FIRST SHORT SALE DEAL???????

Posted on: Sat, 09/24/2011 - 01:22

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FIRST SHORT SALE DEAL???????

Hi Dean Graziosi Family.

I am working my first deal with a short sale and I have a question. After putting in the Short Sale Package to the bank, they responded back and stating they needed the house listed. After contacting a real estate agent. He told me we would have to do a contract between us. He told me I (as the buyer) would have to pay for; the past taxes if any is owed, the title Insurance, the closing cost, a termite inspection, and a appraisal on the property. My question is why do I have to pay for an appraisal and termite inspection? This is a cash deal. Is there a form or agreement I can offer to the bank to let them know I would not come back at a later date and try and sue for damages from termites? And why do I need that appraisal again, it is a "as is" deal. Shouldn't they be the one getting an appraisal?

Thanks in advance for all advice..

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Posted on: Sat, 09/24/2011 - 03:31 #1

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This short sale property is NOT lsted with a realtor?

How did you find the property? I assume you found a seller under water? I would say the SELLER is responsible for those things...if it is really underwater they might try to get you to agree to pay those things so the seller doesn't have to come up with the cash...

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Posted on: Sat, 10/01/2011 - 18:05 #2

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To Keb64 (thanks)

Thanks you for your response...

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Posted on: Sat, 10/01/2011 - 18:12 #3

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Congratulations !

Sorry I don't have an answer; but superb on your first deal.

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Posted on: Sat, 10/01/2011 - 18:15 #4

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To bmcpherson (Thanks for your response)

Sorry it took so long from responding to you. But here are the answers to your question.

How did you find the property? - My mother in law could not pay the note on the home anymore do to loss of income.

I assume you found a seller under water? - Yes, she is underwater.

I would say the SELLER is responsible for those things...if it is really underwater they might try to get you to agree to pay those things so the seller doesn't have to come up with the cash.. Hope, not.. O, I recently found out I can get the termite inspection and appraisal waived due the fact it is a cash deal.

Thanks for your response.

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Posted on: Sat, 10/01/2011 - 18:16 #5

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To femailceo (Thanks)

Thank you for your response.

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