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Sharia Compliant Financing

Posted by Susan Pruden on July 11, 2013 at 8:48am in Short Sale Discussions

I am working my way through a PFS through Chase. The buyer whose offer was just accepted is getting Sharia Compliant Financing. The financing requires an assignment of the purchase agreement to "A Trust To Be Formed". I've dealt with Sharia Compliant Financing before with no problems, but never on a short sale. Any problems I should look out for?

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Replies

  • Diane Gish July 14, 2013 at 3:09am

    I agree with Wayne, you probably will not be able to pull this off since most approvals are "buyer specific" and it appears the buyer is "A Trust to Be Formed" which will not specific enough for the investor.

    Why try to reinvent the wheel?  These deals are complicated enough for us listing agents.  I would advise my seller NOT to ratify a contract with this type of unusual financing, specifically because it is a short sale and the lender approvals are BUYER SPECIFIC. 

    Diane

  • Wayne Brooks July 11, 2013 at 12:38pm
    Start now to find someone at Chase that realizes what you're doing. They're likely to be stuck on the "you can't assign/switch buyers".
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