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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]
Sun Nov 1, 2015
Kylee Roe answered:
Your ability to obtain a loan will require good credit-score of 640 or so, and low enough debt to income ratio (showing your willingness and ability to repay the lender). Good rental payment history is a feather in your cap, but not the main criteria a lender considers in making a loan.

If you are buying in Texas (GO COWBOYS!), speak to a lender there. If your poor credit is the result of late pays and charge offs, that's worse than if your score is low because you've never established much credit, than that's different. If you speak with a lender, a good one will work with you to fix the poor credit so you can get a loan. It's a process requiring some time, but better to get started than to wait.

Good luck.
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0 votes 11 answers Share Flag
Mon Apr 8, 2013
Jeff Mason answered:
If the owner is currently in a chapter 13 bankrupcy it can postpone the trustees sale for over 5 years. That is usually why a sale gets postponed over and over.
0 votes 5 answers Share Flag
Mon Apr 15, 2013
Michael Hammond answered:
What is the Listing Broker telling your representative, purelife9999? Would guess there has been some level of communication from BOA. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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0 votes 15 answers Share Flag
Yesterday at 9:43am
Joe Roman answered:
Hello Miz Repped;

I cannot give you an exact time frame as to how long it would take to increase your credit score, but I do know that a mortgage broker can run your score free of charge provided you eventually work with that broker. The score include all three bureaus which will indicate what steps you'll need to take in order to raise your score to 680 asap. You can also to and pay a fee and run your score yourself and determine what you need to do. That choice is yours! If you need to be in contact with a good mortgage broker that can help you get a home through various low down payment programs, call me @ 954-557-3416 and I'll be glad to give you his contact info.

Joe Roman
ERA Herman Group Real Estate
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0 votes 87 answers Share Flag
Mon Apr 14, 2014
Sandra Lehtonen answered:
Hi Alison,

Thank you for writing in. This is a great question. There are a few options available to the homeowner who is facing foreclosure. They are as follows:

For a temporary fix:
1. File Bankruptcy;

For a more permanent fix:
1. Contact your current lien holder to request a loan modification;
2. Contact your current lien holder to ask about a Deed in Lieu of Foreclosure;
3. Foreclosure.

I hope you find this information helpful.

Thank you,

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0 votes 10 answers Share Flag
Wed Apr 10, 2013
Stephen McRory answered:
Maybe 10 months? Maybe 24 months?

I'd get stop chasing that carrot right now and find a re-sale or foreclosure that will actually close and before you a put thru 10 months of &^%$#

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0 votes 7 answers Share Flag
Mon Apr 8, 2013
Marilyn Farber Jacobs answered:
Yes, and it will also give you an accurate picture of what price house to purchase.

If you need the name of a mortgage broker, call me and I would also be happy to help you find "the home of your dreams."

Marilyn Jacobs, Realtor
Jeffrey Ray & Associates
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0 votes 7 answers Share Flag
Mon Apr 8, 2013
Susan Goulding, 01490605 answered:
Great questions that a fantastic lender can answer. There are a lot of variables when making the determination of how much you can afford. It depends on your credit score, other expenses, etc.

I'm happy to recommend several great lenders in the local Lathrop area if you'd like to email me directly.
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Mon Apr 8, 2013
Don Tepper answered:
He could very well be telling the truth. He's saying that it will take at least $500,000 (or maybe $514,000) to pay off the mortgage, penalties, etc. OK, he could be stretching the truth. My gut sense, though, is that he's probably telling the truth.

How much is the house really worth? If it's worth $500,000 (or $514,000) and you want the house, pay it. It'll get you the house without you overpaying, and it'll solve a really big headache for the seller. If it isn't worth that, then offer no more than what the house is worth (say $486,000) and leave it at that. He can choose to attempt a short sale, or he can reject your offer. It's his choice.

But you really need to consider the comps and the true value of the house.

What does your Realtor say?
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0 votes 3 answers Share Flag
Fri Jan 24, 2014
Sharon Sapp answered:
It all depends on what you want to do and how fast you want it done. Selling the estate privately, through an auction or with a Realtor can all be successful in the right circumstances. I would be happy to assist you as I work in your area. I can review the advantages and disadvantages for your own situation as I'm familiar with both an auction and, as a Realtor, am familiar with selling as a Realtor. I also understand selling on your own without either so I can help you review all your options so you can make a sound decision. You can contact me via my website or contact me directly.

