Where Are Short Sales Going?
I'm writing this probably more out of frustration than anything but I've done several short sales with great success but over the last two months I've found lenders to be much more difficult to work with. Don't know if I've just had some difficult lenders out of the whole bunch.
I.E. Had one with National City. The house has been on the market for over a year and won't sell. Yep, it's priced too high but the sellers need it to get out of debt, etc. Well, the lender had me use the realtor in conjunction with the BPO appraiser. The realtor and I spoke several times and were very much in agreement on the SS strategy. Well today I learned that the sellers have a workout plan with the lender (which I am very happy for. The sellers felt guilty about keeping their house after the work I had done for them. Go figure. I told them I'd much better see them keep the house but if not I'd try to help them.
Anyway, today I also learned that if the workout doesn't work the lender wants to do a short sale using the realtor and cut me out.
With interest rates eventually going up wouldn't lenders be more motivated to cut these losses and loan out the $$$$ at higher interest rates. Or are more lenders going to find more creative ways to protect their losses and do fewer short sales??????????
Sharing my frustrations-jim 
Jim, I have to commiserate with you. Short sales are hard work. I'm jacking up my fee on my next one... from $5k to $7K
No pain no gain. Hang in there. I'm doing one with Countrywide, they are sneaky.
Good luck,
Rob Paddock In Wisconsin
Quote:
On 2004-02-12 15:54, robpaddock wrote:
... I'm doing one with Countrywide, they are sneaky.
Good luck,
Rob Paddock In Wisconsin
Rob,
Can you elaborate on your experience with Countrywide? I'm doing a short with them now - any advice on what to expect is appreciated.
Cheers,
Storm
robpaddock,
You charge to do a short sale? Who are you charging? The sellers? Or other investors that want you to negotiate a short sale for them?
Countrywide has a smart loss mit dept. You go in armed with the right info. and the proper procedure and you won't have any problem as far as I can tell. if not they will stall.
They know they can go to their REO ammunition if they have too.
KEVKARB,
I charge my buyer $5-$10K Depending on the size of the deal. Assignment Fee.
Quote:
On 2004-02-12 22:38, robpaddock wrote:
KEVKARB,
I charge my buyer $5-$10K Depending on the size of the deal. Assignment Fee.
How do you assign short sales?
Quote:
On 2004-02-12 22:44, reibyme wrote:
Quote:
On 2004-02-12 22:38, robpaddock wrote:
KEVKARB,
I charge my buyer $5-$10K Depending on the size of the deal. Assignment Fee.
How do you assign short sales?
It's not really an assignment fee. My buyer is a long-time friend and we have a consultation agreement. I am sorry for using the wrong terminology.
[quote]
On 2004-02-12 23:00, robpaddock wrote:
Quote:
On 2004-02-12 22:44, reibyme wrote:
Quote:
On 2004-02-12 22:38, robpaddock wrote:
KEVKARB,
I charge my buyer $5-$10K Depending on the size of the deal. Assignment Fee.
How do you assign short sales?
It's not really an assignment fee. My buyer is a long-time friend and we have a consultation agreement. I am sorry for using the wrong terminology.
So if I understand this correctly? You short the mortgage, add $10k and then double close?