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How To Offer On A Short Sale All Locations : Nationwide Real Estate Advice

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Showing results for How To Offer On A Short Sale [Clear search]
Sat Apr 20, 2013
Scott Godzyk answered:
It is not difficult but does require you to learn and understand how the auction works. Find out of the bidder is responsible for any back taxes, HOA fees or liens? Find out if the home is occupied and if the high bidder will have to evict the occupant. You then need to assess what the home is worth and deduct for liens, evictions and the risk of not seeing what damage could exist in the interior ... more
0 votes 12 answers Share Flag
Fri Nov 17, 2017
Lance King answered:
Commissions are always negotiable, but keep in mind that agents cannot reduce their commission rate without their broker's permission.

And I would add that hiring an agent based solely on their rate is not the best way to find excellence. ... more
0 votes 75 answers Share Flag
Sun Jul 14, 2013
Ron Thomas answered:
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
... more
0 votes 6 answers Share Flag
Tue Jul 21, 2015
Stephen McRory answered:
-
-
I'd buy it with 10% down and NO PMI!

See program #6 below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
www.StatedIncomeALT.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Go to: WWW.PRO-OPTION.COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
... more
0 votes 14 answers Share Flag
Sat Sep 7, 2013
Bruce Ailion answered:
Not really, proof funds would be needed instead of loan approval. Most of the paperwork is on the seller side.


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, CAIS, e-PRO, ESQ
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
bruce@locationlocationlocation.com
www.LocationLocationLocation.com
The LinkedIn REALTOR
http://www.linkedin.com/in/bruceailion
... more
0 votes 13 answers Share Flag
Sat Oct 28, 2017
Liza Asbury answered:
Hi Kurt,
Call Glen Nielsen, 602.369.1520. He's excellent and would be happy to assist you!

Liza Asbury
Realtor | Realty ONE Group
www.arizonahousehunting.com
0 votes 28 answers Share Flag
Mon Apr 29, 2013
Tim Moore answered:
Go meet him and ask him to show you the property. If they can't or won't - RUN AWAY.
0 votes 8 answers Share Flag
Tue Jan 28, 2014
R. Ryan Bowman answered:
It is when the seller is trying to sell their home for less than the mortgage they have on it. After an offer is rec'd they bank has to also review and accept it. There has to be a valid hardship for the seller (unemployment, sickness etc. ). This process is typically longer than a traditional sale because of waiting for the bank to respond to an offer. I would be happy to talk to you further about this. Ryan@SummitRealEstateOhio.com ... more
0 votes 8 answers Share Flag
Sun Feb 22, 2015
Stephen McRory answered:
-
-

Can you put 10% down?


See programs below, then contact me to talk about how to minimize payments and reduce out of pocket costs.

1) 100% LTV- VA / (VA Jumbo @ lower ltv)
2) 100% LTV- USDA/12 mo. into Chapter 13 BK…OK Too
3) 99% LTV- FHA / (FHA to 580 score @ lower ltv)

4) 97% LTV- No monthly MI-No FHA 1.75% Fee
5) 95% LTV- CONDO
6) 90% LTV- No PMI -2nd Home
7) 90% LTV- JUMBO
8) 85% LTV- No PMI - Super Jumbo
9) 80% LTV- Invest./Rental
10) 75% LTV- Foreign Nationals

--------STATED INCOME ALT up to Super Jumbo-----------
www.StatedIncomeALT.com
11) 80% LTV- FIX n’ FLIP Invest. Prop.
12) 75% LTV- Foreign Nationals
13) 75% CLTV- Short Sale, BK, Foreclosure Forgiveness
14) 70% LTV- Soft and Hard Money
15) LOT/VACANT LAND LOANS
16) COMMERCIAL PROGRAMS-available nationwide

Go to: WWW.PRO-OPTION.COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
#204296

Prior Service U.S. Marine Corps
====
... more
0 votes 4 answers Share Flag
Sun Apr 14, 2013
Michael Kaprielian answered:
Hello RCA888,

Improving the curb appeal will help yield better on your returns than a new roof. Do those thing to your home that help the buyers picture themselves in the property. Items like Landscape front and rear, fresh interior and/or exterior paint and upgrades to the kitchen and baths all increase both the value of the home and the interest from buyers. A good Realtor should not only be able to guide you on these matters but have the contacts to get the job done.

Picking a Realtor isn't hard at all, you just found one.

Hope to hear from you soon,
Michael

MKaprielian.com
... more
0 votes 9 answers Share Flag
Tue Jan 28, 2014
Edyta Gryc answered:
In general, the commission is a seller's expense ( it appears as a debit to the seller on closing statement).
0 votes 10 answers Share Flag
Sun Apr 13, 2014
Haig Istamboulian answered:
Hello,

The answer to that is YES you can still short sell your home. I am guessing you are dealing with a Realtor? Have your Realtor send the offer and any necessary documentation, to the lender IMMEDIATELY and open a line of communication with them.

