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

[KCTxr]

We are maybe in a similar situation and looking in PQ. Lease here now and owner has stopped paying the bank. Add one more to that list.

[SD Realtor]

Yep it is okay to walk. Just make sure it is done before the contingency period expires. You can also make a request for repairs as well. You never know, the lender may say yes but they have to rerun the numbers with the adjustments and get approval. Sometimes it happens and sometimes it does not. My experience is that more often then not it can be challenging.

[SD Realtor]

Yep it is okay to walk. Just make sure it is done before the contingency period expires. You can also make a request for repairs as well. You never know, the lender may say yes but they have to rerun the numbers with the adjustments and get approval. Sometimes it happens and sometimes it does not. My experience is that more often then not it can be challenging.

[SD Realtor]

Yep it is okay to walk. Just make sure it is done before the contingency period expires. You can also make a request for repairs as well. You never know, the lender may say yes but they have to rerun the numbers with the adjustments and get approval. Sometimes it happens and sometimes it does not. My experience is that more often then not it can be challenging.

[SD Realtor]

Yep it is okay to walk. Just make sure it is done before the contingency period expires. You can also make a request for repairs as well. You never know, the lender may say yes but they have to rerun the numbers with the adjustments and get approval. Sometimes it happens and sometimes it does not. My experience is that more often then not it can be challenging.

[SD Realtor]

Yep it is okay to walk. Just make sure it is done before the contingency period expires. You can also make a request for repairs as well. You never know, the lender may say yes but they have to rerun the numbers with the adjustments and get approval. Sometimes it happens and sometimes it does not. My experience is that more often then not it can be challenging.

[sdrealtor]

I handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.

In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.

Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.

[sdrealtor]

I handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.

In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.

Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.

[sdrealtor]

I handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.

In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.

Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.

[sdrealtor]

I handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.

In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.

Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.

[sdrealtor]

I handle a lot of short sales and the single most important thing I look for is an agent that stays in touch with me regulalrly during the approval process. In the typical short sale, I submit an offer to a lender I think will get approved AND that I beleive is at a price I can replicate. If some lunatic buyer submits a crazy high offer, I dont want to submit that one because if approved I then have to find another fool who can do the same. I’d much rather get an approval at a reasonable price and then go back to fool after I have the approval to see if they are still there.

In most cases, buyer #1 is gone and I have an approved short sale without a buyer. I then get to pick who gets the house in most cases among a handful of buyers who are still interested. Sometimes, I have a buyer that will pay more than the approval amount, sometimes I have to go back to the group and say here’s the price, who wants it and sometimes I have to bring a lower offer.

Regardless, the agent that has stayed in touch through the 30 to 60 days it takes me to get the approval stands the best chance of getting the house for their buyer.

[Eugene]

[quote]What exactly do you mean by ‘sticking around long enough for your offer to make it through the system’? What does one have to do, after submitting an offer? Sorry, I have no knowledge of how the short sales work – yet![/quote]

Submit an offer and wait, possibly several months, while the offer is being considered by the bank. Keep an eye on the market, make other offers. I heard that most short sale offers don’t go anywhere, and the success rate is very low. For this reason, discount brokers like Redfin don’t even deal with short sales (with a few exceptions). I would encourage you to keep shopping around till the day you get written approval of one of your offers.

[Eugene]

[quote]What exactly do you mean by ‘sticking around long enough for your offer to make it through the system’? What does one have to do, after submitting an offer? Sorry, I have no knowledge of how the short sales work – yet![/quote]

Submit an offer and wait, possibly several months, while the offer is being considered by the bank. Keep an eye on the market, make other offers. I heard that most short sale offers don’t go anywhere, and the success rate is very low. For this reason, discount brokers like Redfin don’t even deal with short sales (with a few exceptions). I would encourage you to keep shopping around till the day you get written approval of one of your offers.

[Eugene]

[quote]What exactly do you mean by ‘sticking around long enough for your offer to make it through the system’? What does one have to do, after submitting an offer? Sorry, I have no knowledge of how the short sales work – yet![/quote]

Submit an offer and wait, possibly several months, while the offer is being considered by the bank. Keep an eye on the market, make other offers. I heard that most short sale offers don’t go anywhere, and the success rate is very low. For this reason, discount brokers like Redfin don’t even deal with short sales (with a few exceptions). I would encourage you to keep shopping around till the day you get written approval of one of your offers.

[Eugene]

[quote]What exactly do you mean by ‘sticking around long enough for your offer to make it through the system’? What does one have to do, after submitting an offer? Sorry, I have no knowledge of how the short sales work – yet![/quote]

Submit an offer and wait, possibly several months, while the offer is being considered by the bank. Keep an eye on the market, make other offers. I heard that most short sale offers don’t go anywhere, and the success rate is very low. For this reason, discount brokers like Redfin don’t even deal with short sales (with a few exceptions). I would encourage you to keep shopping around till the day you get written approval of one of your offers.

[Author]

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