Welcome to class today, once again on the topic of short sales, whether you are a buyer of seller they’re are plenty of Do’s & Don’ts to go around when it comes to a short sale. Here are just a few!
Short Sale ~ Do’s
- Be sure you understand your commitments and expenses contained within your contract.
- Are you required to submit your initital deposit to the escrow or title company even if your offer hasn’t been accepted by the seller’s lender(s)?
- Are you required (by contract) to proceed with the appraisal at this point?
- Will you be required to complete the property physical inspection?
Short Sale Don’ts
- Don’t open any new credit or make any large purchases during the home buying process.
- Don’t change jobs while buying a home.
- Don’t make any unusual or large deposits while in escrow.
- Don’t co-sign for anyone else.
- Don’t pay of any debts/close accounts during the home buying process
These are just a few do’s and don’ts while in escrow! Bottom line DON’T DO ANYTHING WITHOUT FIRST SPEAKING WITH YOUR LOAN PROFESSIONAL, your loan originator or lender, because what may seem like a good idea to you could make the difference between a failure vs. a successful closing.
So when you, or anyone you know needs help when it comes to a short sale, contact me! Lynda@PreferredHomeBrokers.com