The good news is that finding an agent can be a very quick process; finding someone you like and trust can happen in just a day or two. Similar to finding a good agent, finding a lender and getting preapproved for a mortgage is an important step in buying a home. Being preapproved lends credibility to your purchase offer and speeds up the closing process.
Your first step here is to find a lender. Your agent can likely refer you to someone, or you can talk with your existing bank or credit union. The lender will run a credit check to review your credit score and history, and additional documents you may need to provide can include:. Your agent can search the multiple listing service MLS for available short sales, and certainly you can do your own research online or by driving around neighborhoods of interest. Your agent will contact the listing agent to arrange a time.
This can usually happen quickly, as people selling a home are often eager to expedite the process and welcome walkthroughs. While your real estate agent can put together a BPO, a formal appraisal means hiring a licensed appraiser to come out and evaluate the property according to its condition, amenities, location, and more in relation to other homes in the area.
These valuations are important in a short sale offer because they can help strengthen the overall case that the homeowner is underwater with their mortgage. He notes that while smaller banks tend to have fewer hoops to jump through, they may be less forgiving.
Or, the second lender may issue an approval good for 30 days. If lender No. What you can do: Understand the approval timelines for each bank and anticipate deadlines. Once the bank has a complete package and you get a negotiator on the phone, there is light at the end of the tunnel. After all this time, the negotiator may counter the buyer on price. Or they may only approve the sale if the seller contributes money.
They could always ask for the commission to be lowered. If the seller has money in the bank, they need to be prepared to contribute or you may have to come up with more money. Buyers, sellers and agents must work together to make the deal work.
Time and again, all parties wait and wait and follow along the process — only to see the sale denied. A good offer for a short sale may be on the table, but the seller may be six months behind on payments, causing the foreclosure process to kick in. And the foreclosure process can trump everything. When this happens, the buyer no longer has a deal on the table because the seller, forced into foreclosure, is no longer the seller.
In a foreclosure, the home belongs to the bank. Buying a pre-foreclosure home can be a great investment. Cash investors are not the only ones able to purchase homes to fix and flip. VA loans are also being leveraged to purchase short sale homes. The requirement for a VA loan is that the home must pass VA inspection prior to the close of escrow. Skip to primary navigation Skip to main content Skip to primary sidebar [email protected].
A 3rd party broker that specializes in mortgages guaranteed by the US government. Facebook Instagram Twitter. Search here. The reasons for this are as follows: Many short sale, pre-foreclosure properties are in need of updating or have deferred maintenance. Let us help you Buy a home with a VA loan.
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