How long does it take before I can close and move in?
It depends. If you purchase an REO, usually 45 days from the time your offer is accepted. On short sales, anywhere from 45 days to 180 days, depending on the bank.
Why should I buy now? Home prices are still falling right?
We've seen a steady increase over the past year. If you are renting a home now, rates are at their all time lows. If it makes sense to spend a few hundred more on owning versus renting, then make the move. If your job isn't that steady, then hold off. The last thing you want to do is move in and move right out.
I'm not sure if I can get approved. How can I find out?
First off, check your credit with scores. There are a few free sites out there you can check your credit with and pay a few bucks to add on your score. You really want to be above the 640 range. You also want to be working for at least 2 years in the same industry. You shouldn't have too much debt on your credit report. If you do, pay down your credit cards to no more than 30% of your high limit. Also, if you plan on buying a home soon, don't make any big purchases, like a car. This can kill you on your debt ratios. Also visit www.jairamaiya.com they can help you get started with your loan.
How long will it take me to find a buyer for my home?
It depends on your property, the condition, the location and if you have a short sale. There are Banked Owned Homes, Regular Sales, then Short Sales on the market today. Buyers usually prefer Regular Sales, then Bank Owned Homes, then Short Sales. If you have a loan with Wachovia, you are in luck. They are one of the fastest lenders approving short sales now. Once you find a buyer, you can close within 45 days.
Will you have to put a For Sale Sign?
It depends on you. It's a private matter for short sales, so nobody needs to know your business except you. We would however like to place a lock box on your property so its easier for the agent to show your home. Remember, the easier it is to show your home, the faster it will sell.
How do you make money off the sale?
In the short sale, the lender pays us directly. The commission is subject to their approval.
After I sell my property, I need help finding a place to live. Can you help me?
We sure can, we can refer you out to some property management companies in the area. We want to make the process as smooth as possible so you can get back to normal life.
What if its too late and the lender won't accept my Short Sale?
As soon as you get an "NOD", Notice of Default, the time to act is fast. You usually have 90 days from there before you will lose your home. If so, then let it foreclose, an agent will knock on your door and offer you a cash for keys program. You have to move out by a certain date, usually a few weeks after it forecloses. They will give you anywhere from $2,500 to $5,000 to help you with relocation expenses. You just have to keep the property clean, and can't leave any junk behind. The agent will do an inspection, then hand you over a check.
There's so much paperwork involved in a Short Sale, can you help me?
We sure can, i know it can seem overwhelming with everything the lender is asking for. It's almost like the same paperwork they asked for when you first purchased the home. We can assist you and submit all the paperwork on your behalf. We will follow up with the lender and let you know as soon as we hear anything back.