Florida Mortgage Coach
Like; who will be underwriting the loan â€¦ FHA â€¦ Fannie, Freddie or private investor? Have you been late on anything is the past two years? When you did the Short Sale on your home were you behind on your mortgage at the time (believe it or not some people were current up to close)? Also remember (if youâ€™re going with the 2 year scenario) itâ€™s 2 years from the date you closed not the date you started the Short Sale process.
Tell me a little bit about your situation.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
The Soda Group
Keller Williams Lakewood Ranch
Talk to a mortgage broker to see what you qualify for in terms of $$. That will tell you what you can do.
If you were a seller in a "Short Sale" it may have an effect on your credit report but most times it will show as "loan paid" then in the notes it may say "loan paid less than owed." Check with your lender..
As a buyer "Short Sales" & "Foreclosures" are all about the money, the money you can save versus buying a retail MLS home. If you can't save 40% - 50% - 60% on a home including any repair or cleanup cost you should run away. There are too many excellent choices for a qualified buyer.
I have sold and purchased "Short Sale" & Foreclosure" homes in beautiful condition fully furnished the sellers walked they just wanted out. Also homes that were junkers but the deal was too good to pass up it's all about the $$$.
My wife and I live in a home we recently purchased as a "Short Sale" it was alot of paperwork and time for me the agent. But in the end the bank reduced the amount they were owed on the loan by $325,000 we got a great deal. The home did not need any repairs as most foreclosures do it was move in beautiful condition. With "Short Sales" be flexible with the location to get the best deal.
Bill Carey, Broker/Realtor
Bill.Carey@HendersonProperties.com l http://www.HendersonProperties.com
Please see my blog with tips and advice on how to get a mortgage in todays market