Okay can you believe it? Some lenders are FINALLY getting it! It is so muc more cost effective and such a better business decision to allow people to short sale (if its legit of course) versus going all the way through the foreclosure process! I had a lender tell my homeowner they could not or would not modify their loan, but they would immediately stop any foreclosure proceedings and cooperate with a short sale if they followed these simple steps:
1) List with a realtor within 72 hours
2) cooperate with property being shown and move out in timely manner
3) maintain the property (landscaping, etc...) until close of escrow
4) allow lender to do an independent inspection (BPO) before and just prior to closing.
If the homeowner follows instruction the lender is giving the SELLER $5,000 at the close of escrow! Upon contacting the lender I was told they WILL PAY A 7% real estate commission and will get me an answer on the offer within 10 workin days of submission.
The only items needed for submission from me is Listing agreement, HUD 1, Purchase agreement, Authorization form. All needed from the homeowner current pay stubs, current bank statements, hardship letter. CAN YOU BELIEVE IT?
This will definetly help us get this market corrected for both buyes and sellers if lenders get on board like this. Lets hope others follow along.
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let me know if you have similiar experiences!