Realtors In Kentucky

Will the sellers’ lenders be accepting our offer on this short sale home in Kentucky?

My Realtor doesn’t have much experience with short sales so I’m opening this up to the virtual world… The home is listed for $109,900 and has been on the market since 6/30/09 (about 3 months). It is in a prime area but needs major updating/renovations. The sellers’ accepted our offer of $103,000 plus closing costs, but they have two mortgages on this home. The home was purchased for $130,000 in 2003, but I don’t know what it would appraise for now. We had the inspections done and they are all things that are repairable (the big stuff is all OK…foundation, plumbing, etc). Do you think the sellers’ lender(s) will accept our offer? They have until Oct. 30.

Highly unlikely both lenders will agree to a short sale by end of October that is for certain, most short sales take months to approve if they do at all, let alone when the process has two lenders, so must likely your October 30 date will come and go without the second approving the sale, thus leaving you the option to continue the process or look else where

but you where smart to place a time line for approval if you had not done so you could have been stuck in this process of six months or more with the possibility the second rejecting the offer

Also do not forget the PMI Company must also approve the sale so you have three entities at least that need to sign off on the deal this is probably not going to happen in five weeks

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