Home Buying in San Francisco>Question Details

415nefer, Home Buyer in San Francisco, CA

Realistic can my husband and I get property for a short sale with less than 60percent

Asked by 415nefer, San Francisco, CA Fri Dec 14, 2012

we don’t have much to put a down payment maybe $10,000. Were looking townhouse 2 – 3 bedroom…in san Bruno, dily city CA area...a little fixer upper.

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Your question isn't clear, 60% of what? sixty percent of the price paid by the owner who is about to go into foreclosure? Yes. Sixty percent of the value in 2007? Yes. Sixty percent of the comparable market now? NO.

$10,000 is 3.5% of $285.714 so if you can qualify for an FHA loan and can find a place for that price ~ maybe dily city
0 votes Thank Flag Link Sat Dec 15, 2012
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
3 1/2% for FHA Loans and possible Sellers Concession. Speak to a qualified & experienced Realtor® in your area!
0 votes Thank Flag Link Sat Dec 15, 2012
Be careful of Agents guessing on what you qualify for without any idea of income or debts? In order to qualify for 300k for half percent down payment, you will need to make $5,300 a month and $300 in debts. This of course depends on your fico scores as well. This program will allow your purchase within your 10k including paying your own closing costs.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Dec 14, 2012
You can probably qualify for an FHA loan at 3.5% and be preapproved for up to $300K. That's my guess based on the data you presented.

In the San Bruno, Daly City, Colma, Pacifica, and South San Francisco area there are only two homes that are currently for sale under $300K.

I own homes in California, Hawaii, and Portugal. Let me know if you have any questions or if I can help in any way.

Good luck!
0 votes Thank Flag Link Fri Dec 14, 2012
Not if your meaning less than 60% of the market value? One bds condo start at 200k. The 2 bds sfr start at 385k. If you are meaning less than 20% down then YES, but depends on your fico scores. You may qualify for CHF Access half percent down payment program with a minimum 580 fico score and which can also contribute towards your closing costs as well. If you have a minimum 640 fico, you may also qualify for CHDAP half percent down payment. You could buy with less than 10k with the loan programs I offer. You could buy with half pecent down and pay your own closing costs to strengthen your offers.

Your offers will not be considered among multiple offers by asking for closing costs. It only takes a few dozen questions to qualify you in minutes. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to riase fico scores to qualify. Here is a link to a flyer, maximum income limits and a needs list to gather documents for processing a loan approval.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Fri Dec 14, 2012
The banks have a duty to their stock holders to get the highest sales price possible in a short sale. Before a bank approves a short sale they will have BPOs (Broker Price Opinions) done to get an idea as to the value of the property based on comparables of similiar recently sold properties. After the BPOs are reviewed the bank will either approve or disapprove the short sale.

If you are looking from San Francisco to San Jose, those are currently the hottest markets in the country and many homeowners are seeing a huge increase in values. The prices are rising so quickly due to lack of inventory and demand that we will soon see short sales to be very few.

If all you have is $10,000 you will need to either get a gift, that does not have to be repaid, or save more money.

San Francisco does have a first time buyers program that is offered through the Mayor Office of Housing but you need the closing costs plus a minimum of a 5% down payment inorder to qualify.
0 votes Thank Flag Link Fri Dec 14, 2012
It really sounds like you are asking if you can buy it with an OFFER of 60% of the LISTING PRICE:
That answer would; Probably not!
It would depend upon what the LISTING PRICE is:
I seriously doubt that the Sellers put a LISTING price that was 60% above the Market Value.
That would be equivalent to offering $300,000 for a $500,000 house, (which probably has a $600,000 loan; which is why it is a Shortsale.)
Have your Realtor do a CMA to determine the MARKET VALUE.

Don't forget that with a Townhouse or a Condo, you will have an HOA fee every month too.

Good luck and may God bless
0 votes Thank Flag Link Fri Dec 14, 2012
Do you mean less than 20%?
0 votes Thank Flag Link Fri Dec 14, 2012
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