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Does a Bank Only Do a Short Sale if a Seller is Delinquent?

Many sellers automatically assume that they have to be delinquent to do a short sale.

I've heard agents express the belief as well -- that short sales are granted only to sellers who are delinquent. Not only that, but they believe the property has to be in foreclosure. That's not necessarily true. Even a HAFA short sale allows a seller to apply for the process while not yet in default. Of course, with a HAFA, foreclosure must be imminent, but that doesn't mean a seller needs to be delinquent upfront.

More Articles by Elizabeth Weintraub:

• Exactly What is a Short Sale?
  
• What Does a Short Sale Listing Agent Do?
  
• Explanation of a Standard Short Sale Procedure

Technorati tag: short sale delinquent

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Does a Bank Only Do a Short Sale if a Seller is Delinquent? originally appeared on About.com Home Buying / Selling on Monday, February 6th, 2012 at 05:00:36.

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How to Get a Mortgage When You Have Bad Credit

The problem with getting a bad credit mortgage is it's expensive.

The only people making loans to people with bad credit are the guys who are charging an arm and a leg for the mortgage. They can get away with it because as long as they follow state usury laws and people are willing to take their money, it's legal. For some borrowers, those who have gone through a foreclosure or a bankruptcy, a bad credit mortgage is better than no mortgage.

If you go that route, just don't plan on sticking with the mortgage for any long period of time. Make it a short-term solution . . . read more about taking out a Bad Credit Mortgage.

More Articles by Elizabeth Weintraub:

• What is a Hard Money Loan?
  
• How to Buy a Home With Bad Credit
  
• Buying a Habitat for Humanity Home

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Technorati tag: bad credit mortgage

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

How to Get a Mortgage When You Have Bad Credit originally appeared on About.com Home Buying / Selling on Friday, February 3rd, 2012 at 05:00:08.

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Should You Write a Back Up Offer?

Buyers don't often think about putting in a backup offer.

I suspect it's the fear of the unknown, and buyers probably think it's not worth their time. Another reason could be because a backup offer is not a sure deal so agents discourage them as well. Agents like to close transactions because that's how we get paid. If an agent is writing only one offer a month, that agent probably can't afford to wait to see if the buyer will get lucky. That agent wants the buyer lucky right now.

And lots of buyers don't want to wait, either. They want to know right now if they can buy that home . . . read more about a Backup Offer.

More Articles by Elizabeth Weintraub:

• What is a Notice to Perform?
  
• Top 5 Lowball Offer Mistakes
  
• Is it OK to Make Multiple Purchase Offers?

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Should You Write a Back Up Offer? originally appeared on About.com Home Buying / Selling on Wednesday, February 1st, 2012 at 05:00:40.

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How Flexible is That Short Sale Price?

After all these years of short sales, there are still buyer's agents who ask if the seller is willing to take less than the advertised short sale price.

Not only is a listing agent prohibited from answering that question due to her fiduciary relationship with the seller, but it's a stupid question. OK, maybe stupid is too strong of a word. Perhaps ignorant is a better modifier. Or, maybe I just expect more out of a buyer's agent? If an agent doesn't understand how short sales work, then the agent has no business representing a buyer for a short sale.

More Articles by Elizabeth Weintraub:

• The Benefit to Buying a Short Sale
  
• The Standard Short Sale Procedures
  
• The Basis for Short Sale Rejection By Banks

Technorati tag: short sale price

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

How Flexible is That Short Sale Price? originally appeared on About.com Home Buying / Selling on Monday, January 30th, 2012 at 05:00:26.

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Struggling Homeowners Take on Roommates

In order to reduce expenses, some cash-strapped home buyers are teaming up with a friend to buy a home together as tenants in common instead of buying as a single person.

Personally, I think most single people are better off trying to qualify for a home on their own and taking on a roommate in a rental capacity rather than in a co-owner capacity. The reason is if it's your home, it's your rules. If you own a home with another person, you've got to make compromises.

Plus, taking on a roommate can help make your mortgage payment more affordable . . . read more about Roommates.

More Articles by Elizabeth Weintraub:

• 10 Good Reasons Not to Buy a Home
  
• Buying a Home the Seller Rented
  
• Safety Tips for Women Home Buyers

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Technorati tag: roommate

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Struggling Homeowners Take on Roommates originally appeared on About.com Home Buying / Selling on Friday, January 27th, 2012 at 05:00:40.

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