Cash offer on a short sale: advice/experience?
We are making a cash offer on a short sale house.
The seller owes about 500K, 2 lenders. 1 loan 450K, the other 50K.
Our offer: 400K cash, nonfinancing contingency hoping that it will expedite the process. The listing price is 480K now.
We will buy and convert to 30 year mortgage. This will be a rental investment house, not a primary residence for us.
The house has been on the market on and off for 3 years until the short sale listing. They have asked for too much money, above 500k. The house is probably worth about 425K to 450K. So not a huge discount but some...
Anyone with short sale experience, advice?
Does non-financing contingency expedite the process?
We have the contract written so that we can pull out anytime if we find better/other house.