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Excuse me. This is what I was told by my RE agent. I never claimed nor was I adamant that I am correct but this is what she told me... So instead of being snarky about it a simple "jdawg sorry but I dont think you're correct" would have been more appropriate. I may be wrong but at least I'm nice to you.
It wasn't a specific bank. It was just a general conversation. We are selling the house we own now and beginning to look for a new one. A short sale is really our only chance of getting something in the area we'd like to be in, but our agent is implying it's not an option for us because my credit score isn't 740. I've spoken with a lender and I know for sure what amount I will be approved for (this is our second round, the first try at selling our house fell through on the buyers end and I was already approved on a new house, so I know what loan I can get) so it seems odd that even with a lender approval a lower score would be an impediment to purchasing a short sale home. I'm beginning to think our agent just doesn't want to get involved in a short sale.
In my dealings with both buyers and sellers in short sale situations I have NEVER run across that requirement. Banks/investors are interested in the bottom line - how much they'll end up with (and of course that the buyers are qualified to complete the transaction).
If that's what you're focusing on, isn't that important?
Short sales can be challenging and a thorough understanding of the process can make the difference between bringing a transaction to the desired conclusion or not. Also, I suggest you use a RE attorney who has plenty of experience with short sales - same applies here with regard to a successful outcome.
If that's what you're focusing on, isn't that important?
Short sales can be challenging and a thorough understanding of the process can make the difference between bringing a transaction to the desired conclusion or not. Also, I suggest you use a RE attorney who has plenty of experience with short sales - same applies here with regard to a successful outcome.
We've just begun thinking about it. We've used this agent in the past to buy the house we own now, but maybe she's not the right person for this one.
We've just begun thinking about it. We've used this agent in the past to buy the house we own now, but maybe she's not the right person for this one.
Many good, experienced agents have no interest in dealing with short sales, in part possibly because they usually require quite a bit more work/time (in addition to knowledge of the subject). If that is your target, I strongly suggest you find someone who is suitable to your current wants/needs.
BTW, I texted a couple of loan officers I work with regularly, and neither one of them had ever heard of the 740 credit score requirement either--and they've been in the business for a very long time and work for large companies!
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