Short Sale VS REPO

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Short Sale VS REPO

WHAT IS A SHORT SALE???

Thinking of buying a Short Sale home or Multi dwelling?? Not sure what the term means??
Short sales are homes that the seller owes more then it is worth and the listing agent contacts the bank that the sellers have their mortgage with and tries to negotiate a offer from a buyers agent to buy the home at a market value to currant pricing.

Sellers need to fill out paperwork from the bank to get the short sale approved most have to be behind in payments, must have lost a job or have reduced employment, short sales are for sellers that have had a hardship

BUYING OR SELLING,CALL NADIA TO HELP YOU 909-466-9994

BUYERS MAKING OFFERS ON SHORT SALES

     Buyers should have a good agent to help them negotiate the short sale with the sellers agent , currant home trends and condition of property are also important when writing the offer.
     Some banks will pay some buyers closing costs and this too should be in the contract.

      Most Short Sales take 4-14 weeks just for approval!! And.... that does not mean you will get the price that is agreed upon by buyers and sellers

CALL NADIA TO HELP YOU   909-466-9994

BUYING A HOME~~ WHAT DO YOU NEED

Do you have any large bills?-- The way they qualify you is-- all your bills plus house-rent payment then a third goes for the mortgage- they will need proof with your tax returns including WW2's plus any car payments credit cards and even 401 k payments or what they take out of your pay check ---- so add up what you bring home --minus all monies that goes out that is on a monthly basis (utilities not included or food or gas or baby-sitting) ( but I personally would include these!!!) --then check the bottom line --take the bottom line and divide by 3 --that is what you can afford as a house payment! --Also there can be no lates on bills (maybe 2 lates in 2 years) also you will need 3 1/2% down --plus... 3-4 months reserves to show for the bank-also maybe closing costs which run about 3-4% and depending if the seller will pay???? -----Now tell me again the price range you feel comfortable paying per month?? As a monthly payment

WHAT IS A BANK REPO???

These are properties that have already gone back to the bank , they have the property . When you write an offer the bank asset managers will be the ones reviewing your offer. Again condition and market area solds play a factor on the accepted price ,can take 3 days to 2-3 weeks for an answer.

CALL NADIA TO HELP YOU 909-466-9994