Hello Cesar. In order for you to get the best loan program and rate, banks require a minimum of two years after the date of discharge. You can obtain a hard money loan which I personally don't recommend because the rates are high but it just depends how soon you want to purchase a home. I recommend you start getting pre-qualified about 2 months before reaching the two years from your bk discharge. If I can further assist you, is be more than happy to help.... more
Having a relative, business associate, or person who shared a business interest purchase the house in a short sale is generally considered mortgage fraud by banks. They will want the short seller to sign an "arm's length affidavit", that is a declaration that you have no relation to the buyer. The bank essentially does not want the seller to rent back or regain title to the distressed property. So, in short... no, a relative cannot legally buy your short sale property.... more
I will be more then happy to help you out, but I just need a bit more info. Will it be FHA?do you have 20% down? if not, How much down? also are you preapproved?
Please feel free to email me and I will get right back to you with your answer.
Keller Williams Realty
Well, Jaime, here's the thing - if you listen to your friends, then you can go back to them when they're wrong and thank them when they're right. If you listen to other people, and they tell you something different, then your friends will come back at you when you're wrong, and ignore you when you're right.
Hello, I just want to mention I love these questions! I currently specialize in Downey and have about 6 listings 4 of which are currently in strong negotiations. I am very familiar with the Downey market and would STRONGLY suggest to begin searching as soon as possible to take advantage of this extremely affordable market including all the extra incentives currently being offered. Not to mention, the sooner you start the more choices you'll have! If you would like to sit down and consult this further I am always available, my assistant or I can schedule an appointment for you ASAP. Please feel free to email or call me with any further questions or for a free list of current available homes within Downey. Thanks!
Coldwell Banker Allstars
13915 San Antonio Dr.
Norwalk, CA 90650
It's up to the bank, so no good way to answer that. Every bank works different and only they know what they are looking for
If I were the bank though, here is how I would rank potential offers
1. Cash offer - it's within 5% of the list price and not subject to any contingencies other than probably an inspection. This is a sure thing for the bank
2. Conventional financing - depends on the down payment and seller concessions. Large down payment with fewer concession means less hassle in getting financed
3. FHA financing - FHA loans take longer to process and the home needs to meet minimum property standards so sometimes FHA appraisals come back requiring repairs, which a bank is hesitant to do
As the saying goes, "Cash is king". Even if the other offers are higher, remember the home needs to appraise that high. And with appraisals these days a lot of appraisers are hesitant to bring in a higher value knowing that the home was listed at $256k. The price increase needs to be justified.
I sure hope you guys get the home, but if not keep your head up!
No tax consequences if the property is a primary residence. Short sale is the best opportunity to negotiate with the bank but if bankruptcy makes more sense, an attorney might have the proper advice. There's no negotiating with the bank on a foreclosure.... more