Does giving our fico score,cash down number help while making an offer to a short sale property ?
John P asked:
I have a very good credit and 20% cash down for my home.
I am planning to make an offer for a property which I liked, so during the offer does it help if I give my FICO score and how much cash I am willing to pay for the property? (lets say its 20%) of the property ?
Not really…the acceptance will be based on the size of the offer – you should, however, probably walk in with a pre-approval (not a pre-qualification). The down payment only matters to your mortgage company – the bank selling is going to get cash either way and they won’t really care as to the source of the cash.
no they will just look at the numbers. BUT most will not even entertain the offer with out a pre approval letter with the offer
A short sale lender will absolutely want to see all of the financial information of the buyer before they agree to a short sale agreement. They want to make sure that you are able to perform before making a commitment to sell at a lose.