Financing with Short Sale Lender

Financing, Hard Money Lenders, Private Money
1

Hello,

Has anyone ever financed with the bank they are under contract with on a short sale, on the same property that is?

HSBC has accepted my short sale offer. They want to close in two weeks. I have many financing options, but I’m wondering if HSBC would be cheaper to finance through since they currently hold the mortgage.

  1. Maybe they wouldn’t require title insurance? They already have it.

  2. It obviously would expedite closing.

It’s my first short sale and actually my first house. Any insight would be appreciated.

Thanks

2

I would guess that HSBC wants that property gone from their books. I had a customer try to use the same lender (First Horizon) once on a short sale and they said NO!

3

Probably good advice, once a bank gets burned by a property they are less enthused to float the note on the same property yet again.