Profile picture for user4787858

Can we get a 30 year fixed rate conventional mortgage on a short sale?

My husband and I recently have a contract on a home that is a short sale. The house is being sold "as is." We were preapproved for a 30 year fixed rate mortgage through Fannie Mae. We got to the appraisal and the underwriters from our bank said that in order to grant us the loan carpet needs replaced through out the house, paint the walls, clean house, yard and swimming pool. Now, these are not bad things but they must be done before closing. We absolutely refuse to put money into a house we do not own and the homeowners will not do anything either. Our bank blames it on Fannie Mae. The house was appraised for higher than the purchase price. What do we do? Are we going to be stuck in the same situation if we switch lenders?
  • August 14 2013 - Ocala
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (1)

The fact it is a short sale or regular sale makes no difference at all. You are buying a property and so you have to get a loan -- ANY kind of loan or cash will do. Often "as-is" homes mean there are repairs needed and the seller is not willing to do them. These repairs can often make a lender unwilling to give you a loan. Just another headache of buying bank owned or short sales.

tim
  • August 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.