http://www.hathawayca.com/uncategorized/what-you-get-in-the-short-sale-real-estate-market-600000 Fine Estates | Residentual | Auctions Sat, 13 Jun 2009 03:07:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.hathawayca.com/uncategorized/what-you-get-in-the-short-sale-real-estate-market-600000/comment-page-1#comment-15 rslater Sat, 16 Aug 2008 01:49:38 +0000 http://www.hathaway-realestate.com/?p=72#comment-15 Besides having to be patient, make sure you have your loan pre-approval in order. The banks will not entertain offers without the mortgage pre-approval and verification of down payment. One last thing, banks are tightening up on providing financing these transactions when it comes to "as is." Below is an excerpt from an underwriter that helps elaborate on what I am referring to. ------- "REO's. I am running into issues in regards to REO's when the appraiser is doing the appraisal "As is". As we all know REO's normally have issues as to the condition of the property. If you are planning on sending a purchase that is a REO please send me an e-mail letting me know the condition of the property (to the best of your knowledge). Properties that are "trashed" are not going to be able get approved. We cannot lend on properties that have health and safety issue's. What is not clear and I am trying to firm up an answer on is what type of conditions that can exist when we fund the loan. Minor stuff should be ok but I need to get an interpretation as to what is "minor" and what is not. The "minor" stuff is going to have to get fixed very soon after we fund. I will let you know when I get an answer." Besides having to be patient, make sure you have your loan pre-approval in order. The banks will not entertain offers without the mortgage pre-approval and verification of down payment. One last thing, banks are tightening up on providing financing these transactions when it comes to “as is.” Below is an excerpt from an underwriter that helps elaborate on what I am referring to.
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“REO’s. I am running into issues in regards to REO’s when the appraiser is doing the appraisal “As is”. As we all know REO’s normally have issues as to the condition of the property. If you are planning on sending a purchase that is a REO please send me an e-mail letting me know the condition of the property (to the best of your knowledge). Properties that are “trashed” are not going to be able get approved. We cannot lend on properties that have health and safety issue’s. What is not clear and I am trying to firm up an answer on is what type of conditions that can exist when we fund the loan. Minor stuff should be ok but I need to get an interpretation as to what is “minor” and what is not. The “minor” stuff is going to have to get fixed very soon after we fund. I will let you know when I get an answer.”

]]> http://www.hathawayca.com/uncategorized/what-you-get-in-the-short-sale-real-estate-market-600000/comment-page-1#comment-14 rslater Sat, 16 Aug 2008 01:39:30 +0000 http://www.hathaway-realestate.com/?p=72#comment-14 They are really worth it if you have the patience. Expect up to a 6 month wait for a short sale or a bank owned home to go through the lender/offer approval process. If you have the patience then you can find some great deals!! They are really worth it if you have the patience. Expect up to a 6 month wait for a short sale or a bank owned home to go through the lender/offer approval process. If you have the patience then you can find some great deals!!

]]> http://www.hathawayca.com/uncategorized/what-you-get-in-the-short-sale-real-estate-market-600000/comment-page-1#comment-13 Tennis Guy Fri, 15 Aug 2008 02:22:11 +0000 http://www.hathaway-realestate.com/?p=72#comment-13 I just saw th last comment. That is a great questions.. What can we expect with these short sales.. Are they really worth it? I just saw th last comment. That is a great questions.. What can we expect with these short sales.. Are they really worth it?

]]> http://www.hathawayca.com/uncategorized/what-you-get-in-the-short-sale-real-estate-market-600000/comment-page-1#comment-12 sharon J. Fri, 15 Aug 2008 01:38:13 +0000 http://www.hathaway-realestate.com/?p=72#comment-12 That was a great post. Finally some good, tangible listings to see and choose from. Will definitely let you know when I find the right home. One ??? How do these short sales work as far as buying them. What do I need to know? That was a great post. Finally some good, tangible listings to see and choose from. Will definitely let you know when I find the right home. One ??? How do these short sales work as far as buying them. What do I need to know?

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