Considering A Short Sale Purchase?


 

Here are a 5 tips to help a short sale flow smoothly while waiting:

  1. Do continue to use credit as usual, but do not max out credit cards or revolving accounts because chances have it, the initial credit report for preapproval will have to be reviewed again before closing

  2. Keep your lender updated with recent paystubs and bank statements through out the waiting period. Be careful about large deposits and odd transactions that are red flags.
  3. Do have your agent keep in touch with listing agent frequently even if there are no new developments.
    4.  
  4. Be prepared for the bank to not accept or counteroffer your initial offer with the seller. I have seen banks raise price, reduce seller concessions, and flat out reject an offer.
    5.   
  5. Be patient and don't take the lack of movement early on in the process as an indictment against you or your offer.   

Navigating a short sale purchase requires help from an experienced loan officer, Realtor, and title company. Call "Your FHA and VA Loan Expert" at (703)497-3936 to help take away the stress of purchasing a short sale home .