SHORT SALES, helping both the defaulting Borrower and the Lenders

I have also been working with several LENDERS on helping with Short Sales...(Wells Fargo is real good to work with) and the process is sometimes quite simple to put a halt on the Foreclosure...and that is having the Homeowners fill out information on their LACK of ability to pay back the loan, they fill out forms to the BANK, the Bank then reviews the financial information to decide if it is a true hardship, if it is approved, the foreclosures is put on HOLD, the bank then gives the Realtor time to get an offer on the home, at Fair Market Value...(they don't necessarily tell you what they think Fair Market Value is ~ but you are the professional ~ YOU know) so when the offer is MADE, it is of course conditioned/contingent on Acceptance by the BANK of the Short sale... it is all FAXED to the Lender for them to decide if it is what they want, they most likely counter it back, then you get it back to the offeror...they may or may NOT, make a higher offer...but when they do make the offer back, it is the Offerors HIGHEST & BEST Offer...then YOU HAVE the SELLER sign the complete accepted offer, contingent on Acceptance by the BANK of the Short sale...and it all goes back to the BANK... then you wait... most of the lenders I have been working with will have an answer back within 2 weeks...  then you PROCEED to closing...

It sounds hard, but these banks don't want these properties back, they will usually work with US Realtors and the sellers....BUT you must remember to let the sellers know, they most likely will get a 1099 at the end of the year from these LENDERS...it is what they call phantom income... what they grace the original borrower with on the short sale, to what the original borrower owed... is considered INCOME....so be prepared; it may or may not happen...but it needs to be told to these short sale sellers...

Like I said before ... There is NO rhythm or Reason to what happens with these foreclosures & short-sales ...  But they will keep you busy and they are definitely going to be part of your market ... so if you feel like handling some of them check out the options to get yourself set up to HELP...Good Luck!