maria asked:
My offer on a short sale was accepted by the seller. The house was on the market as a short sale for about a year in Orlando, FL. The original list price on the house was $70K more than my accepted offer. A day after my offer was accepted my realtor received a call from the seller’s loss mitigation company who informed her that the banks are “slow” and to let me know that it will take 3 – 5 months to close. The seller has only one lien holder. I also placed $1K in escrow. What are my chances of actually closing? Can I rescind my offer if closing isn’t done in 3.5 months? And lastly, what are the banks doing during this 3 – 5 month time frame while the house is vacant and the maintenance is going downhill? Thanks all!
houses for sale orlando
My offer on a short sale was accepted by the seller. The house was on the market as a short sale for about a year in Orlando, FL. The original list price on the house was $70K more than my accepted offer. A day after my offer was accepted my realtor received a call from the seller’s loss mitigation company who informed her that the banks are “slow” and to let me know that it will take 3 – 5 months to close. The seller has only one lien holder. I also placed $1K in escrow. What are my chances of actually closing? Can I rescind my offer if closing isn’t done in 3.5 months? And lastly, what are the banks doing during this 3 – 5 month time frame while the house is vacant and the maintenance is going downhill? Thanks all!
houses for sale orlando
Kansieo.com
I would give it a 20% shot.
They are appraising it and trying to figure out if it is better for them to foreclose. Very often foreclosure is more logical then a short sale.
Caffeinated Content
Just click ads & get paid! easy right?
Or get $1.25 for each Survey you complete!
( you won’t loose anything through referral )
it’s simple.
i use it.
houses for sale orlando
Just click ads & get paid! easy right?
Or get $1.25 for each Survey you complete!
( you won’t loose anything through referral )
i use it.
it’s simple.
houses for sale orlando
With all of the foreclosures, banks and lenders are a little behind right now. Be patient with them, it will happen. The lien holder is responsible for the upkeep til the property closes. You are going to have $70,000 in equity upfront so it will be worth the wait. I may not take as long as you think.