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15 Comments on Help! I’m Making an Offer on a Short Sale Listing!! #6
Phil, Excellent information on the Short sales and Banks. The Bank is calling all the shots
Fllows the old theory of "legal title" that the defaulting party holds and the "equitable title" the bank has. You have the front man and the decision maker. One has skin in the game, the other has to determine what kind of skinning it is willing to take!! Enjoy your day!
Sellers are dependant on the bank accepting the offer on a short sale. But the same holds true for a buyer applying for a mortgage. Deals have busted when buyers cannot get a loan even though they were pre-approved a month ago by the lender.
It sounds like the BPO came in high and you need the bank to do another one.
Good luck with your deal.
Very good points. . a short sale does not have to be a nightmare if negotiated skillfully and prepared ahead of time.
Phil, Be aware that the Private Mortgage Insurance company can, and often does, rear it's ugly head after the deal is approved by the lender. It is not uncommon for the PMI carrier to require an unsecured promissory note from the seller under the threat of stopping the deal. The lender knows they are out there and are reluctant to inform borrowers of this fact until the 11th hour.
Phil, he who controls the money rules the world. At best the seller can hope to get out from under it free and clear.
Many buyers do not understand how short sales work, as well as agents. Seller has to agree, but the decision is up to the lender.
Phil, very good information for both agents and buyers who haven't had short sales experience(s).
SS are not for everyone but it appears to affect quite a few. When a short sale needs to get done...get an agent involved and then be prepared to hurry up and wait. I for one will be glad when they go their final way
As for #4, this does not apply in the state of California. We have a Senate Bill that protects from deficiency in short sale.
I am sure that most consumets trying to buy short-sales do not completely understand this process. Thanks for the good information.
I am teaching a short sale success course tomorrow. It is a timely topic for buyers and sellers to understand.
So well said.. any buyer or seller thinking of being involved in a shortsale needs to read this post.
Thank you so much for your comments.
It is written for three buyers I have right now who are looking at short sales and making offers.
Phil
Would you mind if I shared this with my Agents. I'll check back to see if it's OK.