Short Sale Question
I have the oportunity to try a short sale, but I have one question. Someone told me to ask if they had recieved the NOD letter and they have, what is the difference when they have received that? Someone (I can't remeber who) said if they had recieved that letter that I would have to deal with the lawyer and not the owner. Also does anyone ever contact people that are in the paper with properties in the Trustee sale or is that too late?
I have always heard to negotiate with the lender, not the lawyer, even if they have received the notice of default. You will need to speak to someone in the loss mitigation department.
I am not an expert in short sales although I do have experience with them. The general consensus from everyone is to always deal with the homeowner and bank because the lawyer will not be helpful (also my experience) because he/she will loose their foreclosure fee if the short sale goes through.
So I can still try to do this with the homeowner, who is willing? And not even deal with the lawyer?
You will be working with the homeowner (make sure you know everyone that is on title to the property) and the lender(s). Don't call the lawyer.
ok I will make sure everyone of the homeowners are working with me. Have you done one of these?
Yes, we have successfully closed a grand total of 1 short sale. We are in the process of negotiating two others. One looks really good. The other is backed by PMI and does not look so great, but we are still trying for it!
Good luck!
You have nothing to lose by trying it except a couple of hours of time. It will be a great education. The short sell primer at this site is good and will help get you started. There are also various other courses available.
Post the answers to the following quesitons for a summary of the SS possibility.
Fair Market Value
Cost of Repairs Needed
Number of Months delenquent
Amount owed the first lien holder
Amount owed the second lien holder
Any additional liens
Date of Lis Pendens
Probable sale date
FHA, VA, PMI
Owners are eager to help you with the SS
Brenda