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All I hear anymore are horror stories about short sales. They take too long, paper work is all messed up, deadlines are missed, banks never respond, multiple offers, etc.
Does anyone have a short sale story that actually closed?
Last edited by EllenArlingtonPark; 07-30-2009 at 10:57 AM..
Reason: typo
Each bank is different. I've heard Chase Bank is very responsive. I don't want to speak negatively about any particular bank or company, but I personally had bad experiences with a bank who's name rhymes with Mawshington Wutual. WountryCride was even worse.
I've closed 7 of them. Haven't lost a deal. The key is setting the proper expectations for both buyer and seller, making sure you have ALL the paperwork needed for the lender (loss mitigation packet, contract, etc) and treat the person at the bank like a human being. Too often, Realtors pick up the phone to yell at the person at the bank.
I've closed 7 of them. Haven't lost a deal. The key is setting the proper expectations for both buyer and seller, making sure you have ALL the paperwork needed for the lender (loss mitigation packet, contract, etc) and treat the person at the bank like a human being. Too often, Realtors pick up the phone to yell at the person at the bank.
Most often my experience has been that there are multiple offers and it takes too long. Most buyers I have had do not want to wait that long and then find out they did not get it. Thanks for letting me know it is working for somebody!
I get a kick out of the people who are financing multiple houses to make a killing, it ain't over and might be 5-10 years until you can clean up. I'm buying cash because I can hardly get 2% on that cash.
I've closed 7 of them. Haven't lost a deal. The key is setting the proper expectations for both buyer and seller, making sure you have ALL the paperwork needed for the lender (loss mitigation packet, contract, etc) and treat the person at the bank like a human being. Too often, Realtors pick up the phone to yell at the person at the bank.
I would have to agree with this statement; it seems to me that you have
landed 7 pretty good deals which are hard to come by.
Quote:
Originally Posted by EllenArlingtonPark
Most often my experience has been that there are multiple offers and it takes too long. Most buyers I have had do not want to wait that long and then find out they did not get it. Thanks for letting me know it is working for somebody!
I would pick out cash offer over financing to speed up the sale on your part,
otherwise you won't collect your commission until deal closes.
Many times short sales are delayed because of this complexity; the financial
issues of the homeowner/property which are sometimes difficult, if not some
what impossible to solve therefore rendering a dead deal at the end.
It's pretty simple to see the outcome of a short sale provided all specifics are
spelled out from the beginning. At least as a realtor you will know which course
of action to take from the start without wasting your time and $$$.
I have closed many in the last year and a half. And have lost some very stupid ones. One like we had an offer for $217,000 and Ocwen foreclosed and it sold for $190,000. Or where CW wouldn't take $975,000 cash and sold it for $808,000....Or the one with AHMSI that won't look at my offer until it's 2 months from a foreclosure date. There is no foreclosure date, we have been waiting 6 months...
The trick is to ask more questions. What type of loan this is, when can we expect an answer on ? What happens next, where are you? Where is the negotiator? When should I call back?....
seller accepted our offer 7/10, short sale package delivered to lender on 7/16, bpo was done on 7/22, and now we have word the the 1st mortgage holder has approved the short sale on 8/6. now that was fast, but there is a 2nd on the house in the form of a homeowners line of credit and we are told that it could take up to another 60 days to get an answer. we believe the 2nd is with the same lender as the 1st so shouldn't that speed up the process? I cant figure out why the same dept (loss mitigation) wouldnt be handling both approvals?
My short sale home purchase was completed in 9 months and 10 days from original contract signing to closing. As a buyer, I still looked at other homes and expected a negative answer from the bank. After months and months of the typical short sale problems (lost paperwork, resubmissions of paperwork, unreturned phone calls, etc) I kept my offer on the table only because of the principle. I was demanding the bank give me an answer, yes or no, but an answer and I refused to withdraw. I finally got my answer and now live in this house.
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good to hear
