I get this questioned asked ALOT!! You submitted your short sale package and get a counter offer, the lender wants your seller to contribute to the loss and you do not know how or why. Afterall, your seller gave you their financials and they have NO money.
Not so fast.... The lender might know more about your seller than you do. The lender pulls the sellers credit and sees that they have a strong credit score. This could be your issue.
On the other hand, many of the lenders are going to start asking for less documentation if the credit score is below a certain threshold. Only need to send them the contract, HUD and listing agreement. Makes sense, if the sellers score is 400, it is most likely that their finances look the same and they won't have anything to offer the lender anyway.
So, the next time you get a counter asking the seller for their financials, find out what thier credit report looks like, that could be the issue
**********************************
like buttons
Replies