Friendship properties has ...

Mon, 12 Oct 2009 17:22:00 GMT

Friendship properties has the basics down for you, except the bank might not have final say. It goes to the investor from the bank. It might even go to the insurer for final approval.

I'll start with selling (in ...

Thu, 04 Jun 2009 07:15:00 GMT

I'll start with selling (in a nutshell)

- Put the house on the market with a Realtor, and priced competitively 'As Is'.
- Realtor get Power of Attorney to talk to your lenders about your loans, and requests a 'Short Sale Package' (aka list of documents to proof you are 'broke')
- Once an offer is received the Realtor should recommend you sign the contract or not sign the contract, depending on the potential for acceptance.
- If you sign the contract, the property is put under deposit and submitted to the bank for approval.
- Bank assigns it to a Loss Mitigator
- Bank sends out a BPO Agent / Appraiser to assess As Is condition.
- Bank takes 2-4 months to decide if the offer is fair (why so long, we'll never know)
- If bank accepts they provide an Approval Letter and request closing in 30 days or less.

Buying or selling?

Thu, 04 Jun 2009 04:55:00 GMT

Buying or selling?

Zillow Advice: Buying Foreclosures - PLEASE EXPLAIN SHORT SALE PROCEEDURE

Friendship properties has ...

I'll start with selling (in ...

Buying or selling?