Chances of buying an REO or short-sale without 20% down?

[HLS]

sdr, Thanks for the advice. I’ve been involved with So Cal Real Estate for over 25 years.
I’ve dealt with my share of ignorant mortgage and RE agents, there is no shortage of either.

There are some sellers that might believe that a larger down means a stronger buyer, but that is nonsense. Not all sellers are that stupid. They get their money at closing regardless of the down payment.

I can provide approvals and get loans done quickly for strong borrowers. It’s ignorance that makes people think that a larger down is a better offer.

sdr, you already mentioned that you have had buyers in escrow for ages, while I am closing loans in a couple of weeks.

Many agents are absolute idiots, as well as many mortgage people are. Get a good agent and a good mortgage person together and deals will happen quickly.

The generalizations that are thrown around mislead strong borrowers like Scarlett to believe that they need to pay a higher price that they really need to.

Scarlett, you need a good agent that can represent you, and I don’t believe that you need to overpay to compete with a larger down offer.

Are you being told that your higher offer will get trumped by a lower offer with a larger down payment ??

I’m sure it was a REALTOR that told you you will have to pay more to compete…

FHA and FNMA loan limits have changed, they have gone down. You can qualify for more than you want to borrow.

I hope that you are getting good advice about your loan options, but it doesn’t sound like it. You are a strong borrower, even with a low down.

I imagine that it is a REALTOR telling you that you aren’t a strong buyer ??
GIVE ME A BREAK….

I’d love the opportunity to work with you. . HLS

[LAAFTERHOURS]

[quote=Scarlett]
That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!![/quote]

PQ and CMR to UTC is an easy commute – maybe 20 minutes. I commute from 4s to the 5/56 intersect in 20 minutes and most of it is backroads. Even at 5/530/6 pm when traffic is stopped on the 56 from El camino east three exits, its 20 minutes. Bypass from UTC would miss all the traffic.

[LAAFTERHOURS]

[quote=Scarlett]
That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!![/quote]

PQ and CMR to UTC is an easy commute – maybe 20 minutes. I commute from 4s to the 5/56 intersect in 20 minutes and most of it is backroads. Even at 5/530/6 pm when traffic is stopped on the 56 from El camino east three exits, its 20 minutes. Bypass from UTC would miss all the traffic.

[LAAFTERHOURS]

[quote=Scarlett]
That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!![/quote]

PQ and CMR to UTC is an easy commute – maybe 20 minutes. I commute from 4s to the 5/56 intersect in 20 minutes and most of it is backroads. Even at 5/530/6 pm when traffic is stopped on the 56 from El camino east three exits, its 20 minutes. Bypass from UTC would miss all the traffic.

[LAAFTERHOURS]

[quote=Scarlett]
That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!![/quote]

PQ and CMR to UTC is an easy commute – maybe 20 minutes. I commute from 4s to the 5/56 intersect in 20 minutes and most of it is backroads. Even at 5/530/6 pm when traffic is stopped on the 56 from El camino east three exits, its 20 minutes. Bypass from UTC would miss all the traffic.

[LAAFTERHOURS]

[quote=Scarlett]
That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!![/quote]

PQ and CMR to UTC is an easy commute – maybe 20 minutes. I commute from 4s to the 5/56 intersect in 20 minutes and most of it is backroads. Even at 5/530/6 pm when traffic is stopped on the 56 from El camino east three exits, its 20 minutes. Bypass from UTC would miss all the traffic.

[sdrealtor]

HLS, I didnt say a larger down means a stronger buyer, I said it means a perceived stronger buyer. We dont have access to the same information on a buyers qualifications as a lender does. Furthermore, it may come as a surprise to you, but most mortgage brokers lie to us on a daily basis. Yes, they lie over and over again. We can only make decisions on information we can verify ourselves and if that makes us ignorant to some extent so be it. That is why large down payments rule the day. We can verify the money is there via bank statements. A piece of paper from you or any other pre-approval letter is worthless to me unless I have a solid history and experience with you that I can base trust upon. That is why direct lender letters are perceived to be better. Personally, you sound on the ball and I’d love to work with you. You seem to carry yourself much as I do. You’ll be hearing from me. We just have to have confidentiality in place because, I’m not a face on the shopping cart guy. I prize my personal life and privacy.

As for the buyers in escrow too long, they arent my buyers as I am the lisitng agent. If I could push them to a better lender like you, I would.