It is obviously too late to postpone the Sheriff sale (if it happened on the 12th). If for some reason it has not happened yet, talk to someone at the lender and ask them who you need to talk to, to postpone the Sheriff Sale.

If it is too late, don't worry, you still have a 6 month redemption period in order to try and accomplish this. It would have been better if you were trying to sell your home sooner than you did, what were you doing the past few months, was your home listed for a while and JUST got an offer?

Whatever you do, start on Monday and make some calls, or have your Realtor do it. You need to get the offer "in line" at the lender along with their other Short Sales to get the process started. There is still NO guarantee the bank will accept the offer but you never know with a short sale.

Best case scenario would be that the Sheriff Sale has NOT occured yet. Get on the phone and start making some calls to see which department you need to reach and who you need to talk too.

Good Luck!

HAIG
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 6 answers Share Flag
Tue May 14, 2013
Elaine Cole answered:
Hi Timalice,

Yes it is feasable. There are several housing developments in the Crystal Lake school district where you can purchase a home in your price range. I specialize in the Boynton Beach area selling single family homes and condos. I would be very happy to help you find your new home. The first thing you need to do is get prequalified for a mortgage unless you are paying cash. That way you will know how much house you can afford and when you find that perfect house, you will be able to make an offer right away. Please give me a call if I can be of further assistance to you.

Elaine Cole
Coral Shores Realty
561-674-4800
elaine@elainecole.net
... more
0 votes 7 answers Share Flag
Mon May 13, 2013
Suzanne MacDowell answered:
Generally there are more properties as home owners have been waiting for the spring market. However, at the moment there is a low overall inventory in Hanover and the surrounding areas so if you see something you like don't wait too long to make an offer or it will be gone. ... more
0 votes 7 answers Share Flag
Fri Apr 26, 2013
Michael Doyle answered:
Jeanie: Yes, to the contrary, there is financing available for mfg homes in the desert. I have several excellent sources that I can steer you to.
What I need to know however, is the subdivisions you are looking at and are you open to any others? I really need to know what your parameters are for a purchase and if you are working with any realtor currently?
I have several nice places for you to consider, but, I need the above before I can recommend we look in these areas. But, bottom line is, financing is available with half way decent credit and above and a few other things.

Please let me know how I may assist you?

Michael
Michael@doylerealtygroup.com.
... more
0 votes 5 answers Share Flag
Fri Apr 19, 2013
Bob Hoerner Mlo 978954 answered:
To start with a sale with financing is always subject to a finial loan approval, as this offers all parties a protection should a loan not be approved. So before addressing what happens it is more important to learn why a loan is not approved.

If it is something that can be overcome by making the lenders UW with providing new or different documents to make the loan, then you move forward with the sale. If it is an issue of the home being purchased not being appraised for sales price then you can go back to seller and see if will take the lesser or pay something in between and you the buyer pay the difference.

If there is no way to get your loan approved, or seller will not accept a lesser value then you have an out for your purchase. This will cancel the transaction and any funds you have paid to the escrow company would be refunded to you.

To help you out I would start by sitting down with a mortgage banker like me to go over your options and do a pre-approved mortgage prior to making an offer. This way we can together go over any type of issues that may come up. Let me know if I can help.
... more
0 votes 6 answers Share Flag
Fri Apr 19, 2013
Ron Thomas answered:
0 votes 10 answers Share Flag
Fri Apr 26, 2013
Bob Mellema answered:
Pleased to. Send me your email address to:ínfo@omegarealtyinvestments.com
0 votes 15 answers Share Flag
Tue Jun 18, 2013
answered:
Do you have continuous employment?

Banks won't approve you for a mortgage without proving stability of employment and income.
0 votes 11 answers Share Flag
Mon Jul 1, 2013
SERGEY FEDNOV *** 424-777-9377 answered:
It is possible to obtain financing with your figures and there are properties in your price range, however you must be ready (pre-approved and have money ready).

Also you must be ready to be agressive & able to execute quickly as most of the properties in this price range sells very quickly and usually have multiple offers.

Hope this info will help you!



____________________ 
Help with Any Real Estate Transaction - Buy or Sell  

Call me 424-777-9377 -  FREE CONSULTATION!  


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855)  ext. 777. 


Sergey Fednov 
President - Realtor® 
- Trust Sale Realty - 
Residential & Commercial Real Estate 
_______________________________ 
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... more
0 votes 15 answers Share Flag
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