Short Sale Buyers; Pick a good one!

Short Sale Buyers;  Pick a good one!  "What the heck is she talking about now?", you must be thinking..I am not talking about picking the greatest property for the least price/sf.  That's what most Buyers consider the best Short Sale around.  That IS the best buy around, but not  necessarily the best opportunity to actually acquire a property as a Short Sale.  Have your Realtor check into the Liens against the property..that means EVERYTHING!

Exhausted Short Sale buyer..

The strongest possibility for a successful Short Sale closing is if there is only ONE loan and the property is the Seller's primary residence.  Why???  Because that loan is non-recourse, and the Lenders will work with you the quickest, knowing they cannot pursue the Seller for a dime more than the Trustee Sale price. 

Even if the home is a primary residence, the same Lender holds both of the notes for the 1st and 2nd, this is still a mess.  The 2nd is often farmed out to investors who knows where, and the Lenders are just the servicers, who by the way, get paid to "service" these bad loans, as long as they are on the books.  Hmmm...why would they be motivated to close the files?  Sounds crazy..and it is. 

HAFA loans that have been approved (again, these are primary residences where the Seller has met all HAFA qualifications), may also move forward and come to successful closes. 

Bottom Line:  Short Sales are difficult at best, so cut down your frustrations as a Buyer and only submit offers on the ones that will actually have the highest close percentages!

If you need more specific information about La Quinta, Indio, Thermal or Coachella, contact me at: kjkpolo@earthlink.net or give me a call!  760-285-3578

Kimberley Kelly, e-pro, SFR, Residential, Land & Ranches

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