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Britnigmick@…, Home Buyer in

I want to buy a short sale home, will a larger down payment speed things up at all? ( credit not to great, if that has a role )

Asked by Britnigmick@gmail.com, Thu Mar 14, 2013

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Hi Britni -

Answer to your question, no big deal at all. The larger downpayment will not matter as It is all cash to the bank. All the lending bank wants to know is that you can buy the house. Period.

You should most definately look at short sale properties as there are many "diamonds in the rough" out there!

What you need is to be with an agent that understands the short sale process and how to get the transaction to closing. If you know what is necessary and how to arrive at a figure that the bank may accept, short sales can be a breeze. I appreciate agents like Joe below me here.. he does not want to get involved with what he does not know about. No problem.

Find and agent that is SFR certified ( Short Sale and Foreclosure Resource) not that these certified agents are the answer to the short sale process, but they are trained in short sales and have taken to initiative to find out about and learn how to process these type sales.

Email or give a call and we can discuss further!

John Sacktig
Orange Key Realty
SFR Certified
Direct: 732-213-1409
1 vote Thank Flag Link Thu Mar 14, 2013
Doesn't make a difference, but in some situations, cash will make a difference.
0 votes Thank Flag Link Sun Mar 17, 2013
The hold up on short sales has nothing to do with the qualification of the buyer and everything to do with how short the seller is and whether the bank perceives a hardship. The other hold up is often caused by multiple loans - even when they are with the same bank!

Good luck!
0 votes Thank Flag Link Fri Mar 15, 2013
Hello, it sounds like you will need to obtain a mortgage to complete your purchase. Definitely speak with a loan representative and secure your funding. Once that's done, find an agent with experience in both short and traditional sales.

Let me know if you have any more questions.
0 votes Thank Flag Link Thu Mar 14, 2013
Large down payments and large deposits are not needed. Bank only looks at the numbers they are getting. BOTTOM LINE! However an all cash buyer may appeal to the bank and make things a little faster. The length is usually in the banks approval of the seller not the buyer.

I would not be afraid to buy a short sale as long as it does not have too many liens Your agent should be able to find all that out for you upfront so you are not into something that is a night mare.

But most are good deals. Use an experienced sales pro to help you make sure the other side is experienced as well.

Do you due diligence asap upfront. Do not wait. Hold off on appraisals...

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
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609-868-1171 call / text / email 7 days
0 votes Thank Flag Link Thu Mar 14, 2013
No it won't. It's got nothing to do with you. the one sure way to eliminate the uncertainty of a short sale is to NOT buy a short sale. there are plenty of nice homes out there.... I'd skip the short sales all toghether.
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
Watch: http://youtube.com/joemontenigro
Meet: http://www.facebook.com/JoeMontenigroREMAX
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0 votes Thank Flag Link Thu Mar 14, 2013
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