short sale - Posted by lee

import · August 23, 2009, 10:54pm

Posted by lee on August 25, 2009 at 15:08:49:

yes.

import · August 23, 2009, 10:54pm

Posted by lee on August 23, 2009 at 22:54:23:

We are in the process of buying a house in Missouri. It is a short sale and we have a signed contract for the sale amount. Our realtor just called and said the seller is supposed to pay the mortgage insurance co. $5000, but doesn’t have it and the MI co. won’t let the sale go forward until they recieve it. What is my legal recourse?

import · August 26, 2009, 5:41pm

Re: short sale - Posted by Jack-E

Posted by Jack-E on August 26, 2009 at 17:41:56:

It sounds like to me that the loan or mortgage company needs to be brought into to the deal. They are the ones willing to take the short sale amount and may be the ones to pay the MI.

import · August 24, 2009, 3:48pm

Can you lower the sales amount by 5k? - Posted by DJ-nyc

Posted by DJ-nyc on August 24, 2009 at 15:48:24:

and then pay the mortgage co?
DJ-nyc

import · August 24, 2009, 8:13am

Re: short sale - Posted by steele in minnesota

Posted by steele in minnesota on August 24, 2009 at 08:13:04:

A short sale is subject to third party approval. You have been notified that the third party is not accepting of your offer as it stands and is in essense “countering”.

You can attempt to work something out with the seller or let the conditioned sale fall through. Remember that a short sale is actually a two step process. Just because you got through the first does not mean it will be approved by the second step.

Although this the last thing you probably want to do, you could offer to pay the $5,000 or work something out with the seller paying part.

import · August 26, 2009, 7:52pm

Re: short sale - Posted by Lee

Posted by Lee on August 26, 2009 at 19:52:05:

Is it okay for me to contact them, or do I have to go through the realtors?

import · August 24, 2009, 9:11pm

Re: Can you lower the sales amount by 5k? - Posted by lee

Posted by lee on August 24, 2009 at 21:11:50:

apparently not.

import · August 27, 2009, 4:35pm

Re: short sale - Posted by Jack-E

Posted by Jack-E on August 27, 2009 at 16:35:55:

I do not know of anything that would keep you from going direct. However, I would bring the relator in on it, especially if I thought he and I had a good working relationship, as it is to his advantage to get the deal done.

import · August 25, 2009, 9:26am

Re: Can you lower the sales amount by 5k? - Posted by DJ-nyc

Posted by DJ-nyc on August 25, 2009 at 09:26:29:

Did you ask?