Scarlet doesnt need to pay more, she needs a good agent. In choosing which buyer to go with, the agent who represents them and how they keep in contact with me through the short sale approval process is the single most important factor to me beyond a fair price and solidly qualified buyer. I never tell a buyer that I represent with a smaller down payment that they have to pay more. I tell them they might get trumped by another buyer with more cash and there is probably little they can do to overcome that and its OK. Make an offer you are comfortable with and stick with it. If not this house, there will be another.

[sdrealtor]

HLS, I didnt say a larger down means a stronger buyer, I said it means a perceived stronger buyer. We dont have access to the same information on a buyers qualifications as a lender does. Furthermore, it may come as a surprise to you, but most mortgage brokers lie to us on a daily basis. Yes, they lie over and over again. We can only make decisions on information we can verify ourselves and if that makes us ignorant to some extent so be it. That is why large down payments rule the day. We can verify the money is there via bank statements. A piece of paper from you or any other pre-approval letter is worthless to me unless I have a solid history and experience with you that I can base trust upon. That is why direct lender letters are perceived to be better. Personally, you sound on the ball and I’d love to work with you. You seem to carry yourself much as I do. You’ll be hearing from me. We just have to have confidentiality in place because, I’m not a face on the shopping cart guy. I prize my personal life and privacy.

As for the buyers in escrow too long, they arent my buyers as I am the lisitng agent. If I could push them to a better lender like you, I would.

Scarlet doesnt need to pay more, she needs a good agent. In choosing which buyer to go with, the agent who represents them and how they keep in contact with me through the short sale approval process is the single most important factor to me beyond a fair price and solidly qualified buyer. I never tell a buyer that I represent with a smaller down payment that they have to pay more. I tell them they might get trumped by another buyer with more cash and there is probably little they can do to overcome that and its OK. Make an offer you are comfortable with and stick with it. If not this house, there will be another.

[sdrealtor]

HLS, I didnt say a larger down means a stronger buyer, I said it means a perceived stronger buyer. We dont have access to the same information on a buyers qualifications as a lender does. Furthermore, it may come as a surprise to you, but most mortgage brokers lie to us on a daily basis. Yes, they lie over and over again. We can only make decisions on information we can verify ourselves and if that makes us ignorant to some extent so be it. That is why large down payments rule the day. We can verify the money is there via bank statements. A piece of paper from you or any other pre-approval letter is worthless to me unless I have a solid history and experience with you that I can base trust upon. That is why direct lender letters are perceived to be better. Personally, you sound on the ball and I’d love to work with you. You seem to carry yourself much as I do. You’ll be hearing from me. We just have to have confidentiality in place because, I’m not a face on the shopping cart guy. I prize my personal life and privacy.

As for the buyers in escrow too long, they arent my buyers as I am the lisitng agent. If I could push them to a better lender like you, I would.

Scarlet doesnt need to pay more, she needs a good agent. In choosing which buyer to go with, the agent who represents them and how they keep in contact with me through the short sale approval process is the single most important factor to me beyond a fair price and solidly qualified buyer. I never tell a buyer that I represent with a smaller down payment that they have to pay more. I tell them they might get trumped by another buyer with more cash and there is probably little they can do to overcome that and its OK. Make an offer you are comfortable with and stick with it. If not this house, there will be another.

[sdrealtor]

HLS, I didnt say a larger down means a stronger buyer, I said it means a perceived stronger buyer. We dont have access to the same information on a buyers qualifications as a lender does. Furthermore, it may come as a surprise to you, but most mortgage brokers lie to us on a daily basis. Yes, they lie over and over again. We can only make decisions on information we can verify ourselves and if that makes us ignorant to some extent so be it. That is why large down payments rule the day. We can verify the money is there via bank statements. A piece of paper from you or any other pre-approval letter is worthless to me unless I have a solid history and experience with you that I can base trust upon. That is why direct lender letters are perceived to be better. Personally, you sound on the ball and I’d love to work with you. You seem to carry yourself much as I do. You’ll be hearing from me. We just have to have confidentiality in place because, I’m not a face on the shopping cart guy. I prize my personal life and privacy.

As for the buyers in escrow too long, they arent my buyers as I am the lisitng agent. If I could push them to a better lender like you, I would.

Scarlet doesnt need to pay more, she needs a good agent. In choosing which buyer to go with, the agent who represents them and how they keep in contact with me through the short sale approval process is the single most important factor to me beyond a fair price and solidly qualified buyer. I never tell a buyer that I represent with a smaller down payment that they have to pay more. I tell them they might get trumped by another buyer with more cash and there is probably little they can do to overcome that and its OK. Make an offer you are comfortable with and stick with it. If not this house, there will be another.

