How To Get A Mortgage On A Short Sale In Fort Lauderdale
Getting a mortgage on a short sale isn’t much different then getting a loan on a foreclosure or regular sale. The same documentation is needed. The way I handle them is different then most but I feel my approach is the best route.
As soon as your offer is accepted by the seller I like for the buyer to send me a copy of the contract so that I can prepare the loan documents and request the information from the buyer to submit for a loan commitment. I understand that the bank hasn’t accepted it and it could be months but I want to get the mortgage commitment upfront whether it closes in 2 months or 6 to 12 months. The reason I do this is because once the bank does approve the short sale they may put an unrealistic timeframe for closing such as a 2 week closing. Normally this would be very difficult if not impossible to do however since we already started the process all I need to do is get updated bank statements, a paystub, and order the appraisal.
This is a win, win because if the short sale doesn’t get approved you now have a mortgage commitment to submit with your offer on another home making your offer almost as good as a cash offer. Unfortunately a pre-qualification or pre-approval letter isn’t worth the piece of paper it is written on but the commitment is because an underwriter has reviewed the file and confirmed the borrower can get financing as long as they stay within the parameters on the approval.