Upside Down Mortgage

Loss Mitigation List

Question: What's the probability of a short sale success?

My offer on a short sale was accepted by the seller. The house was on the market as a short sale for about a year in Orlando, FL. The original list price on the house was $70K more than my accepted offer. A day after my offer was accepted my realtor received a call from the seller's loss mitigation company who informed her that the banks are "slow" and to let me know that it will take 3 - 5 months to close. The seller has only one lien holder. I also placed $1K in escrow. What are my chances of actually closing? Can I rescind my offer if closing isn't done in 3.5 months? And lastly, what are the banks doing during this 3 - 5 month time frame while the house is vacant and the maintenance is going downhill? Thanks all!

Answer: I would give it a 20% shot.

They are appraising it and trying to figure out if it is better for them to foreclose. Very often foreclosure is more logical then a short sale.

How to Properly List a Short Sale Property

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