2 Weeks For Auction
How do you handle the situation when the auction is too close? I just got 2 SS leads and the auction is dec 17.
I would normally send them a low price (65% of current value) contract and work on the SS while trying to get a end buyer. A low offer may not be enough incentive for the lender to postpone the sale. I was told to send a FMV offer from friend "Joe Buyer"; this may get the sale postponed; Joe then changes his mind on buying (!) and that would give me little more time on hand??
If you have the seller on board and an agreement, call the foreclosing bank and ask if they will accept the short sale and ask them to send you their short sale package. When you return it with all the pertinent information make sure on the cover page, you clearly show that the auction is on December 17th.
Most likely if they are going to consider your offer be it lowball or FMV, they will postpone the auction.
I had an auction postponed about 4 hours before it was to occur.
Good luck.
Around four months ago, Countrywide was acquired by Bank of America. Since then the former CW staff has been reduced by about 35%.
Underwriting rules that were in place in July have been replaced by the Bank of America rules.
With new rules and staff reductions, I am not surprised that you would have to start all over.
short sale pro, please explain the TILA violation that you mentioned.
thanks
"please explain the TILA violation that you mentioned"
Some industry experts claim 50% of the loans written in recent years, and subjected to forensic loan audits contain violations to state or federal truth in lending laws. Some (MANY) have predatory characteristics.
These violations can be used as leverage to compel lenders to the negotiating table.
for more information: www.spoch.org, then click on cramdown
Thanks!