If you're in the process of waiting for lender approval on your short sale offer, you maybe in real estate limbo, what I refer to as the "short sale" waiting game!
It's that that period of time after you've submitted an offer to the sellers, which they've accepted and now the offer/purchase agreement is somewhere in real estate la-la land.
This time period can be crucial for your own success on a short sale (or any real estate purchase for that matter) when it comes to playing the waiting game. Although I do think the short sale process is getting better today than a year or two ago, waiting for an approval can take from two to six months. You want to be sure to not do anything that would impact your qualifying rations or your FICO scoring.
Here's a short list, I'm sure your lender has more:
1. DO NOT change employment, don't make any job changes without discussing it with your lender first.
2. NO major purchases, and yes it can be hard to resist, especially when you need a washer and dryer for the new place, right?
3. NO new credit, yes even if they give you a discount for that new washer and dryer...it can wait!
4. NO large deposits into your account, nothing other than your "routine" deposits. If you sell a car or something like that, be sure to paper trail large amounts and talk with your lender before you make any unusual deposits.
5. NO co-signing for anyone under any circumstances!
6. NO paying off debt without talking first with your lender. What sounds like a good idea may leave you short for important reserves needed at closing.
So that just about sums it up for the short list, more importantly SPEAK WITH YOUR LENDER FIRST, (I'm the REALTOR, not the lender) before you do anything (even if it makes sense) during your short sale waiting game...or any home buying process.
If you're a home buyer or seller I'd hope you would check out my other 2-Minute real estate videos here:
- Understanding the CA Real Estate Contract
- Home Buying in a Southern Cal Association
- Real Estate Terms for an Upside Down Market
- 2011 The Year of the Short Sale?
- Selling Short? CA Sen. Bill 931 Can Help
- Southern Cal Home Buyer & Home Selling Disclosures
- Southern Cal Home Buying Inspections
- Protecting Your Family ~ Megan's Law for California
- Southern Cal Home Buyers Real Estate Walk Through
- Southern Cal Probate Home Sales
- Select a CRS = Certified Residential Specialist
- Driving Direction to Preferred Home Brokers for Southern Cal Real Estate
If you're ready and need help with home buying or selling in Southern California, contact me, Lynda@PreferredHomeBrokers.com Text or direct (714) 595-1494. My company Preferred Home Brokers is celebrating our 35th year representing home buyers and sellers in the Southern California market place. You can speak with me, or any of the Preferred REALTORS, our toll free number is 800-871-9798.
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