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I'm in contract for a short sale and shopping around for a mortgage. At this point I'm torn between working with a broker or dealing directly with a lender like Wells Fargo. Does anyone have any experience with this? Is there any difference between a short sale and a regular sale with regards to how financing is obtained?
It doesn't make any difference once you're under contract. I was told that it may be a good idea to get your pre-approval with the same lender that is handling the short sale, as it shows that you're qualified based on their standards. We were pre-approved through Wells Fargo (which held the seller's loans), then went shopping for the best rate once we were under contract. We ended up going with a mortgage broker, who funny enough, got us a loan through Wells Fargo, for a percentage point less than they had quoted us.
The only difference is the quality of service you will recieve. I like being able to call the mortgage broker on the weekends and get an answer if needed vs waiting until Monday morning when the home could already be gone. As far as financing the fees may be different but it doesn't really affect your offer in the short sale.
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