Home Buying in Bronx>Question Details

dee, Home Buyer in Wakefield, Bronx, NY

I am interested in a property in the bronx. Its a short sale. Can i be considered even if my 3 credit scores range btwn 660-700.?

Asked by dee, Wakefield, Bronx, NY Tue Nov 1, 2011

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Have you been preapproved? It is not only your score but how you pay your bills (1/3 of the mortgage approval). You can contact me for a preapproval. After you receive one, you can put in an offer. Every bank will ask for one before they consider your offer.
0 votes Thank Flag Link Tue Nov 1, 2011
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore if you haven't done so yet, do visit with any licensed loan officer....
0 votes Thank Flag Link Tue Nov 1, 2011
Good morning dee,

Based on that credit score range (we use the middle of the three scores for qualifying purposes) your credit is sufficient to qualify for mortgage financing. A short sale is a different kind of transaction than the normal real estate purchase. You are essentially going to wait while the Seller negotiates with their Lender(s) for approval to sell you the house at a price lower than what is owed to the Lender(s). This process can be lengthy, even stretching out to many months before you have a final answer.

You'll need two things during that time:
1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.

2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.

Once the short sale is approved, you may find the price your offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.

The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.

Trevor Curran NMLS #40140
Web Reference: http://tcurranmortgage.com
0 votes Thank Flag Link Tue Nov 1, 2011
Hi Dee,

Your credit scores will qualify you for a mortgage taken that you have the income & funds for closing cost.

Short sale is a regular transaction that requires the approval of Seller's mortgage banker.

I have assisted many buyers with their Short Sale transactions. Contact me if you further assistance.

ERA Champions Realty
Office: 718-904-8200
Mobile: 646-243-1262
0 votes Thank Flag Link Tue Nov 1, 2011
Your score isn't that bad.
0 votes Thank Flag Link Tue Nov 1, 2011
Hi Dee,

Your credit score is important to your ability to get a mortgage and will not prevent you from buying a short sale. If you would like help with negotiations or in locating additional properties let me know, I have a lot of experience and would like to help you.

Sebastian Barneby
(203) 751-0243
Web Reference: http://www.LDIRealty.com
0 votes Thank Flag Link Tue Nov 1, 2011
Hello Dee,
That is a great question. The truth of the matter is other factors affect your eligibility, such as income, debt and the number of years at your current employment just to name a few. Your best option is to speak to reputable and proven mortgage banker or mortgage broker. Please feel free to contact me if you would like to further discuss the home buying process or if you'll like a list mortgage bankers and brokers that have helped my clients secure mortgages.

Gaspar Batista
Licensed Salesperson
Exit Realty Search
Mobile: 646.285.8600
Email: Gaspar.sales@gmail.com

3928 E. Tremont Avenue
Bronx, NY 10465
P: 347-202-4965
F: 347-202-4966
0 votes Thank Flag Link Tue Nov 1, 2011

Good morning, In order for you to be considered as a buyer on any property you have to submit an offer. I would first suggest that you meet with a loan officer or mortgage specialist to determine how much you can preapproved for, if you are preapproved for the amount the home is listed for sale for then you can submit an offer through a real estate agent (preferably not through the listing agent since they represent the seller/bank's interests not yours). Your credit score is not the only thing that is considered, other factors often considered include down payment, debt-credit ratio, etc.

Please give me a call if you would like to discuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Tue Nov 1, 2011
The minimum for most mortgages is 620 to 640 so your scores are more than acceptable. You should start out by meeting with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for.


Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Nov 1, 2011
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