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Home Buying in 20018 : Real Estate Advice

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Activity 3
spellsm, Home Buyer in Washington, DC
Tue Apr 14, 2015
spellsm asked:
I am currently a W2 employee, but 6 months prior I was a 1099er for 6 months, however prior to that I was a W2 employee my entire career. For a refi, will I have the same trouble as others…
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Cat Tallant, Real Estate Pro in Arlington, VA
Sat Jul 31, 2010
Cat Tallant answered:
The Property is under contract, the latest price drop was a day before the status changed, it's third contract since it was listed. Currently it isn't available.

Only 10% or so of short sales that go under contract ever close,usually you have to wait 6 months or more to get an answer from the sellers lender (which is usually not a positive response), and if it is approved by the lender, then an appraisal is ordered by them to determine market value, and that becomes the approved sales price. Values are increasing in the DC area, so that means the short sale price you and the seller agreed to will probably not be the final approved price, but it will be something higher. A low listing price will entice a buyer, but buyers need to be aware that the final price will usually always be higher than their contract price.....and that's one of the many reasons that short sales fall through. ... more
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Susan Isaacs, Real Estate Pro in Washington, DC
Mon Jul 19, 2010
Susan Isaacs answered:
Hi Clw1624,
Glad to see you are using a realtor. From your previous posts, I assume this is an REO property offer? Most banks will require a pre-approval for this type of offer. A lender can certainly issue a pre-approval letter prior to receiving a contract. They "walk it through underwriting" so to speak. It's still a conditional assurance, but at least the bank/seller knows that credit has been run and basic financial/income information reviewed.
Mark J Scott at Suntrust can acconplish this for you and move your offer along if your lender is unable. Good luck to you and your realtor with your offer!
... more
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