What Does Short Sale Mean?

Gena Riede — Fri, 09 Apr 2010 16:44:16 +0000

Sometimes that scenario does happen especially if you are working with someone who is not up-to-date with the new rules and laws governing the lending institution. The underwriter will make the final decision and if they feel the bank will be covered on this loan and that you are indeed credit worthy they will move forward and approval the purchase of the house you love. Good luck and let me know how it turns out for you!

What Does Short Sale Mean?

secured finance — Thu, 01 Apr 2010 05:47:20 +0000

My husband & I got pre-qualified for a home loan through a broker but when the time came to submit and process our loan we got denied. There were a couple different reasons given but mainly affordability was their biggest issue even though we had a substantial down payment and decent credit. Our realtor advised that we use the direct lender that she works with since according to her they can get around certain issues that a broker can’t. We gave all of our personal info to the direct lender and they were able to get a DU approval but final approval from the underwriter will take a couple of days. I’m really skeptical at this point since we were turned down elsewhere but the direct lender said they were willing and able to take the loan pending the underwriters approval. Has anyone else had the experience of being denied by a broker but approved by a direct lender? I know every case is different and each transaction has it’s own set of “issues” but we found the PERFECT house and now that we’re in escrow we’re scrambling to secure financing after we thought we wouldn’t have a problem. We’re going to be devastated if this deal doesn’t work out. Any thought, ideas, personal experience with this same scenario would be helpful. Thanks!

What Does Short Sale Mean?

Gena Riede — Fri, 05 Mar 2010 04:08:19 +0000

Let me know if I can help.

What Does Short Sale Mean?

Douglas L. — Thu, 04 Mar 2010 15:02:24 +0000

This really is what I have been seeking all day. I should have discovered your blog post sooner.

What Does Short Sale Mean?

Gena Riede — Tue, 09 Jun 2009 23:40:57 +0000

Jerry,
Thanks for popping in…
When you see “Short Sale approved at $250,000″ this is the listing agent’s way of letting you know that the bank will not accept anything less than $250.000. This usually comes after an offer has come in and the bank has had an appraisal done on the property and knows it’s worth.

I too have heard that Short Sales are possibly moving faster. This really has to do with the bank and the investor along with the ability of the listing agent doing their job correctly. There are a lot of factors involved here…some homeowners do not qualify for a short sale and if the listing agent hasn’t done their job correctly, it makes the process that much longer.

Thanks for your question. I hope this has helped both you and others who have the same question.

What Does Short Sale Mean?

Jerry — Mon, 08 Jun 2009 17:04:26 +0000

Gena,
What is meant when a listing states short sale approved at such and such amount? I seen a listing for a property and it stated short sale approved at $250,000. I also recently heard from a friend that short sales are moving must faster now is that true?

Thank you for your time Jerry

What Does Short Sale Mean?

Gena Riede — Thu, 09 Apr 2009 05:19:14 +0000

No, they will not take your car. You need to have transportation to your job. However, I am not an attorney so you may want to talk to someone in the legal field if you are concerned. I really can’t give legal advice, I am a Real Estate Broker.

What Does Short Sale Mean?

sandy — Sun, 29 Mar 2009 21:30:57 +0000

if you short sale your home, will they close your credit cards and take your cars?

What Does Short Sale Mean?

Gena Riede — Tue, 11 Nov 2008 13:26:17 +0000

Sherell,
The house still belongs to the owner but the bank is the one who will decide if they will accept a short sale or not.

What Does Short Sale Mean?

sherell noble — Mon, 10 Nov 2008 13:51:59 +0000

is the house belong to the buyer even they doing short sales