Kate asked:


We know how much the owner took out on the mortgage a few years ago. They are selling it at a short sale. There is no way that we will pay any greater than their original loan amount from 2yrs ago when it was the peak of the market. Is it fair to say that the maximum the bank would want would be the original loan amount or less? How much below this loan amount should we bid percentage wise?
we are preapproved

Nicky

William A asked:

I am considering a short sale on my home in order to avoid foreclosure, but before I proceed, I would like to know how it will affect my credit. Will it be as bad as a foreclosure? How long will it be before a bank will consider loaning me the money to buy another home?

Jayme

caralampia asked:


I have a property that I can not pay any more because the interest is to hi for me. When I buy the house my idea was to refinace in two years but my house lost 10,000 so I own more to the bank that how much is the value of my house. One of my friends told me that maybe I can do a short sale, but snother friend told me that short sale can affect my credit in the same way if I declare banck rupcy. That is true

Janetta

Lori S asked:


I am current with my mortgage and have great credit but I need to get out of my home and I owe more than it is worth. I was wondering what a short sale will do to my credit and if you have to be late on your mortgage to even qualify for one. Also, what will it do when I try to buy a new house? Is there any other way to get out of a house quickly? Thanks!

Luana

ChrisM asked:


What would qualify a home foreclosure to be better than a quick sale?
I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose?

Chris

Ronald E asked:


I need to get out of my house because it has become unaffordable. A short sale has been suggested to me. I have been in my house for 1 year and my home value has plummeted about 25K(I live in AZ) so I am not able to refinance.Will a short sale hurt my credit rating? Got any other options?

German

John asked:


I am stuck in a situation in which I am upside down on my home and with a new baby on the way I need to buy a bigger home and also take advantage of the low mortgage rates and cheap home prices, therefore I am leaning towards doing a short sale. Only thing is that before I go forward with it I want to know what long term affect with it have on my credit? If any. Thanks.

Rubin

Joy asked:


My house lost $200,000 in value. I’ve been current on my mortgage payments. I want to do a short sale and buy a smaller cheaper house. How will a short sale affect my credit? and will this prevent me from buying a house in the future?

Angel

Darin C asked:


I don’t need an exact time-frame just an approximation of an average short sale. As of today it has been 78 days and we have not heard anything from the lender at all?
Ryan B – We know that the offer is not lost, nor have they accepted another as the seller’s agent just talked to the bank this morning. We are just waiting for the lender to get a move on this.

Tess

Beth asked:


I am wondering what a “short sale” is on a house…? I am looking to buy and have noticed several properties which note “subject to short sale approval” or “short sale possibility.” Thanks!

Rae