Mark M asked:


If I make prior arrangements to pay any shortfall on the sale of my existing house with the bank, can I avoid having it affect my credit? I am considering a move from an overheated market where I am upside down on my mortgage to a stabilized, cheaper market where I’ll be able to afford a cheaper mortgage plus make regular payments to settle any shortfall. I’ve heard that banks won’t consider a short sale until you’re behind on payments. Would they consider it if I’m a good credit risk with solid income and room to pay off the difference? I am assuming that if I can scrounge the $ beforehand, I’m best off to offer a seller 2nd to a buyer to make the bank whole, right? I need to move for a job, and the market where I live is DEAD.
Casey, don’t misunderstand–I love my bank. I’ve bought 3 houses with them. That’s the whole point. I need to move and I can’t make enough to pay off the mortgage in the sale. All I want to know is if I can work out an arrangement that will satisfy them and not nuke my otherwise great credit!

Felicitas

elmho01 asked:


Hi,
I’m a buyer in short sale home, last update from the bank was : “BPO has been ordered”. Is that a good sign , also how long it takes to move forward, since I almost waited 2 months already.
Thanks

Reinaldo

LISA W asked:


I have been putting in full price offers, waiting a month for bank and getting rejected. What are banks willing to lose on house? Why do agents list for price that bank will not accept?
Current offer at 300k sellers bought in 05 for 480K. I am thinking 300-325 is actually fair market value. Offered on 4/03 and havent heard yet. I **** these short sales, but it is all I c an find on the market in my range.

Virgil

mickey16_60160 asked:


I made an offer on a house that is a short sale on last Thursday. It was priced for 175000 and we offered 170000. I still am waiting to see if they accepted my offer. I am willing to give the full price if that will speed the process up. My realtor said it is a good offer and it is being reviewed. I do not want to keep bugging my realtor and asking if she has heard anything from the bank. I want to know why is it that the bank takes long to see if they accept your offer. Is their a procedure with short sale homes? This would be my first home and I really like it. Tire of paying rent. Property is in Illinois if that makes any difference.
I just called the record of deeds and they said it is actully in forclosure. Soes that make a difference?

Kanesha

LittleBirdyâ„¢ is The King asked:


either in cash or a mortgage. But What if the bank doesn’t approve the shortsale… What happeneds to my loan? Also… is there a difference between a short sale purchase and a regular purchase. What are the differences when it comes to the buyer?

Felipe

help_please asked:


What should I do (since no mortgage bank is involved) to protect me if I make a cash offer to a short sale? What about the title insurance, and many other stuffs?

Your advice is greatly appreciated.
Caveat: I am going a buyer to this short sale property. Cash offer means no financing. I will be using my saving and HELOC.

Eulah

Debbie V asked:


before the bank foreclose on the house.

Keith

chicagonly80 asked:


I have a house that I can just barely afford to make payments on but find it financially difficult therefore I have stopped making payments on it now for 8 months and would like to do a short sale. but now the bank wants proof that I can not make the mortgage payment so they can approve the short sale and I am afraid they may think that I can afford the payments and not approve me for the short sale. My questions are can I make it look like I can’t afford the mortgage so that I can get approved for the short sale? Again I can afford the mortgage but just barely. Also is it better to perhaps just go to foreclosure so I don’t have to show proof of my hardship to them (they are asking for my last 2 income statements and last 2 tax return statements)? Can they get me for the difference? What is the worst that can happen? This house has been financially very challenging to make the payments for and I am afraid they may say that I can still technically make the payments and sue me.
the short sale is for 169k when it was purchased for 238k. I have an offer for 169k already. Also since I have not made payments for 8 months now I owe the bank over 17k. I guess my question is can they say I can afford it when to live comfortably I really don’t think I can?

Eldridge