We do a lot of short sales, but we also turn quite a few away. We've had a 100% short sale success record since the beginning of 2009. No secret sauce here. The bottom line is we don't take short sales we don't think we can get approved. We've also been doing them for a long time and have obtained some great certification and training, including the CDPE designation. We've closed short sales with 5 liens, firsts AND Helocs, Indmac, Bank of America, Wells Fargo, Wachovia, Chase, FHA, VA, Fannie Mae, you name it.
Which brings me to my story. A few months ago we met with a homeowner with one mortgage with Chase. They were having financial difficulties and trying to obtain a loan mod on their primary residence. They "didn't need our help and were sure their loan mod would go through."
(Negotiating a short sale with Chase can be challenging, but one mortgage seems simple compared to other short sales we've negotiated recently!)
We checked in with the distressed homeowner up to a month before the foreclosure date and they were still convinced the loan mod was going through.
Fast forward to this week. I showed a bank owned property to a client in Ahwatukee. The house had belonged to the homeowner who was doing a loan mod and didn't need to short sell. The loan mod obviously didn't work out.
Here's something that many homeowners don't seem to be aware of: YOU CAN TRY TO LOAN MOD AND SHORT SELL AT THE SAME TIME. it's a much better way to mitigate risk. I cannot stress enough that many of these banks are waiting until right before the foreclosure date to tell the homeowner they didn't qualify for the loan mod. The bank will not push out the foreclosure date just because the homeowner wants to short sell.
Check the statistics. Less than 25% percent of loan modifications are approved and that's being extremely generous. Did you know that banks are allowed to include re-fi's as loan mods for their statistics?
Here's the other bottom line if you're trying to avoid foreclosure, ruining your credit and all of the other things that come with it. DO NOT WAIT! Contact a well qualified, short sale specialist with a proven track record AT LEAST one month prior to your foreclosure date.
Dean and Sonia Carver , MBA
United Brokers Group, Agent/Owners
#1 Team - Over 198 Homes Sold in the last 24 months
Carver Home Team Founders
Million Dollar Guild Member
Certified Luxury Home Marketing Specialist
Certified Distressed Property Expert -- 100% success rate in 2009
Bank of America Preferred REO Broker
Email: sonia@carverht.com
O: 480.710.4608
M: 480.612.1048
F: 480.760.2371
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