Wow, that was a tough six months working with Saxon on a short sale. The borrower owes about $575,000 and the first BPO came back at $262,000. I let the file expire and had another BPO ordered to allow for normal decline. The new BPO came back and now the investor; Wells Fargo won't tell me the number... I know the numbers, I sold another short sale in this community. Now things are a bit time sensitive with a pending foreclosure. I had another offer from the same buyer thank goodness. My offers do not carry deposits UNTIL the lender makes a move. I only submit one offer at a time. Well, the lender made a move and gave the ok to close at the mid 100k mark give or take.
Why am I telling people this? The truth of these short sale files depends on timing and I have not seen many lenders that won't accept a short sale. Two lenders; SUNTRUST and TB&W, can keep all their files as far as I am concerned and deal with their increased inventory of REO's. I don't mind working with EMC, Wells Fargo, ASC, Countrywide, Bank United and WAMU to name a few. I really do believe that this is the best option for these sellers who are lacking equity in their properties and need to get out for whatever reason. It is not up to me to comb over their financials, be the judge of a hardship or a tax accountant I AM A REALTOR. We are in the business of listing and selling property. How funny that when the market was on fire we had thousands of Realtors around and now that life is a bit tougher, the ranks are slim.
I embrace the notion of selling the property as a short sale. Why do I want my community filled with empty houses or REO's? Send me all your referrals, this is a win win for all involved.
Lori Young, Realtor
Short Sale Team
Florida Home Realty
239.438.5061
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