short sale: Rules Change for Financing After Short-Sale or Foreclosure
- 08/11/14 12:54 AM
Rules Change for Financing After Short-Sale or Foreclosure Change to Fannie Mae Rules For Financing After a Short Sale (8/16) Effective with loan applications dated August 16, 2014 there is an important change to how Fannie Mae determines eligibility for home financing after the borrower has had a short sale. Currently if the borrower had a short sale over 2 years ago AND has 20% down payment then the borrower is eligible for a new Conventional loan without having to document an extenuating circumstance. The new rule is more restrictive and no longer allows borrower’s to obtain financing after 2 years unless an … (1 comments)
short sale: A Short Sale Can Be Like a Long Engagement
- 06/28/11 02:51 PM
When I am working with a client that is interested in buying a house in Melbourne, Florida that is a short-sale, I explain the process and time involved so that the client enters into the transaction with realistic expectations. Since a short-sale purchase requires 3rd party approval by the lender(s), the contract states a time period that the buyer agrees to wait to receive short-sale approval. After that time expires, the buyer is free to terminate the contract and move on. However, with short-sales, unforseen delays can happen and the buyer may choose to wait longer to receive the short-sale … (2 comments)
short sale: What Is A Short Sale?
- 01/11/11 04:16 AM
What Is A Short Sale? As a real estate agent in Melbourne, Florida specializing in short sales, I work with buyers to help them understand the process of purchasing a short sale home. Here are some frequently asked questions: What exactly is a short sale? The term short sale simply means that the homeowner owes more on the home than its current market value, and the homeowner is facing financial hardship leaving them unable to pay the difference between the selling price and the amount owed. In this situation, the bank or lenders holding the mortgage must also agree to accept … (8 comments)
short sale: Proactive Short-Sale Listing Agents Required
- 11/09/10 11:03 AM
If you are considering listing your home as a short-sale or considering buying a short-sale property, it is important to first consider the qualifications of the listing agent. In order to avoid foreclosure and get the property to successfully close, the listing agent must be proactive throughout the entire process as time is of the essence. Upon receipt of a buyer’s offer is not the time to begin gathering the necessary documents required for the short-sale package, nor to qualify the seller. Here is just some of the important information a listing agent must have to successfully process a short-sale. 1. … (4 comments)
Rules Change for Financing After Short-Sale or Foreclosure
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