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Replies (20)
- Scott Berglund, "pvhomes"
- Contributions:488
Some have better luck, some do not. Be aggressive.
It all depends on the bank. Some are much more cooperative than others. It also helps if you stay in constant communication. Good luck!
- Chipperman
- Contributions:1
We have be processing short sales in New London county for a number of years. I believe we had more success then anyone else. We have successfully close more than forty short sales recently.
- Scott@Penner Law -Hartford Title-, "pennerlaw"
- Contributions:280
They are difficult, no question. It depends on how the bank is feeling - if they feel they can do better through foreclosure, or if they think you're not being truthful about your finances, they're DOA. They also tend to be a lot of work for the attorney's and agents involved, without any guarantee of a payoff. That being said, if you can get one through, it's a heck of a lot better for the consumer than a foreclosure is.
- asugradinwa
- Contributions:37
Should be hearing back from the bank in mid October (they wanted 45 Business days to process) so I'll let you know how it all goes.
- Linda Strasberg, "L Strasberg"
- Contributions:2314
Short sales are no different than doing any other real estate sales transaction. Everything is exactly the same.
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
short sales are NOWHERE near traditional transactions. They take TONS more time, paperwork, handholding, and dedication. Nothing is the same... perhaps you are thinking of REO's linda? Anyhow, if you are finding it difficult, they best suggestion i can offer you is to have THE MOST COMPLETE SS PACKAGE put together, so once they finally review it, they won't ask for "extra stuff" I have gotten SS's approved in as little as 3 weeks, and as much as 6 months, it all depends on how complete the package is, and how much of a loss. If you need help with packages, there is a NAR recognized designation, CDPE... Certified Distress Property Expert. CDPE.com.... check it out! and GOOOD LUCK! :)
- Renee Sabath, "Renee Sabath"
- Contributions:337
I have been closing %100 of my short sales (knock on wood). Yes they do take a lot of work and the listing agent must be very detail oriented and able to stay on top of things. When I list a short sale I 1st go over all the personal circumstances with the owner to make sure that a short sale is right for them. Once we list the property I screen the potential buyer's or buyer's agents to make sure they understand the process they will be entering into. It is not a situation to enter into lightly and the committment of the buyer is what keeps the whole thing together ultimately so this step is very important to me in order for me to protect my seller.
Then I spend an enormous amount of time following up with the bank. Weekly and sometimes more often because many of the banks are so back logged that a file can be virtually lost in the shuffle if no one is making contact. Follow up is one of the most important aspects of getting the short sale approved. It is definately not for everyone but a great many sellers now a days can find relief and I am happy to help.
I hope this helps. Please feel free to contact me in the future.
Then I spend an enormous amount of time following up with the bank. Weekly and sometimes more often because many of the banks are so back logged that a file can be virtually lost in the shuffle if no one is making contact. Follow up is one of the most important aspects of getting the short sale approved. It is definately not for everyone but a great many sellers now a days can find relief and I am happy to help.
I hope this helps. Please feel free to contact me in the future.
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
RIght on Renee! :)
- Cameron Foster, "Cameron The Prop Net"
- Contributions:37
Short Sales are difficult. But the thorough, and agressive. Obtain the neccessarry information to put together a complete Short Sale package. Once submitted, stay in regular contact with the bank. Get names, phone numbers, and emails, as they are always changing. And be consistant. The last thing you want is to do a lot of work, but not follow through, and not have it approved because of it.
Gooood Luck....(are things better since you first posted your question?)
Gooood Luck....(are things better since you first posted your question?)
- Linda Strasberg, "L Strasberg"
- Contributions:2314
Short Sale Directives...alternative to foreclosure
If you know what you're doing...it's a piece of cake
If you know what you're doing...it's a piece of cake
- Frank Festa, "Frank J Festa"
- Contributions:1188
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. In a short sale, the mortgagee agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The mortgagee will incur a smaller financial loss than foreclosure or continued non-payment would require. Multiple levels of approvals and conditions are very common with short sales. Short sales are different from foreclosures in that a foreclosure is forced by a lender, whereas both lender and borrower consent to a short sale. However, this consent may change at any time, and negotiations may be ongoing between the lender and borrower even while the short sale is on the market. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Good Luck!
- Frank Festa, "Frank J Festa"
- Contributions:1188
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. In a short sale, the mortgagee agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The mortgagee will incur a smaller financial loss than foreclosure or continued non-payment would require. Multiple levels of approvals and conditions are very common with short sales. Short sales are different from foreclosures in that a foreclosure is forced by a lender, whereas both lender and borrower consent to a short sale. However, this consent may change at any time, and negotiations may be ongoing between the lender and borrower even while the short sale is on the market. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Good luck!
- Linda Strasberg, "L Strasberg"
- Contributions:2314
Forms that your accountant needs to file following a short sale re mortgage debt forgiveness
You will be required to wait three years before being able to become a homeowner again after completing a short sale on your property...it is a good idea to make timely payments to creditors following a short sale to reestablish your credit.
Ask your future landlord to report to credit bureaus your timeliness in paying your rent.
The new standard short sale procedures require lenders to offer a short sale prior to foreclosing to homeowners when a loan modification can not be worked out.
You will be required to wait three years before being able to become a homeowner again after completing a short sale on your property...it is a good idea to make timely payments to creditors following a short sale to reestablish your credit.
Ask your future landlord to report to credit bureaus your timeliness in paying your rent.
The new standard short sale procedures require lenders to offer a short sale prior to foreclosing to homeowners when a loan modification can not be worked out.
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
Trust me, I know what I am doing LINDA... don't belittle the original poster by saying they are EXACTLY the same and they are a "piece of cake". IF you know what you are doing, then you would know THEY ARE NOT EVEN CLOSE TO BEING THE SAME. In a "normal" transaction, do you need lenders approval? Do you need to wait for weeks or sometimes MONTHS to know if you have a deal? Do you need to ask the homeowner to submit TONS of personal information?? ...shall i go on?? IF you know what you are doing, YES, things go smoother and faster. It's never easy dealing with someone in distress. YOU FEEL FOR THEM (or at least you SHOULD, Linda), you hold their financial future in YOUR hands, don't degrade it.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Thank you Linda for the IRS information. Regards,
- Linda Strasberg, "L Strasberg"
- Contributions:2314
The beauty of being a Realtor here is one gains knowledge and experience very quickly when interested in these areas especially...anyone who doesn't have the know how to accomplish these transactions shouldn't be in this business in my market....short sales will be the standard listing for the next year here.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Your chances of success with the seller's mortgage lender improve if your communication with them is organized and complete. Your first contact with the seller's mortgage lender's "loss mitigation department" is crucial in making a good impression. You'll want to send them what's called a "Release" or "Authorization to Release Information" already signed by the seller, which allows the mortgage lender to talk with you about the seller's mortgage. Keep up the good work, Linda. Regards,
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
linda - who are you referring to?
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Why are y'all fighting over a six month old thread?
Don't stop!
I'm just wondering.
Don't stop!
I'm just wondering.
short sale
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