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Looking For…, Home Buyer in Reno, NV

Does anyone know someone around Reno that will lend a year after a shortsale? Good income..understanding higer intereste rate.

Asked by Looking For Lender, Reno, NV Thu Mar 25, 2010

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We can do it for you with a few conditions:
- No mortgage late
- No other delinquencies.
Please contact klu@pnrealestategroup.com
Regards
0 votes Thank Flag Link Sat Mar 12, 2011
Seller financing is one of my specialties. Although Madeline is correct that buyers might pay more and a higher interest rate for properties bought with seller financing, that doesn't necessarily have to be the case, and the market determines what most investors (myself included) will charge. Sometimes I (and other investors I know) will offer to sell properties with seller financing for slightly less than the current market value of the property to move it faster. Keep in mind that we investors aren't the only ones offering to sell with seller financing, so don't assume that every seller who offers seller financing is an investor.

Please feel free to PM me for more details.
0 votes Thank Flag Link Wed Mar 31, 2010
Patricia,


I have asked this question 3 times. The first one didnt state that I had a shortsale a year ago. I had many good responses and when I followed the lead, the shortsale was a deal breaker. Then I asked more specifically stating my short sale. I got a good answer regarding getting a 3 year short term loan until I could refinance, so that was my last question. I am trying to get information and trying to be as specific as possible, that is why there are 3 questions.
0 votes Thank Flag Link Wed Mar 31, 2010
Dear Home Buyer - Reno:

I noticed that in the past few days you have asked this question on Trulia four times and in four different ways. In looking at all the replies, you have received some very good information. Is there something you need to know that has not been answered by all the replies to your questions? If so, you might want to state that specific area of concern so that area alone can be addressed.

Pat Jewett
Chase International Real Estate
Web Reference: http://www.teamjewett.com
0 votes Thank Flag Link Tue Mar 30, 2010
Try Neel Dhingra. (775)747-8199 Ext. 1001. He is with Trenchant Mortgage. I have had great success with everything I have ran across him. Good Luck.
0 votes Thank Flag Link Tue Mar 30, 2010
For all of you who are saying to fix my credit report...um, Im working on it. I am working with a reputable company and have already raised my credit score 20 points since the shortsale. We have been renting for over a year and pay 1700.00. Our house we did a short sale on was 3,000.00 a month. We will not get into that situation again but can afford up to 2,000. a month.

So, yes we understand we will have to pay a higher interest rate but also understand we will refinance shortly. I just hate throwing money away on rent.

Thank you for your answers.
0 votes Thank Flag Link Fri Mar 26, 2010
Yes, you can dispute negative information, but guess what? If it's true, it's staying on your credit report. Most people who have been forced into a short sale are going to need more than a few months to recover their credit.

Seller financing is a real option- I manage a few homes owned outright by my investors- BUT- expect to pay more for the house AND the mortgage. Most people purchased from 2004-2006, and if they own the house outright they are not going to lose their shirt by offering you the house at 2010 pricing.

If you don't like this, or think it's unfair, then pass on it.

The one thing that will improve your credit scores the most is aging- the less recent these lates are, the less impact they will have on your scoring.

A pre-paid credit card can also help, but realize that FICO scoring of primary mortgage payments is about 50% of your score- so those mortgage lates are tough to mitigate when you no longer own a home to show timely payments.

You need to realize that no institutional lender is going to give you a loan right now- and why would you want to get right back into the same situatiohn you just got out of with a private investor with super high interest rates?
0 votes Thank Flag Link Fri Mar 26, 2010
I certainly understand your need for an answer to your question, but, in my opinion, there is not anyone on this forum that can answer it based on the information you provided. There is no black and white for credit recovery. Each situation must be analyzed individually.

Everyone who has experienced a Short Sale, Foreclosure or Deed in Lieu has concerns about their credit and wants to know when they will be eligible to, again, purchase property.

As you have been through a Short Sale, you probably have some delinquencies on your credit history. When you apply for another loan, it will be imperative that your credit score be the best it can be for your situation.
That being said, I would suggest that right now you take action to clear any delinquent credit history as much as possible.

Once you know what to do, there is no charge to do this repair. Therefore do not fall prey to any of these advertisements that "guarantee" you a great credit score for the low of payment of $49.95 or whatever.

The State of Nevada is fortunate enough to have a United Way agency that assists consumers with a definitive plan of action to manage their credit and debt situations. They will assist you in determining what steps you can take to maximize your best results for a good credit history in a given period of time. Office locations are in Reno and Vegas and they do travel to some of the outerlying towns..

Consumer Credit Counseling Service is a non-profit organization open to anyone. It will provide you the tools and education to help you take control of your situation. Regardless of the reasons for your financial situation, they will work with you. There is NO charge for their services. They are funded by the United Way as well as grants. They are also a HUD approved assistance organization. The director in Northern Nevada is Jill Perry. 800-451-4505 or 775-337-6363. Website is http://www.ccanevada.org

I hope you will give them a call. There is no cost or obligation to do so. The best to you.

Patricia Jewett, Realtor
775-857-1225 realtor@teamjewett.com

Property search: http://renohomesforsale.listingbook.com

Chase International Real Estate
985 Damonte Ranch Parkway Suite 110
Reno, NV 89521
Web Reference: http://www.teamjewett.com
0 votes Thank Flag Link Fri Mar 26, 2010
Another option might be to purchase with seller financing.
0 votes Thank Flag Link Thu Mar 25, 2010
This is one of those questions that are very broad in nature but I will try to answer with some information. Most guidelines require that you be at least three years after a short sale before you can purchase a new home. That being said FHA came out in February 2010 allows the following exception.

If you have a short sale but were never late on payments with no 30 day late in the last 12 months and you have a minimum FICO Score of 650 you would be able to purchase a new home as long as it was not a government loan.
You would also need to have a an extenuating circumstance that caused the hardship that forced you to have the short sale.
Most people would not fall into this category but in case you do there you go.
0 votes Thank Flag Link Thu Mar 25, 2010
Gentle Reader,

Try Stephanie Hanna Acadamy Mortgage at 762-9114 stephanie.hanna@academy.cc . She is pretty creative and good.

The question that comes to mind is why haven't you cleaned up your credit by now? Just google or you tube how to repair credit. From what I understand; most people just dispute the negative item and by law they have 30 days to correct it.

Go to http://www.annualcreditreport.com and you can get all 3 bureaus for free once a year. 2 out of 3 of them will let you dispute online.

I also touch on credit repair under the category of credit repair on my blog at http://www.renohomevoices.com .
0 votes Thank Flag Link Thu Mar 25, 2010
Not knowing the circumstances that led to your short sale and your finances today--your best source of information is any qualified loan officer(s), why not visit/call and inquire--see exactly what options you may have.
0 votes Thank Flag Link Thu Mar 25, 2010
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