admin answers:

Being a “short sale” buyer really has nothing to do with it. This set of circumstances applies to any home buyer. Personally I would refuse to take title to the house if they are still in there. Or if you don’t need to move in right away, at closing you could agree to rental payments for a short period of time. But if they weren’t keeping up with their mortgage, they may not be reliable to keep up with the rent. If you should take title to the house and they are still in there, you could call the cops and have them removed as trespassers.

admin answers:

If you can not afford the mortgage how are you going to afford the rent they are going to charge plus their profit ? If your already into foreclosure your credit is taking a hit so how are you going to get a new loan to pay it off to them at a higher price ? Sounds like a scam to me

admin answers:

Foreclosures are an easier closing, since at that point the bank has taken back the property and such you are dealing directly with the bank, down side of foreclosures is the disclosure, the bank does not have personal knowledge of any material defects in the place thus you need to do your due diligence in inspecting the house

Short sales: are harder to close and in the end majority of short sales do not come true and the lender ends up foreclosing on the property.

See in a short sale, the seller places the home for sale at a price they feel the market will bare, this does not mean the bank must accepted the short sale, so what happens is you find a short sale you like, make an offer, it goes to the bank who must signed off this can take months to sign off, and they may in the end decided that is better to let the place go into foreclosure and collect the insurance on the note then approving the short sale number, so after of months trying to close on the short sale, you deal is dead because the lender refuses the number, also if the house has a second note and trying a short sale the chances are even less

admin answers:

If the buyer wants that information then they should pay for it. If you want it, you pay for it and give them a photocopy. Then if they do pull out, you already have the original for reselling.

The reports should not cost more than $230.

admin answers:

The seller doesn’t normally have a title company. Buyers usually insist upon title insurance to make sure the property is free and clear of all liens and delinquencies. This would be a good sign.