[sdrealtor]

HLS, I didnt say a larger down means a stronger buyer, I said it means a perceived stronger buyer. We dont have access to the same information on a buyers qualifications as a lender does. Furthermore, it may come as a surprise to you, but most mortgage brokers lie to us on a daily basis. Yes, they lie over and over again. We can only make decisions on information we can verify ourselves and if that makes us ignorant to some extent so be it. That is why large down payments rule the day. We can verify the money is there via bank statements. A piece of paper from you or any other pre-approval letter is worthless to me unless I have a solid history and experience with you that I can base trust upon. That is why direct lender letters are perceived to be better. Personally, you sound on the ball and I’d love to work with you. You seem to carry yourself much as I do. You’ll be hearing from me. We just have to have confidentiality in place because, I’m not a face on the shopping cart guy. I prize my personal life and privacy.

As for the buyers in escrow too long, they arent my buyers as I am the lisitng agent. If I could push them to a better lender like you, I would.

Scarlet doesnt need to pay more, she needs a good agent. In choosing which buyer to go with, the agent who represents them and how they keep in contact with me through the short sale approval process is the single most important factor to me beyond a fair price and solidly qualified buyer. I never tell a buyer that I represent with a smaller down payment that they have to pay more. I tell them they might get trumped by another buyer with more cash and there is probably little they can do to overcome that and its OK. Make an offer you are comfortable with and stick with it. If not this house, there will be another.

[HLS]

sdr,,
Why do people lie ?
Nothing to gain from it.

I respect you and know that you know your stuff.

It’s difficult to separate sarcasm, humor, etc on a blog….I agree with you.

In reality, a letter from direct lender is no better than one from me. Until the loan is underwritten and approved, it’s only an application.

One thing the direct lender might have over me is that they might get away with doing something illegal and getting away with it.

Confidentiality is guaranteed, don’t worry.

In my opinion, a REALTOR shoudn’t be involved in a buyer’s finances or ever see their bank statements or personal information.
They only need to know that the buyer is approved for their offer, without knowing the upper limits of what they qualify for.

That is confidential between me and my client.
People don’t get this when they shop by rate alone.

You know how to reach me if you want to check with me. I’d be honored to have the opportunity. HLS

[HLS]

sdr,,
Why do people lie ?
Nothing to gain from it.

I respect you and know that you know your stuff.

It’s difficult to separate sarcasm, humor, etc on a blog….I agree with you.

In reality, a letter from direct lender is no better than one from me. Until the loan is underwritten and approved, it’s only an application.

One thing the direct lender might have over me is that they might get away with doing something illegal and getting away with it.

Confidentiality is guaranteed, don’t worry.

In my opinion, a REALTOR shoudn’t be involved in a buyer’s finances or ever see their bank statements or personal information.
They only need to know that the buyer is approved for their offer, without knowing the upper limits of what they qualify for.

That is confidential between me and my client.
People don’t get this when they shop by rate alone.

You know how to reach me if you want to check with me. I’d be honored to have the opportunity. HLS

[HLS]

sdr,,
Why do people lie ?
Nothing to gain from it.

I respect you and know that you know your stuff.

It’s difficult to separate sarcasm, humor, etc on a blog….I agree with you.

In reality, a letter from direct lender is no better than one from me. Until the loan is underwritten and approved, it’s only an application.

One thing the direct lender might have over me is that they might get away with doing something illegal and getting away with it.

Confidentiality is guaranteed, don’t worry.

In my opinion, a REALTOR shoudn’t be involved in a buyer’s finances or ever see their bank statements or personal information.
They only need to know that the buyer is approved for their offer, without knowing the upper limits of what they qualify for.

That is confidential between me and my client.
People don’t get this when they shop by rate alone.

You know how to reach me if you want to check with me. I’d be honored to have the opportunity. HLS

[HLS]

sdr,,
Why do people lie ?
Nothing to gain from it.

I respect you and know that you know your stuff.

It’s difficult to separate sarcasm, humor, etc on a blog….I agree with you.

In reality, a letter from direct lender is no better than one from me. Until the loan is underwritten and approved, it’s only an application.

One thing the direct lender might have over me is that they might get away with doing something illegal and getting away with it.

Confidentiality is guaranteed, don’t worry.

In my opinion, a REALTOR shoudn’t be involved in a buyer’s finances or ever see their bank statements or personal information.
They only need to know that the buyer is approved for their offer, without knowing the upper limits of what they qualify for.

That is confidential between me and my client.
People don’t get this when they shop by rate alone.

You know how to reach me if you want to check with me. I’d be honored to have the opportunity. HLS

[Author]

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