[carlsbadworker]

This is a great discussion on short sale. I am interested in two shortsales right now.
For the first one, the owners plan to move next spring so they are still making payments. They have $470K on the first loan and $70K on the second (I am buying closer to half of their loan). The owners probably plan to buy/rent another place once they move, therefore they are still making all the payments to keep their credit healthy. My agent says that it is an impossible scenario to get approved, is it a fair estimation?
For the second one, the house is an approved short sale at $270K. However, comps show that a few other properties nearby were sold at slightly lower price. My question is, is it possible for me to offer at a lower price but still getting quick approval? For approved short sale, what range of offer price would the bank accept without going through the approval process all over again? I’m tempted to overpay a little bit to avoid all the hassles of waiting for an approval.
A side note, both are priced at end of 2001 (or beginning of 2002) range. So I think they are fairly priced compare to the market price.

[carlsbadworker]

This is a great discussion on short sale. I am interested in two shortsales right now.
For the first one, the owners plan to move next spring so they are still making payments. They have $470K on the first loan and $70K on the second (I am buying closer to half of their loan). The owners probably plan to buy/rent another place once they move, therefore they are still making all the payments to keep their credit healthy. My agent says that it is an impossible scenario to get approved, is it a fair estimation?
For the second one, the house is an approved short sale at $270K. However, comps show that a few other properties nearby were sold at slightly lower price. My question is, is it possible for me to offer at a lower price but still getting quick approval? For approved short sale, what range of offer price would the bank accept without going through the approval process all over again? I’m tempted to overpay a little bit to avoid all the hassles of waiting for an approval.
A side note, both are priced at end of 2001 (or beginning of 2002) range. So I think they are fairly priced compare to the market price.

[carlsbadworker]

This is a great discussion on short sale. I am interested in two shortsales right now.
For the first one, the owners plan to move next spring so they are still making payments. They have $470K on the first loan and $70K on the second (I am buying closer to half of their loan). The owners probably plan to buy/rent another place once they move, therefore they are still making all the payments to keep their credit healthy. My agent says that it is an impossible scenario to get approved, is it a fair estimation?
For the second one, the house is an approved short sale at $270K. However, comps show that a few other properties nearby were sold at slightly lower price. My question is, is it possible for me to offer at a lower price but still getting quick approval? For approved short sale, what range of offer price would the bank accept without going through the approval process all over again? I’m tempted to overpay a little bit to avoid all the hassles of waiting for an approval.
A side note, both are priced at end of 2001 (or beginning of 2002) range. So I think they are fairly priced compare to the market price.

[carlsbadworker]

This is a great discussion on short sale. I am interested in two shortsales right now.
For the first one, the owners plan to move next spring so they are still making payments. They have $470K on the first loan and $70K on the second (I am buying closer to half of their loan). The owners probably plan to buy/rent another place once they move, therefore they are still making all the payments to keep their credit healthy. My agent says that it is an impossible scenario to get approved, is it a fair estimation?
For the second one, the house is an approved short sale at $270K. However, comps show that a few other properties nearby were sold at slightly lower price. My question is, is it possible for me to offer at a lower price but still getting quick approval? For approved short sale, what range of offer price would the bank accept without going through the approval process all over again? I’m tempted to overpay a little bit to avoid all the hassles of waiting for an approval.
A side note, both are priced at end of 2001 (or beginning of 2002) range. So I think they are fairly priced compare to the market price.

[carlsbadworker]

This is a great discussion on short sale. I am interested in two shortsales right now.
For the first one, the owners plan to move next spring so they are still making payments. They have $470K on the first loan and $70K on the second (I am buying closer to half of their loan). The owners probably plan to buy/rent another place once they move, therefore they are still making all the payments to keep their credit healthy. My agent says that it is an impossible scenario to get approved, is it a fair estimation?
For the second one, the house is an approved short sale at $270K. However, comps show that a few other properties nearby were sold at slightly lower price. My question is, is it possible for me to offer at a lower price but still getting quick approval? For approved short sale, what range of offer price would the bank accept without going through the approval process all over again? I’m tempted to overpay a little bit to avoid all the hassles of waiting for an approval.
A side note, both are priced at end of 2001 (or beginning of 2002) range. So I think they are fairly priced compare to the market price.

[carlsbadworker]

[quote=HLS]By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.
[/quote]

Wow. That is the type of loan I think buy-down makes perfect sense. Is there some business economics that supports this kind of buy-down? Or lenders are just scrambling to get any immediate cash?

[carlsbadworker]

[quote=HLS]By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.
[/quote]

Wow. That is the type of loan I think buy-down makes perfect sense. Is there some business economics that supports this kind of buy-down? Or lenders are just scrambling to get any immediate cash?

[carlsbadworker]

[quote=HLS]By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.
[/quote]

Wow. That is the type of loan I think buy-down makes perfect sense. Is there some business economics that supports this kind of buy-down? Or lenders are just scrambling to get any immediate cash?

[carlsbadworker]

[quote=HLS]By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.
[/quote]

Wow. That is the type of loan I think buy-down makes perfect sense. Is there some business economics that supports this kind of buy-down? Or lenders are just scrambling to get any immediate cash?

[carlsbadworker]

[quote=HLS]By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.
[/quote]

Wow. That is the type of loan I think buy-down makes perfect sense. Is there some business economics that supports this kind of buy-down? Or lenders are just scrambling to get any immediate cash?

[carlsbadworker]

Amen!

[carlsbadworker]

Amen!

[carlsbadworker]

Amen!

[carlsbadworker]

Amen!

[carlsbadworker]

Amen!

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