Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
2 short sale questions
We moved into my in laws old home about a month ago. We will be paying them on a land contract. as of now we are still paying the mortgage on our condo, We are deciding whether to rent it out or do a short sale. I know there are a lot of factors involved in these very general questions...but just wondering...How long does your home have to be on the market before considered for a short sale...and how badly is your credit damaged? Thank you so much.
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Re: 2 short sale questions
I don't know a whole lot from a selling aspect (we are under contract on a short sale) however, from what I do know you have to provide the bank with some type of hardship package.
An extenuating circumstance has to have occurred, not just that you 'wanted' to move. More like, lost income, or something to that effect. Lots of people are under on home loans, and sellers are having to bring money to closing to cover that in many locations.
I know it's not 'as bad' for your credit as a foreclosure.
GL!
I'm a realtor and you MUST have some sort of financial hardship in order to qualify for a short sale. It can't be because you got married, both own houses, owe more than your house is worth, etc. It would have to be loss of job, heavy medical bills, divorce, etc. Short Sales impact your credit less than a foreclosure. What I've heard in the industry is if you short sale your house, it's a minimum of two years before you can buy again (no lender will lend to you in that amount of time), foreclosure is around 7 years.
And yes, you do need to provide a financial hardship package. They want EVERYTHING. Last 2 years tax returns, car/auto statements, all credit card statements, medical bills, literally everything, even stuff like day care bills (if you have kids, etc)..
Hope that helps!