Short Sale Information Needed.
I currently live in El Cajon (suburb of San Diego) in my three bedroom, two bath condo purchased for 320k in Feb 05. The first is 256k and second is 64k with Wells Fargo on both, both as interest only. I am current on payments, HOA, & taxes. Previously other condos in my complex have short sales for 275k. My work has me moving out of the country before the end of the year, and is purchasing my condo for fair market value if it has not sold in 120 days. I am not expecting it to be appraised for the amount I owe on the property. When I called and talked with Wells Fargo, I told them that I would be willing to pay the additional amount not covered by the sale, but they said that unless I had the rest at closing it would not even be considered. I checked to see about securing a loan, but most lending institutions were not willing to loan an amount near 50k without collateral such as real estate. When I asked about the short sale option they said that there would have to be an offer on the table, the realtor fees could not be more than 4%, and I would have to pay at least 2000 dollars toward the deficient amount. These seemed a bit outrageous that instead of allowing me to secure a separate loan from their consumer lending division after the sale, they would take the loss. Any information or advice would be greatly appreciated.
I live overseas, now, and sorry to hear about this.
Have you tried and of the smaller lending institutions, such as the Permaculture Credit Union, and online banking instituion in New Mexico?
They established a bank account for me from overseas, never evenmet me in person, and gave me a reasonable signature loan -- even as a "C" credit borrower, immediately -- which I have already paid back to them in full, ALL ONLINE and through the FAX.
In the days of Post 9/11, this is rather uncommon, I believe.
There is a good chance of getting out from underneath this property through a short sale. Potentially with no outstanding balance. You can talk to a local realtor that specializes in short sales or call our office. We have assistanted a number of people outside the country complete a short sale.
Hi bigdredd,
How did your transaction go?
souza-ga
Sweet!!
Congratulations!
Could you share the details about your deal?
Thanks,
souza-ga
Accurint is the best website to find anyone, phone #s, even aleins, sometimes!
I use Merlin.
Are they pretty reasonable?
Do they require a business address?
What do Accurint and Merlin charge for their services?
Accurint required a physical business address, so that nixed that for me.
I spoke w/ Merlin today. Atleast the rep I talked to is willing to sigup home business, so long as you you look legit. license, entity, bank account.
I just checked out Merlin. They sure do ask for a lot of info. If it works as advertised it would be a great help.