quick sale, yet until all 3 events have a signed settlement that's not binding.

Answer 5

Generally, you can obtain your financing at the source of your choice. It's very possible that the current lender will extend you an attractive deal, so it does not hurt to check out what they will offer to you.

Answer 6

you can choose any bank you like, its not legal for them to make you get a loan with them