Real estate agents have access to search option on the MLS that you could possibly benefit from.
If your credit has been blemished lease with option to purchase is a possibility. If you are looking for a lease with option to purchase with out a real estate agent you might want to consider looking for (signs) such as: Owner financing, rent to own and for sale by owner.... more
WOW - that is a loaded question. There are many different companies that offer a variety of real estate services. You need to shop for the one that provides the services you need at a price comfortable to you. Having said that, you should shop for a real estate company the same way you shop for any item, talk to the company, ask for references from past customers, ask friends & family about their experiences and don't believe everything you see in an ad. Ask direct questions, expect direct answers.
Having said that, I have to tell you that getting into MLS means that your property is available to all the agents in the MLS. It does not mean that they are going to work diligently to sell it for you. You need to be competitive in the pricing of you home and the compensation you are offering the agent if you want them to promote you home.... more
While some short sales move along in a timely manner (45 - 60 days) most take much longer. To understand why this happens you need first to understand a short sale. A short sale happens when someone owes more on the property than they are receiving in the sale. This does not always mean the buyer got a good deal, only that the bank gave a loan for more than the current market will return. Many times when you request a short sale there are several layers of approval necessary before a lender can agree to "write the shortage off". (and, yes I know that sometimes they put a lien against the seller for the shortage). Before they can approve the short sale a lender may need approvals from the investor who bought the loan, the Private Mortgage Insurance company in addition to their own management. To get this approval they my need to prove why they should take less than they are entitled. This probably involves a financial statements from the sellers showing they are not capable of paying the shortage, an appraisal showing that the property is really not worth more and a preliminary closing statement showing who gets a part of the money from the sale. If there is a second mortgage the same process could exist there also. These things take time - sometimes a lot of time. While I do not want to discourage you from buying the home you desire, I do want you to go into the process with realistic expectations. Short sales can take a long time - 3 months, 6 months, 9 months are not uncommon. And some of them never get approved. The seller is asking the bank to take less money that they are owed - banks are very reluctant to do that. Each sale is different. To avoid frustrations later ask a lot of questions, pick an agent that is very familiar with the short sale process and then allow enough time for the approvals to get done.... more
A short sale (SSO). may take a month or many months. There is no rule of thumb. What seems so logical to you and me, is not so with banks handling SS. If you have the time to wait, they are usually worth the time.... more
Samatha sorry to hear about your dilemma. First of all I would ask your lender why it was just summited last Tuesday. You should have communcation with both your Realtor and your lender. I do know that USDA Rural seems to take longer getting the loans than other programs. You said your orginial close date was November 9th, so when was your offer accepted and what was your loan commitment date? Your Realtor and your lender should go over that with you. We had a deal over a month ago with USDA Rural and we closed a week late because they needed more information before closing. I love to know how it turns our for you.... more