Newbie In The Dark....
Okay, I've subscribed to a forclosure publication, I've got a list of realtors that have bank owned listings, I have a list of owners going into foreclosure, I know what I can afford, but I don't know where to go from here. For a first time purchaser, who will lend me the money within a few days? What is this short sale everyone is talking about? What are the terms of a short sale and how and with who do I apply for one? Will fannie mae or sony mae or the fha finance a short sale? someone help me out please!
first of all you NEED to get financing in place. Once you have that then you KNOW what you can afford. If you know now then you must have cash. But you are asking about financing. So call a broker and find out what LTV you can be approved for. Then you will know what you can afford.
Example:
cash on hand: $150,000.00
Sale price: $75,000.00
LTV @ 80% =$60,000.00down payment $15,000.00
LTV @ 90%=$67,500.00 down payment $7,500.00
so that you don't use all your working capital, you better sit down and design a business plan
Then you can start deciding what to do next
Lori
[addsig]
The better place to post the same question would be at the short sell forum. Try posting there and watch more responses coming your way. Good Luck!