Lenders will look at all of your scores but they typically refer to your middle score, so 613. These scores are acceptable for VA or FHA so you should be good to go. Keep in mind that your ability to obtain a loan relies on other factors as well. These factors include income, expenses, down payment, assets, liabilities, debt, employment, down payment, as well as credit. Either way, these are both great loan options. Except I'm sure you know that for FHA you will need 3.5% down along with closing costs. VA has a great advantage of no down payment, but not every home passes the VA inspection so FHA would be a great loan for a back up. I recommend that you speak with a lender to discuss your finances and loan options. I would be glad to speak with you to help you out and get you started on a loan. Well I hope this helps! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 firstname.lastname@example.org... more
As an REO listing agent myself I find it is usually anywhere from 1-2 months after redemption for the property to go on the market. Can be sooner but not so much lately. Banks have not been in a real hurry lately. And the REO department is completely separate from the short sale department so don't expect the right hand to know what the left is doing.
One thing to watch for is when redemption is up is if the property is posted by the new agent. That would give you the opportunity to contact him/her and let your intentions be known. Might get you to the front of the line.
So I would be keeping an eye on the property as well as the MLS.
If you've had 43 showings, I disagree with the other comments that suggest you're priced too high. People who are interested in buying will look for a particular type of property in a particular price band. If you're priced higher than your competition, you won't get many showings. The similar houses in the lower portion of the price range will get most of the showings. And I'll accept your statement that you're one of the lowest priced 2 bedroom/2 baths over 1,500 sq. ft. within a 5 mile radius. That's pretty good!
So, it appears that people looking for your sort of property are touring your house. That also indicates that the marketing by your agent is probably pretty good.
So, 43 people/couples through your house and no offers. What does that tell us? They already knew the price, and it was in their price range. They probably already saw some pictures online, so what's being presented looks like a reasonable value for what your asking. Then they get there, go through the house, and decide not to buy. My suspicion is that something is turning them off.
Now, it could be outside or inside. But, lots of times, if it's outside, the buyers will just decide to pass. Have you been getting many last-minute cancellations. You know, when the agent has called an hour or two ahead, you get the house ready, and then they're a no-show, or the agent calls, apologetically, and says they're running late and won't be able to get to your house. Sometimes that's legitimate. But when there's a lot of that, it can indicate something wrong outside. No curb appeal. Something scary about the neighbors or neighborhood. Or, when there are a couple of ways to drive to the property, and one goes through a good neighborhood and the other one goes through a bad neighborhood, it's helpful if the agent takes the buyers through the good neighborhood.
But, if there haven't been many last-minute cancellations, then the exterior isn't the problem. So, let's consider the interior. How well does the house show. You say you've gotten good feedback...but most people are polite. They're reluctant to offend. Are there any strong smells in the house? Mold and mildew? Pets? Strong cooking odors?
Has the house been staged? Is it decluttered? Clean carpets and walls? Nice and neutral, with some tasteful splashes of color? Nothing around that could offend people? Even if you don't think it's necessary, call in a home stager for a professional opinion.
You're getting the people in there. But something's getting in the way of closing the deal. You and your agent have to figure out what that is.