Once you have made it 2 years past the discharge date, many banks/brokers are allowing mortgages contingent upon credit scores.You can amazingly get a 100% loan! A 600-score may however be a little low on the scale for most. lenders unless you have a sizeable down-payment and good history of income for the last 2 years. Additionally, you could try the sub-prime route, but be prepared to put down upwards of 20%.... more
There is ONE correct way to handle short sales as a listing listing agent, and many wrong ways. The correct way is to have ONE buyer and seller signed contract with the proper contingency verbiage. Any agent who collects multiple offers and sends them to the bank unsigned ... or worse yet, has multiple offers signed ... creates a logistic and legal trainwreck.
My opinion as a real estate professional is that someone should only pursue a short sale if their offer is the only signed offer being submitted to the bank. Many people, and even agents, don't realize that the Seller is the Seller ... not the bank. Also, banks don't sign/accept short sale offers ... they approve them, or they don't.
Hope that helps! Good luck and keep us posted.... more
Short sales are so interesting these days. Some banks accept multiple offers and some do not. Often time the realtor, if she's on the buying side only, won't even know there is another offer in play. Talk with her and see what you can find out. Good Luck.... more