Why will banks approving short sales not approve "private financing"?
By Nakia Brooks, #wearedifferent
(BKG - Brokerage Atlanta)
We list a lot of short sales every month at GaRealtyGroup | 2ShortSaleGuys, we are currently working about 35 listings right now. A lot of times we get the short sale listings approved and then have to wait on the buyer's financing to get approved. As we negotiate the transaction between buyer's and seller's we make sure it's disclosed where the buyer is getting their funding from. THIS IS VERY IMPORTANT!!! With as much Mortgage Fraud that has went around since the real estate market has fallen, banks are already taking a "hit", the banks holding the loans need to be reassured that they aren't taking anymore of a "hit" from inside deals going on between buyer and seller. We had an instance this week that we negotiated the transaction about 30 days ago. The offer went binding with th...