I'm in the process of buying the home I rent in Overland Park, Kansas. The problem is my landlord is selling the home as a "Short Sale."

Question: I'm in the process of buying the home I rent in Overland Park, Kansas. The problem is my landlord is selling the home as a "Short Sale." My landlord’s real estate agent has prepared a hardship letter to his loan company asking them to accept a short sale… but he said that she needs us “the potential buyers” to get a prequalification letter from our mortgage lender. We got pre-approved for a mortgage in the amount the home is listed and sent it to the landlord's real estate agent. The real estate agent said he wants to show the mortgage lender that “the potential buyer is willing and able to pay the current assessed value of the home.” Is this normal or what? I just want to hear what someone else that is in the business thinks. Thanks.
–Candy from Overland Park, Kansas


Answer: It’s normal if you really want to buy the home and can really afford the home. When a short sale is being considered the mortgage company will look at the purchase contract between landlord and you, the potential home buyer. The mortgage lender wants to view the pre-approval letter, copy of the earnest money deposit in escrow, and the sales contract. 


Hope this helps, Candy.




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