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

[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

[Scarlett]

HLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
Scarlett

[Scarlett]

HLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
Scarlett

[Scarlett]

HLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
Scarlett

[Scarlett]

HLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
Scarlett

[Scarlett]

HLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
Scarlett

[sdrealtor]

Like I said HLS, we seem like we are cut from the same cloth. I agree that a direct lender is not necessarily better but its perceived better. As in some recent college grad sitting at a desk in the local Wells Fargo is just a salaried paper pusher with little incentive to stretch the truth. That is just the perception and not necesarily reality.

Having lender I trust is paramount and negates any reason i would have to see client financials beyond a proof of funds for closing.

[sdrealtor]

Like I said HLS, we seem like we are cut from the same cloth. I agree that a direct lender is not necessarily better but its perceived better. As in some recent college grad sitting at a desk in the local Wells Fargo is just a salaried paper pusher with little incentive to stretch the truth. That is just the perception and not necesarily reality.

Having lender I trust is paramount and negates any reason i would have to see client financials beyond a proof of funds for closing.

[sdrealtor]

Like I said HLS, we seem like we are cut from the same cloth. I agree that a direct lender is not necessarily better but its perceived better. As in some recent college grad sitting at a desk in the local Wells Fargo is just a salaried paper pusher with little incentive to stretch the truth. That is just the perception and not necesarily reality.

Having lender I trust is paramount and negates any reason i would have to see client financials beyond a proof of funds for closing.

[sdrealtor]

Like I said HLS, we seem like we are cut from the same cloth. I agree that a direct lender is not necessarily better but its perceived better. As in some recent college grad sitting at a desk in the local Wells Fargo is just a salaried paper pusher with little incentive to stretch the truth. That is just the perception and not necesarily reality.

Having lender I trust is paramount and negates any reason i would have to see client financials beyond a proof of funds for closing.

[sdrealtor]

Like I said HLS, we seem like we are cut from the same cloth. I agree that a direct lender is not necessarily better but its perceived better. As in some recent college grad sitting at a desk in the local Wells Fargo is just a salaried paper pusher with little incentive to stretch the truth. That is just the perception and not necesarily reality.

Having lender I trust is paramount and negates any reason i would have to see client financials beyond a proof of funds for closing.

[Eugene]

One thing that’s not been fully highlighted –

The down payment amount stated in the offer letter does not have to be the same as the down payment amount you end up making. You are not asked for proof of funds when you submit the offer.

E.g. if you’re making an offer for 600K and you’re concerned that your 10% down payment would make you look weak, you could write “deposit 6K, loan 417K, down payment 177K”. You may not even have 177K. When the offer is accepted, you run the numbers and make the down payment that is appropriate for the situation.

I think it’s a fairly common practice.

[Eugene]

One thing that’s not been fully highlighted –

The down payment amount stated in the offer letter does not have to be the same as the down payment amount you end up making. You are not asked for proof of funds when you submit the offer.

E.g. if you’re making an offer for 600K and you’re concerned that your 10% down payment would make you look weak, you could write “deposit 6K, loan 417K, down payment 177K”. You may not even have 177K. When the offer is accepted, you run the numbers and make the down payment that is appropriate for the situation.

I think it’s a fairly common practice.

[Eugene]

One thing that’s not been fully highlighted –

The down payment amount stated in the offer letter does not have to be the same as the down payment amount you end up making. You are not asked for proof of funds when you submit the offer.

E.g. if you’re making an offer for 600K and you’re concerned that your 10% down payment would make you look weak, you could write “deposit 6K, loan 417K, down payment 177K”. You may not even have 177K. When the offer is accepted, you run the numbers and make the down payment that is appropriate for the situation.

I think it’s a fairly common practice.

[Eugene]

One thing that’s not been fully highlighted –

The down payment amount stated in the offer letter does not have to be the same as the down payment amount you end up making. You are not asked for proof of funds when you submit the offer.

E.g. if you’re making an offer for 600K and you’re concerned that your 10% down payment would make you look weak, you could write “deposit 6K, loan 417K, down payment 177K”. You may not even have 177K. When the offer is accepted, you run the numbers and make the down payment that is appropriate for the situation.

I think it’s a fairly common practice.

[Author]

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