Saturday, September 3, 2011

Short Sale Approval Is Supposedly Coming Next Week

I just got word from my agent that the seller submitted her final approval paper work for the short sale along with a recommendation from the short-sale lender's negotiator. The short sale is expected to be approved some time next week with an anticipated closing date of 10/10/11. I requested that the closing date be pushed back to 10/31/11. I haven't heard back from my agent so I'm not sure whether my request will be honored or whether it will jeopardize the deal.

Anyhow, here's my new monthly housing budget, assuming the short sale is approved:
Mortgage (P&I): $1,289 @ 3.88% interest (3 disc pts)
Assoc Fee: $320
Property Tax: $343 (est.)
Payback Mom: $225
Insurance: $45
Total: $2,222

My current housing budget is:
Rent: $1,175
Renters Insurance: $20
Total: $1,195

Difference: $1,027/month+


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