Can I buy a short sale home with bad credit?

Asked by Betternow, 27604 Sun Jan 1, 2012

credit score is 538

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5
connorann, Home Buyer, Las Vegas, NV
Fri Jul 28, 2017
i believe you can Not, because i had an issue with trying to do so! what you might want to try is ways to fix your credit online. that's what i did and go a few things removed, what i wouldn't get removed this company called select us LLc helped me. i found them online and they removed what i couldn get off myself. and i now have a home of my own thanks to them
1 vote
Mikel DeFran…, Agent, Canton, MA
Sun Jan 1, 2012
Hi better,

No ... it has nothing to do with a short sale.. but to get financing for any purchase your score is too low for conventional means. Only leaves Owner or Hard Money options... a Short sale would preclude option #1, and Option #2 is too risky and expensive for 99.9% of the people/deals out there.
0 votes
Don Tepper, Agent, Burke, VA
Sun Jan 1, 2012
No.

The bank's already been burned by someone who bought and couldn't/didn't want to pay. Your credit score is used as a predictor of your ability to pay. The bank will view bad credit as a sign that you won't continuing paying.

Raise your credit score. Trust me: There will be plenty of short sales left by the time you get your credit score up to where you can purchase.
0 votes
Cindy Schlee, Agent, Grand Rapids, MI
Sun Jan 1, 2012
Hi - I think you may want to speak with your lender. If your lender can get you approved and will provide an approval letter with your offer, the short sale mortgage holder may be willing to accept your offer. You may have to jump thru alot of hoops. Your credit score is low so you may want to look into some sort of credit repair assistance. Good Luck.

Cindy Schlee
http://www.cindyschlee.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Jan 1, 2012
The bank is allowing a person they let borrow money, and who is now not paying them back, sell the home at a loss to the bank. The bank is going to want to make sure whomever buys it can get a loan. The bank will only accept offers that are accompanied with a letter from a lender stating in their professional opinion you can get a loan to buy it. If you can get that, you can make an offer on any house. Remember, the current bank is not giving the new buyer a loan, it will be some other bank. The current bank is washing its hands of the train wreck to some other bank to deal with.
0 votes
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