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an underwriter checks everything out to make sure your income, job stability, credit, debt to income ratio. etc is worth you having the loan. You don't interact with the underwriter but a lender will get you a go between or ask for any documents needed themselves. the fact that it's a short sale shouldn't make a difference all mortgage loans have to go thru underwriting.
what does it mean when a short sale is on the underwriters desk?
Quote:
Originally Posted by bates2000
I am paying cash for the house.
It likely means the servicer has decided the sellers possibly qualify for short sale consideration, & they are now finally analyzing your purchase offer.
The investor behind the note would be taking a very hard look at the most recent BPOs, & they're determining whether your cash offer is close enough to current fair market value (less whatever repairs might be required to bring the property back up to average, quick sale condition as an REO).
At this point, you may see a counter offer come down the line, depending on exactly how strong your offer is.
Until all the issues are resolved. But since you don't have a loan there is nothing you can do, since you have not been asked to submit documents, that's what they normally do, request things.
I guess short sales are different and you have no closing date, right? Because in a regular loan things are usually thru underwriting within 19 days of closing.
i have had 2 closing dates so far.. I have one on the 31st of this month .. i know it is not goin to happen.. Short sales take forever.. i just want to know if they goin to accept or counter offer.
i have had 2 closing dates so far.. I have one on the 31st of this month .. i know it is not goin to happen.. Short sales take forever.. i just want to know if they goin to accept or counter offer.
How can you have a closing date if the offer has not been accepted, is this normal for short sales?
Yes a normal short sale. I just keep extending my real estate contract and each time there is a different closing date. Also we r not using a mortgage company. We r buying the house out right
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