Hello Lucy, you may qualify ONE DAY after a short sale, foreclosure or deed in lieu with 20% down and minimum 660 fico score and 25% down under 660 fico. You may qualify FHA ONE YEAR from a BK, short sale, foreclosure or deed in lieu under special circumstances with a minimum 500-579 fico score with 10% down or minimum 580 fico score with 3.5% down or as low as .5% half percent down payment program.
Of course your qualifications will be determined by your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs hurdles. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
It only takes a few dozen questions to qualify and go over your options. Here are some blogs to study such as Qualify FHA 1 year from a short sale, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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Whether a foreclosure, short sale, or traditional sale the seller or mortgage holder still wants to get the highest market value for the home. Broker price opinions are done and appraisals are done, to find the market value of the home. On a foreclosure, sometimes the home owner may not have cared for the home well and it is in poor condition, thus a low appraisal compared to other homes around it that are in higher condition. BUT I have also seen traditional homes and short sales that were not cared for well and they too were sold at what some view as low pricing. However the appraisal and broker price opinions take that into account when they recommend the value of the home.
So whether a foreclosure, short sale, or traditional sale they don;t really affect the neighboring homes. It all depends on condition of the home and the what the current buyer housing market will bear price wise.... more
The seller makes the final choice. If both offer prices are the same, the sellers agent will also discuss with the seller the differences (if any) on the type of loan the buyer is using, the current "confidence to close" by weighing things like whom the lender is, if they meet closing dates, if the lender guarantees the closing, if the buyer is fully underwritten approved or if they are just at preapproval stage, etc.
Sometimes it is in the buyers best interest to write a personal letter to the seller, that their agent will pass along to the seller, discussing how the home fits the buyers families needs. The letter may bring an emotional response from the seller and "may" help swing the sale acceptance your way.
Also, it is no unusual for the seller to make a "multiple counter offer" back to both buyers to see if either were willing to make the terms a tiny bit better etc.... more
Do you possibly mean "canceled/withdrawn"? This pertains to when a property that is listed on the market has chosen to "cancel" the listing, or "withdraw" from the market, or both.
Did you see a property on the market and then it went to "cancel/withdrawn"? and that's why you are asking?
I hope that helps.... more
Short sales are a wild card, you could have a short sale approval within weeks or up to a year. The speed of a short sale depends on have many loans are on the property, how busy their caseload is, and sometimes luck.
If you don't want the house anymore, you need to sign a cancellation of contract and have your deposit released from escrow. I would not waste time or mess around with the bank, in some cases they can take your deposit if you wait too long.... more
Until the property is foreclosed on or sold at auction you would have to submit an offer to the owner who is behind on their payments. They may or may not be in a postion to act upon the offer and delay the auction.
Good luck,... more