Sharon Sapp, GRI, e-Pro, CDPE Realtor
Century 21 Gold
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0 votes 5 answers Share Flag
Tue Apr 9, 2013
Ginny Vickers answered:
If it's a new listing, the listing agent may not have had time to post pictures yet. In order for homes to sell quickly, buyers love to see pictures. Hopefully, there will be some soon! If you'd like to see this one, I'd be happy to show you. If there are any other homes you may be interested in, please let me know. Ginny ... more
0 votes 7 answers Share Flag
Sat Apr 20, 2013
Michael Cheng answered:
For a foreclosure, you'll have to pull up county records and check with the foreclosing bank to see the current state of the process. Usually, that's all you can do since these properties are not yet for sale.

For a pre-foreclosure, you can approach the owner of the property and offer to pay off their debts in exchange for the property. However, the debts are usually in excess of the current market value of the property.
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0 votes 7 answers Share Flag
Mon Apr 8, 2013
Suzanne MacDowell answered:
You can make a low offer on any sale, the question is, will it be accepted? I do find that most buyers who are willing to tolerate the short sale process expect to get some compensation for their time and trouble, so, yes by all means, make a reasonable offer, but remember that you also have to negotiate with the bank and they have the right to counter your offer. They will order an appraisal or opinion of value, they will take into consideration the condition of the home, and they will make a counter offer taking into consideration all the factors. I would expect at least one counter offer, so yes, make your initial offer accordingly, but don't be entirely ridiculous and you should be fine. ... more
0 votes 6 answers Share Flag
Sun May 5, 2013
Lon Mapes answered:
Finding the right lender will be key to you getting a mortgage. If you want to email me at I can recommend a couple to you.
0 votes 11 answers Share Flag
Mon Jul 15, 2013
Dan Tabit answered:
Chase is one of the least reliable partners in a short sale. If they are the primary lien holder then they aren't your concern. The second mortgage holder is the one that is. Whatever is left over or allowed by Chase to the second will likely be approved.
Getting the Arm's Length Transaction agreement is a positive sign, but no one can say how close you are. Hang in there, or keep your eyes open for a better non-Shortsale deal.
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0 votes 4 answers Share Flag
Sun Apr 23, 2017
terryriw53 answered:
Steohanie, first you need to contact an agent that is knowledgable in the market area. Second, you need to identify the specific market area you want to live in so I can do a proper valuation analysis. Call me so we can discuss your goals in greater detail. It becomes a bit too cumbersome via e-mail.

Terry Iwaniw
Residential Marketing Specialist
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0 votes 54 answers Share Flag
Sat Apr 13, 2013
Dan Tabit answered:
Who says they can't afford more? It will really come down to what mortgage options you have. You are looking at a Jumbo loan in either case. If you are limited to $1,100k based on down payment, could your lender or the seller set up a second mortgage for the difference?
If you are limited due to debt ratio, can you pay off some other debts to free up room or select an ARM or other mortgage product that would allow you the flexibility you need?
If you need more down, could you borrow against a retirement account?
Just to be clear, I'm not recommending any of these options, I don't know enough about you, the home, the values etc to recommend. These are suggestions to explore with your lender and or Realtor.
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0 votes 12 answers Share Flag
Sat Feb 21, 2015
Dan Tabit answered:
Start by getting your VA loan approved. Meet with a lender soon and make sure there are no surprises on your credit report. The sooner you do, the more time you have to resolve them and meet your time frame.
The lender may recommend a great Realtor for you who works well with first time buyers. Any agent can, but some are much more patient and do a better job of teaching first timers all they have to learn.
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Wed May 21, 2014
Tim Moore answered:
Understand that the owner must pay off the mortgage that is owed on the property and any liens to be able to sell it. Are you saying that you would offer enough to pay off the loan and any liens? Most people won't because they are often worth less than is owed, and the seller can't refi or sell because of it. So they stop making payments and know they will lose it. The seller can sell it, but the loan must be paid off to do so. I suggest you wait to see if the bank buys it at the auction and then they can sell it for what it is worth at that time. You will pay less than if you bought it from the owner. ... more
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Fri Jun 21, 2013
Michael Hammond answered:
Consider contacting a Lender, Dionne. There are many factors to consider in determining where your price point and loan amount could be. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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