Two weeks ago, this question was asked on another site. And my answer was "I did once, but probably won't do it again...It was so harrowing, and took so much fight out of me and the sellers."
I may have spoken too soon.
I received a call from a man who has hired more than one professional to help him do a loan modification. It's been nearly a year, and his efforts have not gained him any ground. The auction has been postponed twice before.
But now, with the auction just two weeks away, he is looking for another solution. He is desperate.
Someone had referred him to my blogs about short sales, and he called, asking for help.
I nearly choked when I found out he is just two weeks away from having his property sold at a trustee sale.
I told him that it looks like his only option at this time is to do a short sale, but that it will take a lot of work on our part to accomplish this. And we don't have a minute to spare.
I sent him the IndyMac short sale application, sent him other forms required by my company prior to doing a short sale, and asked him to meet me the following day at the office to complete the short sale listing package so that we can get the property on the market ASAP.
Depending on how quickly and how thorough he completes the application and supplies the needed documents, and how quickly we can get an offer, there may still be a chance.
So now, it looks like I'm going to be on another harrowing ride.
Am I foolish to take this on? I just feel like I am holding true to one of the reasons why I do short sale: I really want to help.
Update: I took the listing and activated it the next day. Already receiving a lot of inquiries. Hoping we get an offer soon!