I have been trying to sell my home as a Short Sale for over 2 years. The bank either never responded to the offers or in the last instance......the bank set the asking price. A buyer came in at full asking price. He patiently waited for months only to be told when we thought a closing was imminent that they upped the asking price by $9,000. He walked away. If I was a buyer, I'd stay away from a Short Sale!
As the seller, within 24 hours, I submitted to my attorney every document the bank asked for. It was not me that held this Short Sale up, as the house has been vacant for over 2 years and I just want it sold and off my shoulders. There seems to be no control over what the bank does. I've called every agency I thought would be of help, including my Congressman to no avail. The last contract was signed the beginning of Feb for $1,000 over the banks asking price and a cash offer. Just wondering how the bank will screw this sale up.... more
You would pay a premium on your interest rate from FNMA or FHLMC. This would only apply if you don't have judgements and collection accounts all over the place. If your score is due to student loans or other high balance loans and you are paying them on time your score would be acceptable. You also need to prove that you can afford the payments.
senior mortgage officer