What every Buyer needs to know about Short Sales - #5

Pre-qualify, pre-qualify and pre-qualify again – You will need to submit proof of loan qualification not only at contract inception, but every 30 days thereafter. Pre-qualification letters are only good for 30 days, and you will need to continually reassure the Short Sale Lender that your qualification status has not changed. You may also need to pre-qualify with the Selling Lender prior to their accepting your offer. During that time, DO NOT FINANCE ANY MAJOR PURCHASES such as cars, furniture or appliances. Check with your lender to see how this process will affect your interest rate.