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Old 04-26-2009, 08:46 PM
 
Location: Port Charlotte, FL
301 posts, read 1,131,602 times
Reputation: 119

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Quote:
Originally Posted by SoFLGal View Post
Has the Realtor turned in the complete short sale package? If one piece is left out it will go back to the bottom of stack and they'll deal with another case that has a complete package. If your offer was rejected then I'm guessing the package was complete.

How experienced is the other Realtor in dealing with short sales? How many have they closed? We are certified to deal with short sales and have closed many.

Is there a second mortgage? Properties with 2nd mortgages almost never work out because the first usually offers the second $1K or less and the second almost always refuses and just wants to foreclose.

Have your Realtor do a BPO/CMA on the property. Is this figure pretty close to your offer? If not, it will most likely be rejected. This is how the bank determines the price of the property: 20% on either side of living square footage, 5 years on either side of age, if it's an urban area you can go out a mile for the subject property, suburban is 5 miles and rural (North Port for example) 10 miles. The closer the comps the better. You can go back 6 months in sales but banks prefer them to be 3 months or less since the market is changing so rapidly. Then the Realtor should use the most similar comps that come up. If nothing comes up then you adjust year built, miles, etc slightly until you come up with something. Have your Realtor run the comps like the above and see what she/he comes up with. This will give you a pretty good idea of what figure the bank will come back with. Now, in short sales I have seen some banks that are just completely out of line with their figures.

And lastly, 95% of all short sales fail and end up in foreclosure due to lack of knowledge of the Realtors, unwillingness of the banks to cooperate, etc. You may get a better/quicker deal once the home has gone into foreclosure.

Good luck with it!
We sure hope ours fall into that 5% success rate using your expert guidance!!! Please please please make this work for us!!
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Old 04-27-2009, 02:21 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,830,010 times
Reputation: 1253
Quote:
Originally Posted by jvelte View Post
We sure hope ours fall into that 5% success rate using your expert guidance!!! Please please please make this work for us!!
jvelte, did you offer on either of the two houses I was looking at for you? DM me when you have a chance and let me know.
Thanks, BH
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Old 04-27-2009, 05:13 AM
 
Location: Palm Island and North Port
7,511 posts, read 22,532,469 times
Reputation: 2871
Quote:
Originally Posted by jvelte View Post
We sure hope ours fall into that 5% success rate using your expert guidance!!! Please please please make this work for us!!
I'll do what I can for you. Maybe wave the magic short sale wand! Seriously, I'm gonna check up on it today. If there's any news I'll let you know
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Old 04-27-2009, 08:12 AM
 
Location: Port Charlotte, FL
301 posts, read 1,131,602 times
Reputation: 119
Quote:
Originally Posted by SoFLGal View Post
I'll do what I can for you. Maybe wave the magic short sale wand! Seriously, I'm gonna check up on it today. If there's any news I'll let you know
Thanks
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Old 04-27-2009, 10:04 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,830,010 times
Reputation: 1253
Quote:
Originally Posted by SoFLGal View Post
I'll do what I can for you. Maybe wave the magic short sale wand! Seriously, I'm gonna check up on it today. If there's any news I'll let you know

Jvelte,
As usual, Ur in luck!

SoFLGal,
Since you are the good witch! I'm sure you wont grab the wicked witch wand, that makes the prices go up! Oh, and next time we do the meet up, wear those emerald green shoes! I just love them! j/k
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