203K & Bank of America SS

Do any banks allow a buyer in a short sale transaction to go through the 203K program?  If so, does Bank of America, as Seller's Lender, allow this?

Thanks

Views: 131

▶ Reply to This

Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 16, 2012 at 4:47am

All the time.

Permalink Reply by Eric Simkin on March 17, 2012 at 9:32am

Agreed.....the time it will take to complete the 203k loan will likely exceed the timeframe allowed to close.

We have been launching an initiative that could possibly help open up 203k loans as an option on short sales.

Basically, ordereing up front exhibits prior to bank approval including home inpection, FHA appraisal, contractor estmates, etc so that once the deal is approved there is enough time to close a 203k loan. Obviously buyer would need to pay for appraisal prior to bank approval....but if you have serious buyers, a few hundred dollar investment is not too much risk.

 

Any thoughts?

 

 

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************