Home Buying in Lynn>Question Details

Abraham, Home Buyer in Lynn, MA

Am i missing out on opportunities if the paperwork process takes too long? Can the process be shortened?

Asked by Abraham, Lynn, MA Wed Oct 3, 2012

0 votes Share Flag Home Buying in Lynn

Help the community by answering this question:

Answers

8
It depends on which process you are referring to, “close enough” only works with hand grenades and horse shoes, not in the mortgage/real estate industries. If you are chasing a unicorn, I mean short sale you already have an answer, no. Step 2 in that process is asking the lender to reconsider and take less than what they are owed. If your employer owes you $35 per hour worked and they only want to pay you $18 how would you react? Well, that is why that process takes time, they need to investigate all options first.

If you are speaking about the time for mortgage processing there is a lot you can do to speed that up, in fact missing documents or information that doesn’t match provided by the borrower is usually the hold up, see the link below for detailed info, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Fri Oct 5, 2012
Yes you can make an offer and provide them the pre-approval, prior to the underwritting being completely done.

Your buyer agent should of been able to provide you this information as well and not had you worry.

If you find the right house go for it.
1 vote Thank Flag Link Fri Oct 5, 2012
Abraham, are you under contract with a short sale or a traditional sale? The answer may be different depending on the type of property you are pursuing. Regardless, it may benefit you to talk to your buyers agent and keep apprised of the market and new listings that may fit your needs so you can leverage your options.

Good luck!
1 vote Thank Flag Link Thu Oct 4, 2012
If you aren't using a real estate professional to help you secure a property, that may be the reason you are missing out.
Find a good local pro, show them what you would have bought, and they will find you a great property.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Sat Oct 6, 2012
I apologize not to have been clearer. I already am pre-approved. The underwriter is finishing up the paperwork. All houses that i like are being taken. Can i use my pre-approval to seek housing that i like and make an offer before the underwriter is done?
0 votes Thank Flag Link Thu Oct 4, 2012
You sound like an investor, in which case the answer is maybe :). Opportunities are always available if you have the cash to do multiple deals. If a short sale is worth the effort, stick it out. If it is short money, you are better off finding something else.
0 votes Thank Flag Link Thu Oct 4, 2012
Greetings Abraham,

The vagueness of your question makes it difficult to provide accurate information and may also interfer with the number of Pros that respond. We recommend rephrasing it and submitting it over for the best results.

Many questions come to mind...Are you pre-qualified? Are your interests in distressed properties? Do you have an agent representing you? Does your question refer specifically to a "short sale?" What exactly is causing the paperwork delay?

Bill
0 votes Thank Flag Link Thu Oct 4, 2012
I assume you are talking about the short sale process, if that is the question the only way to shorten it is to make sure you have an experience agent helping you and provide all the required documents the 1st time.
0 votes Thank Flag Link Thu Oct 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer