CH 13 one year with what other conditions? Can a person have a 65% DTI? Or in a job less than one year. And what about cash reserves requirement? Geeez, Hard for a non bk buyer to get a loan, and frankly I am ok with someone having to wait longer than 2 years for the privilege of home ownership. Not a right, a privilege.... more
I see a lot of strategic default and sellers faking a hardship to not bring money to close. The bank will go along with a short sale easy peezy if the seller is willing to sign a note for the deficiency amount. Problem is, who wants to bring 20k to pay off their mortgage when they already lost their down payment! Sellers are going for zero deficiency judgement and want the bank to eat the loss when the seller is trying to hide assets and can afford the monthly payment..... more
You need to conatact a lender and get prequalified or preapproved for your loan. This will establish the price range of homes available to you for your budget. With that information your agent can find a home for you. In addtion to traditional lenders credit unions can also help. All the best in finding a great home.
What exactaly are you looking to do? A lease, or a lease option? Have you looked into the possibility of getting a mortgage? I work with investors that sometimes facilitate these sorts of transactions. If you would like to, please reach out.
Broker Baird & Warner
I oversee the RE/MAX office in Waukegan. If the Seller signed (not verbally accepted) your offer the listing agent is bound by MLS rules to change the listing status to "contingent". Your agent should insist on this, contacting the MLS if it is not done. Unless the contract states otherwise (and it rarely does) the Listing Agent can continue to market the property, disclosing that it is under contract with contingencies, and forward any other offers to the Seller (and lender). Whether they can accept another offer and cancel yours depends upon the specifics of your contract. Only your attorney and Realtor can offer advice on that . Good luck.... more
It is a case by case thing. A lot of it will depend on how competent the listing agent is & if they filed the correct paperwork from the beginning. Some can move along very quick but others can get really dragged out even if everything was done 'properly'.
The asset manager may 'approve' the contract but if the seller has multiple liens the closing itself can get dragged out, because these liens need to be settled.
Eric P. Egeland