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Short sale - Don't want to get screwed...

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kamila7
Contributor

Short sale - Don't want to get screwed...

I am trying to purchase a house as a short sale, the offer price of 150,000 was accepted by the seller which they still owe 195,000 on it.  How do I make sure I don't get screwed over with paying that difference when the deal is approved by their lender? Thank You!

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: Short sale - Don't want to get screwed...

The biggest risk you run with a short sale is losing time ~ time spent getting everyone to agree, and moving the paperwork through everyone's channels.

The seller will be the one who faces penalties as regards to the difference between the sale price and the amount left on the loan, not you.
Message 2 of 3
Anonymous
Not applicable

Re: Short sale - Don't want to get screwed...

It's the lender who must approve your offer not the buyer since they will not be allowed to receive any funds from the sale. After your offer is received by the bank, they will most likely send an agent to the house to do a broker price opinion ( bpo). If they value the house at or less than what you offered they will accept. And the seller may be liable for the difference.
Message 3 of 3
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