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January 6, 2009 at 12:33 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325480January 6, 2009 at 12:26 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324966
Scarlett
Participant[quote=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. (…)
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.[/quote]Thanks, sdr, I’ll make sure of that if I will go after a short sale. You make many good points.
thanks,
ScarlettJanuary 6, 2009 at 12:26 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325304Scarlett
Participant[quote=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. (…)
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.[/quote]Thanks, sdr, I’ll make sure of that if I will go after a short sale. You make many good points.
thanks,
ScarlettJanuary 6, 2009 at 12:26 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325372Scarlett
Participant[quote=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. (…)
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.[/quote]Thanks, sdr, I’ll make sure of that if I will go after a short sale. You make many good points.
thanks,
ScarlettJanuary 6, 2009 at 12:26 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325389Scarlett
Participant[quote=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. (…)
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.[/quote]Thanks, sdr, I’ll make sure of that if I will go after a short sale. You make many good points.
thanks,
ScarlettJanuary 6, 2009 at 12:26 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325470Scarlett
Participant[quote=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. (…)
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.[/quote]Thanks, sdr, I’ll make sure of that if I will go after a short sale. You make many good points.
thanks,
ScarlettJanuary 6, 2009 at 12:20 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324961Scarlett
Participant[quote=esmith]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.[/quote]
Is that so? Can I change the down payment amount from the offer to the actual loan – for short sales & REOs? I wouldn’t push the down payment of the offer higher than what I do have in all my savings, but that would be certainly more than 20% for what I want, thus making the ‘offer’ strong enough. It doesn’t seem to me very fair, it would just make impossible for the sellers to determine the least risky/ more advantageous offer. (If it’s just one offer, there is no issue).
January 6, 2009 at 12:20 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325299Scarlett
Participant[quote=esmith]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.[/quote]
Is that so? Can I change the down payment amount from the offer to the actual loan – for short sales & REOs? I wouldn’t push the down payment of the offer higher than what I do have in all my savings, but that would be certainly more than 20% for what I want, thus making the ‘offer’ strong enough. It doesn’t seem to me very fair, it would just make impossible for the sellers to determine the least risky/ more advantageous offer. (If it’s just one offer, there is no issue).
January 6, 2009 at 12:20 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325367Scarlett
Participant[quote=esmith]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.[/quote]
Is that so? Can I change the down payment amount from the offer to the actual loan – for short sales & REOs? I wouldn’t push the down payment of the offer higher than what I do have in all my savings, but that would be certainly more than 20% for what I want, thus making the ‘offer’ strong enough. It doesn’t seem to me very fair, it would just make impossible for the sellers to determine the least risky/ more advantageous offer. (If it’s just one offer, there is no issue).
January 6, 2009 at 12:20 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325384Scarlett
Participant[quote=esmith]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.[/quote]
Is that so? Can I change the down payment amount from the offer to the actual loan – for short sales & REOs? I wouldn’t push the down payment of the offer higher than what I do have in all my savings, but that would be certainly more than 20% for what I want, thus making the ‘offer’ strong enough. It doesn’t seem to me very fair, it would just make impossible for the sellers to determine the least risky/ more advantageous offer. (If it’s just one offer, there is no issue).
January 6, 2009 at 12:20 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325465Scarlett
Participant[quote=esmith]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.[/quote]
Is that so? Can I change the down payment amount from the offer to the actual loan – for short sales & REOs? I wouldn’t push the down payment of the offer higher than what I do have in all my savings, but that would be certainly more than 20% for what I want, thus making the ‘offer’ strong enough. It doesn’t seem to me very fair, it would just make impossible for the sellers to determine the least risky/ more advantageous offer. (If it’s just one offer, there is no issue).
Scarlett
Participant[quote=sdduuuude]If you are in academia and have never worked in the industry, I’d say you are definitely not in the top 20%.
That isn’t to say you can’t be successful or move quickly to the top 20%.
Nothing substitutes for experience.[/quote]
Who says you can’t accumulate great experience in academia? I didn’t mean fresh out of grad school.
I know at least couple folks in UCSD that are Senior Programmers for at least 5-8 yrs and I consider them excellent. Some people like the laid back lifestyle of academia, the flexibility and the unbeatable benefits of academia and for them money is not an major consideration.
Scarlett
Participant[quote=sdduuuude]If you are in academia and have never worked in the industry, I’d say you are definitely not in the top 20%.
That isn’t to say you can’t be successful or move quickly to the top 20%.
Nothing substitutes for experience.[/quote]
Who says you can’t accumulate great experience in academia? I didn’t mean fresh out of grad school.
I know at least couple folks in UCSD that are Senior Programmers for at least 5-8 yrs and I consider them excellent. Some people like the laid back lifestyle of academia, the flexibility and the unbeatable benefits of academia and for them money is not an major consideration.
Scarlett
Participant[quote=sdduuuude]If you are in academia and have never worked in the industry, I’d say you are definitely not in the top 20%.
That isn’t to say you can’t be successful or move quickly to the top 20%.
Nothing substitutes for experience.[/quote]
Who says you can’t accumulate great experience in academia? I didn’t mean fresh out of grad school.
I know at least couple folks in UCSD that are Senior Programmers for at least 5-8 yrs and I consider them excellent. Some people like the laid back lifestyle of academia, the flexibility and the unbeatable benefits of academia and for them money is not an major consideration.
Scarlett
Participant[quote=sdduuuude]If you are in academia and have never worked in the industry, I’d say you are definitely not in the top 20%.
That isn’t to say you can’t be successful or move quickly to the top 20%.
Nothing substitutes for experience.[/quote]
Who says you can’t accumulate great experience in academia? I didn’t mean fresh out of grad school.
I know at least couple folks in UCSD that are Senior Programmers for at least 5-8 yrs and I consider them excellent. Some people like the laid back lifestyle of academia, the flexibility and the unbeatable benefits of academia and for them money is not an major consideration.
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