NWR: Short Sales?

Small hijack:

For those of you in the process of buying homes... if I want to move in say May/June 2009... should I start looking now or hang around a little bit?

As a first time homebuyer the prices are great... and I shouldn't have ANY difficulty getting a mortgage. I want to take advantage of the buyers market, but I don't want to jump the gun.

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Posted by traci506

I heard they can be a bit of a mess and drag on longer than you would expect.

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i have heard the same exact things. You should try a search on here because i know i have read some girls talk about the process.

theres a girl on the 08 board going through one now, her name is future mulligan and maybe she can answer some things for you.

Unfortunately with the market today, even though prices are down its not really a buyers market. The process of getting a mortgage takes longer now and alot harder. I know ppl with AMAZING credit and make good money who are having difficulty. My mortgage broker told me that one of his clients uncle is signing for the house and he has MILLIONS in the bank and he is having a very hard time. Also, another thing is that since all these banks are having issues, this means that they wont give out as many loans, unfortunately this is the down side. To get one will be harder, they cant give as many as they used to and some banks will have a hard time giving loans period. So even if you have good credit, its going to get even harder to get a place now. I have been going through the process since beginning of the year. Meanwhile when i bought in 2003 it was so smooth and easy. I would rather go back to how it was than what it is now. Its scary to think how much harder it is going to get now.

here is a quote from suzie orman about whats going on now

'These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.'

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Posted by Espo22

theres a girl on the 08 board going through one now, her name is future mulligan and maybe she can answer some things for you.

Unfortunately with the market today, even though prices are down its not really a buyers market. The process of getting a mortgage takes longer now and alot harder. I know ppl with AMAZING credit and make good money who are having difficulty. My mortgage broker told me that one of his clients uncle is signing for the house and he has MILLIONS in the bank and he is having a very hard time. Also, another thing is that since all these banks are having issues, this means that they wont give out as many loans, unfortunately this is the down side. To get one will be harder, they cant give as many as they used to and some banks will have a hard time giving loans period. So even if you have good credit, its going to get even harder to get a place now. I have been going through the process since beginning of the year. Meanwhile when i bought in 2003 it was so smooth and easy. I would rather go back to how it was than what it is now. Its scary to think how much harder it is going to get now.

here is a quote from suzie orman about whats going on now

'These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.'

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I wasn't thinking of it that way, thank you. I will think of that when buying.

I Suze Orman... I have a couple of her books.

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Posted by JoanneAndJustin

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Posted by Espo22

theres a girl on the 08 board going through one now, her name is future mulligan and maybe she can answer some things for you.

Unfortunately with the market today, even though prices are down its not really a buyers market. The process of getting a mortgage takes longer now and alot harder. I know ppl with AMAZING credit and make good money who are having difficulty. My mortgage broker told me that one of his clients uncle is signing for the house and he has MILLIONS in the bank and he is having a very hard time. Also, another thing is that since all these banks are having issues, this means that they wont give out as many loans, unfortunately this is the down side. To get one will be harder, they cant give as many as they used to and some banks will have a hard time giving loans period. So even if you have good credit, its going to get even harder to get a place now. I have been going through the process since beginning of the year. Meanwhile when i bought in 2003 it was so smooth and easy. I would rather go back to how it was than what it is now. Its scary to think how much harder it is going to get now.

here is a quote from suzie orman about whats going on now

'These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.'

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I wasn't thinking of it that way, thank you. I will think of that when buying.

I Suze Orman... I have a couple of her books.

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neither was I when we started looking. I just thought about prices being lower. I dont even want to know how hard its going to get now. With banks going bankrupt they wont be able to give out loans. Then other banks who arent going bankrupt have to be extra careful. Infact now there are processes that they didnt have in the past. Before when you got approved for a mortgage you automatically got approved for the PMI. Now you have to get approved for a mortgage and for the PMI, and even if you get approved for the mortgage but not PMI you cant get it. And the whole process is done through a computer now and even if youre off by one point it won't go through.

this economic **** blows.

i've been looking forward to starting the mortgage/home-buying process come february...

not im dreading it. we're first time buyers and even though we have some moeny saved for a downpayment im so scared that we're gonna be turned down left and right. despite our credit.

FH & I were approved for a mortgage, no problem, thank goodness. We do not have much debt. I have some credit card debt and the typical student loans. We both make good money for our ages. But they approved us for up to $500,000 based on what the bank thinks we can afford. This is why our economy is the way it is. I CANNOTT afford that type of payment, its like $5,000/month. So people see what they get approved for and are like 'well if the bank thinks i can pay it why not buy a home for that much!' Then 6 months later these people foreclose. I think now they look more into your credit and income or at least I hope they do.

Before any of you start looking for a home, my best suggestion is to sit down with FH and write down every little bill you have. This way you know exactly how much your monthly expenses are. It becomes reality when its down on paper.