In a traditional short sale, the review process doesn’t begin until an executed purchase contract is received.
Acceptable and complete documentation of the borrower’s financial hardship and financial information must be provided by the seller or agent and reviewed by the bank servicing the loan.
Q: What is a BPO on a short sale?
A BPO is an appraisal/Broker’s Price Opinion must be completed by the lender servicing the loan to determine current value.
The offer acceptance IS DEPENDENT TO the BPO
Q: Which is worse in terms of effect on a credit score – foreclosure, short sale or a deed in lieu of foreclosure?
All of them will affect your credit. . A foreclosure has the most negative effect. Every bank reports it differently. Most will report it as "settled for amount less than owed". Ultimately, if your credit score is important to you, avoiding a foreclosure should be priority one
Please watch our video “ Help, my home will be foreclosed soon. . can you help me?
Below you will find some of the properties we have closed or are currently active and under contract
Disclaimer For Short Sales & Loan Modifications: Herboso & Associates llc operating: www.Short-Sales-Expert.com, www.ReallyNiceHomes.com, http://ventascortas-shortsales.blogspot.com/, http://activerain.com/blogs/tigreroar ,http://www.trulia.com/blog/fernando_herboso/ is not associated with the government, and its services have not been approved by the government or the consumer’s lender. Your lender may not agree to change your loan and/or agree to a short sale. If you stop paying your mortgage, you could lose your home and damage your credit rating. You can stop doing business with Herboso & Associates llc at any time. You can accept or reject any offer Herboso & Associates llc obtains from your lender. If you reject the offer, you don’t have to pay the company’s real estate commission as outlined in the listing agreement. There is no guarantee you will get the results you seek from a short sale.Herboso & Associates llc does not provide legal advice. Seek legal counsel. Should you hire Herboso & Associates llc, you may still communicate with your own lender. Herboso & Associates llc and any of their representative agents will not charge upfront fees under any circumstances to the homeowner.
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