How to Actually Buy a Short Sale Property!
Great! After having avoided taking short sale listings I finally ended up with one I couldn't turn down. As far as short sale listings go, it's a good one. The only lender, who is wide and starts with a C, has told me I have an 80% per cent of getting it through. Wow. Why they want to play games instead of giving me a number, I don't know. It's the lenders money so they make the rules. Wide should realize I'm on their side and if they have to foreclose it's going to cost them a bundle. If Wide forecloses, the sellers leave them with an empty shell of a dwelling to pawn on the foreclosure market for << cents on the dollar. But they seem to know better.
Anyway, the seller is qualified to short sell the property. The borrower's financial statement, hold harmless, authorization to release, hardship letter, etc have all been filed. I've have comps to support the asking price. I befriended a local C mortgage agent to help me get to the closing table. I did everything every short sale expert has told me to do.
So now I get crazy offers and ridiculous terms. I'm very surprised at my fellow agents who call and ask "What will they take?" The short sale price is supposed to be the asking price and goes up from their. At least this is what I heard in several seminars. It's not too different from an auction. You may be lucky to get the asking price plus or minus 5%. Offered terms are also beyond the resources of Wide. A Cash offer 80% of asking price, 15 day closing is not possible. Get real, Wide has nearly1500 short sale on file at the moment. The clients and their Realtors need to be educated.
The way to put a rush on this is if Wide is getting a new loan out of the deal, if the offer price can be supported by comps and if the buyers can wait up to 60 days to close. I'll let you know if it works.
Find out more: http://www.barbaraklare.com/
Gulf Coast Realty
239 292 1358