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A few weeks ago, I bit the bullet and decided to try to buy a local short sale. I'm a first-time home buyer. We offered well above the listing price and aimed for an amount that was in the ballpark of what homes in the neighborhood are selling for. They accepted, and I made my EMD and am having an inspection done today. I know I could lost the $ for the inspection, but I'd rather do it now instead of wait until the bank (hopefully!) approves and find out that the house has major issues.
Anyway, I've pored over these forums - they've been so helpful! One think I've noticed is that most of the people who are posting timelines and threads about their short sales are dealing with properties that have liens by Chase and BoA. In my case, there are two mortgages; both are from Quicken.
Does anyone have an inkling about Quicken's reputation regarding the short sale process? Googling only turns up Quicken-created blog posts about how fast they supposedly are at closing - I can't find solid info about people who've successfully purchased short sales that involves liens/mortgages by Quicken.
I'm new to this, so I hope this question makes sense! =)
Quicken may be the originator of those loans, who knows who the servicers currently are. They use to keep about half.
Who are the investors is more important when it comes to knowing how long this will take and what trouble you may face. (Fannie, Freddie, conventional other) Are the sellers eligible for HAFA?
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