Short Sales, average profiles???
Hello Board,
I am in Dawn and Sharon's short sale online class at this time. I have spoken to 4-5 NOD's, they all have this in common. They all have two loans, property in excellent cond, no equity, and have either filed BK, or will do so very soon. How do I deal with the BK issue, and also when a property is listed with a relator? By the way, for what it is worth, you CAN loose money in real estate, I have made dollars, and I have lost alot of them from time to time. This is an excellent forum, all you veterans give us rookies much needed advise, we appreciate your time very much. Never stop learning.
Jeff
Hi Jeff,
Good questions...... First of all, if a property is listed, you must get the homeowner out of the listing. It is VERY difficult to do a short sale if you have to teach the Realtor how to do it. They don't usually understand them and therefore think they are illegal.
As far as bankruptcy goes.... if they have not yet filed, you can use it as a tool to stall the foreclosure. We will be talking about that in the next few weeks. The homeowners file a Chapter 13 and then roll it to a 7. It can buy almost a year.
As far as 2 loans. If the first is low enough, just short sale the second and make the deal work from there. A low first knows it is in a good position and may not as inclined to take a loss. Second's know they get wiped out at the sale and are always inclined to walk with something rather than nothing.
Talk to you Monday
Dwan