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SHORT SALES - Is there a too early or too late to do them. Fredericksburg Virginia -www.TheGPSRealtyTeam.com

By Vincent McKamy

Real Estate Agent with Samson Properties VA Lic # 0225101380

March 16, 2008 02:29 PM

Time Frames for a short sale - Is there any set time tables out there on when to do them? I have heard a lot of different things here on A/R.

Too Early - Can you start a short sale, even before you have missed a payments? I mean why would the bank want to help you out before they even see any risk at all? I mean I wouldn't tell a client to stop making payments on their house so that we could start the short sale - But I don't want to waste my time starting one if I know the bank isn't going to allow it.

Too Late: This basically falls under the idea of wasting your time - You don't want to start a sale when you know that the bank is coming in tomorrow to take it away from you. This doesn't help anybody.

So the secret to a Short good short sale is timing. If anybody has this secret figured out - a response would be highly appreciated.

Thanks

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas

www.TheGPSRealtyTeam.com

540-455-2739

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Charles Tharp

Prudential California Realty - Fontana, CA

Inland Empire, Real Estate & Short Sale Specialist

Hi Vincent,

The secret to timing a short sale is actually three parts. The first part is does the seller qualify for a short sale? They have to have a legitimate reason to short sell it, so qualifying them is first and foremost. Once they qualify, the second thing is how far behind are they? Has a notice of default been filed? I usually try to list it when they are two months behind on their payments, however it depends on the third thing as well: The lender. If the lender is some little bank, they are dangerous and usually foreclose on the day the law says they can. However, if the lender is someone like Countrywide or another big bank, then I don't have a problem taking it, because it is taking Countrywide about 5 to 6 months to file a Notice of Default (at least here in So. Cal) and even though they take several weeks, they are good to negotiate with.

I hope this helps, however if you have any questions, please feel free to e-mail me or call me.

Mar 16, 2008 04:22 PM

Colorado Real Estate - Christina

Colorado Real Estate - Colorado Springs, CO

Great tips from both of you!!

Mar 17, 2008 05:24 AM

SHORT SALES - Is there a too early or too late to do them. Fredericksburg Virginia -www.TheGPSRealtyTeam.com

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