Home Buying in Santa Barbara>Question Details

Kelly, Home Buyer in Santa Barbara, CA

My Husband and I have just put on offer in on a short sale. The mortgage is with EMC...does anyone have any?

Asked by Kelly, Santa Barbara, CA Tue Mar 25, 2008

experience with how they handle short sales. How long it may take to hear back, How much of a loss they are willing to take, etc.

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Answers

3
EMC is golden when it comes to short sales. Quick to respond and approve. Very flexible terms. They are golden!! Wether you are buying a short sale or selling as a short sale with an EMC mortgage loan, you have an unbeatable chance at a fast approval
0 votes Thank Flag Link Thu May 14, 2009
Kelly,

It simply depends on the bank and numerous other factors such as:
1) if the loan that the seller has is the original purchase loan
2) has the owner refinanced
3) is the home owner occupied and principal residence or a rental
and on and on.

No straight answers. I would be happy to talk if you would like.
Take care
Kevin Schmidtchen
0 votes Thank Flag Link Tue Mar 25, 2008
Kelly, bank to bank is different. Not to mention that sometimes even inside of the same bank, it depends on the loss mitagator (LM). Each (LM) has a heavy load on their desk right now. It is hard to say for sure.

Do you know if the BPO has been done yet? (meaning the bank who is selling the house, have they had their appraisal done on it yet?) Has a short sale package been sent in yet? There are a lot of factors. It depends how far along the listing agent and seller have gone with the bank previous to you writing the offer.

I have seen buyers wait up to 4 months to get answers in regards to a short sale, where as others I have seen answers in a just a couple of weeks.

I wish I could give you better answers. Not to be funny, but there is nothing short about a short sale!

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Tue Mar 25, 2008
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