Search in your own words. Describe what you need or ask a wedding planning question.
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Posted by sofreakingexcited
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Cool thanks for the info! We actually don't mind it being a longer process since we need a little time to save some money so that would be good. I heard some FHA loans you only need to put 3% down for?
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Cool thanks for the info! We actually don't mind it being a longer process since we need a little time to save some money so that would be good. I heard some FHA loans you only need to put 3% down for?
yeaa fha is 3.5%, the closing costs are about 15, 000 i think
Posted by sofreakingexcited
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Cool thanks for the info! We actually don't mind it being a longer process since we need a little time to save some money so that would be good. I heard some FHA loans you only need to put 3% down for?
yeaa fha is 3.5%, the closing costs are about 15, 000 i think
If you don't mind me asking, how long do you think the process takes? Like how long have you been in contract and when do you think you will close? Thanks!!!![]()
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Cool thanks for the info! We actually don't mind it being a longer process since we need a little time to save some money so that would be good. I heard some FHA loans you only need to put 3% down for?
yeaa fha is 3.5%, the closing costs are about 15, 000 i think
If you don't mind me asking, how long do you think the process takes? Like how long have you been in contract and when do you think you will close? Thanks!!!![]()
!
i dont mind at all!! from the day we put the offer till we signed the contract was about 3 weeks, we just got the signed contracts back and tha was about another few weeks. now were waiting for the appraisal.
Posted by sofreakingexcited
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
Posted by sofreakingexcited
Posted by ttdiff11
im in contract for a shortsale. i wasnt planning on trying to buy a shortsale but the house had what we are looking for. its def a longer process but if it works out, then its defff worth it.
the mortgage process as far as down payment, etc, is the same as a reg sale.
Cool thanks for the info! We actually don't mind it being a longer process since we need a little time to save some money so that would be good. I heard some FHA loans you only need to put 3% down for?
yeaa fha is 3.5%, the closing costs are about 15, 000 i think
If you don't mind me asking, how long do you think the process takes? Like how long have you been in contract and when do you think you will close? Thanks!!!![]()
!
i dont mind at all!! from the day we put the offer till we signed the contract was about 3 weeks, we just got the signed contracts back and tha was about another few weeks. now were waiting for the appraisal.
Ok thanks so much! I really appreciate the info!![]()
We bought our house as a short sale about 2.5 years ago. It was a longer process even though we knew right off the bat that we had the highest offer and signed the contracts within a week or so. What took a really long time is that the bank that holds the current mortgage has to approve the offer. For us, that took about two months. We put in our offer in the beginning of August and closed in mid October. In terms of your own mortgage, it doesn't make any difference. We did put down just 3% and had to pay $180 in private mortgage insurance each month until we refinanced a year later. You'll need to pay that until you have at least 20% equity in the house. If you find something and can do it now, it's so worth it and I just heard that rates are expected to start going back up.
We bought a short sale this summer. We weren't looking for one, but wound up getting one! We put the offer in in June and closed in August. Some take longer than that, but don't worry and be patient if it's the house you want. The down payment is the same and offering is the same as well. The owner must accept the offer first, then the bank has to accept it as well (which can take a while). You must have it inspected and one of the big differences is also that there is no negotiating as far as getting things fixed. A short sale will always be AS IS. Take it or leave it. We actually bought our house for >30k less than the asking price, because usually the banks will take a hit just to get rid of the house. Good Luck with it and if you need any help, just ask! I also had an amazing attorney who strictly deals with short sales and is well-known on LI. If you'd like his info, I can FM it to you!
