Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in 07728 : Real Estate Advice

  • All48
  • Local Info4
  • Home Buying26
  • Home Selling4
  • Market Conditions1

Activity 2
Wed Feb 20, 2013
Patrick Fields answered:
Hello Cwinke,

The difference is simply timing. This means that a bank approved SS has already been reviewed and agreed to by the owner and the bank/lien holder.

A SS that is not approved, is a property being sold at a price that will not cover the outstanding bank/lien holder debt, but will later be presented to the bank and require the bank's/lien holder's approval once an offer is agreed upon by the owner and potential buyer. This will involve a short sale addendum as part of the purchase contract between the owner and the potential buyer (as a contingency.)

In either case, the purchase will ultimately come down to the bank's approval so long as the net funds leave a balance on the owner's loan(s).
... more
0 votes 13 answers Share Flag
Tue Jun 29, 2010
Jerald Goldstein answered:
Not really! I'm a realtor but just spoke to my trustworthy mortgage consultant who offers following: He can analyze your present credit (not just score) and, if feasible, submit a rapid rescore. He told me that within five days he was able to boost a client's score from 615-623 by simply paying down one of the balances.

If you are interested in pursuing, contact me. I'll connect you with the mortgage guy.

with friendly greetings,

Jerald Goldstein
Realtor Associate
Realty Executives Exceptional Realtors
732/740-8888 (mobile)
... more
0 votes 5 answers Share Flag
Search Advice