Posted by Carey_PA on January 31, 2007 at 13:23:41:
Oh I don’t know why I thought you were talking pre-foreclosure??
Anyway, it’s basically the same deal tho…there is no rhyme or reason to some banks. They ALL want what is owed on it and sometimes it takes a while for it to sink in that that isn’t going to happen, but sometimes you’ll get a reasonable bank from the jump.
You just gotta keep presenting your offers that work for you and keep providing them with evidence that justifies your offer.
If they say no, resubmit your offer every 30 days until they say yes or it’s already sold.
getting the bank to bite? - Posted by yogi
Posted by yogi on January 30, 2007 at 20:31:14:
I am new. i only have 1 duplex and 1 4 family. And not too much capital in each. I have created contacts in the legal, and mortgage industry, so any financing isnt a problem. Mine is that I can find some deals…or what I think are deals. Homes that have been on the mls forever (9+ mo), but I can’t get banks to short sale what they are owed. How can I get them to accept a lower offer on an unwanted property? Is there a magic percentage that they will short sale? I know how to figure out what is left on the previous homeowners mortgage. If anyone can give me some advice so I can get over the hump it would be much appreciated.
Re: getting the bank to bite? - Posted by DaveD (WI)
Posted by DaveD (WI) on January 31, 2007 at 07:57:16:
Are they also nine months behind on the payment? Was it a drug lab? Is it being vandalized?
Retail deals are rarely anything you should be interested in. Unless it is a headache, don’t expect a short sale. Just because it is on MLS for nine months doesn’t mean anyone is motivated. Often the opposite.
Don’t fall in love with any one deal. If it doesn’t meet your parameters of what’s worth your time, move on. A deal worth having is one where you don’t have to convince anybody about anything. They have to convince YOU of taking it off their hands.
Re: getting the bank to bite? - Posted by Bill H
Posted by Bill H on January 30, 2007 at 23:40:03:
Yogi, your first lesson is to learn that banks do not short sell just because you want them to.
There must be a COMPELLING reason for them to short sell. They do not and will not give away money just for the sake of giving it.
Present them with the compelling reason…and…it is not that the property has been on MLS for nine months and they may deal with you.
Re: getting the bank to bite? - Posted by yogi
Posted by yogi on January 30, 2007 at 23:53:09:
Normally there is a compelling reason. Like the place is in need of major repairs. So most homebuyers dont want to put in that time and money to fix it. My other thing is… My agent never writes in why we present our offers at what they are. Should he give them a copy of the rehab costs? or even a list of all the problems of the property? All he does is put the price in and the contingences. Should I insist he put something else?
Re: getting the bank to bite? - Posted by Carey_PA
Posted by Carey_PA on January 31, 2007 at 12:07:51:
I’ve gotten a few shortsales through for my sellers in the past, as I’m a Realtor.
But I will tell you that there is NO RHYME or REASON to why the banks may or may not accept a shortsale. It really depends on the bank. I’m trying to get one through now and they were completely unreasonable.
They didn’t care about the interior of the house even thought I told them it was in desrepair, they did their driveby BPO and were happy with that result. I told them that if they want a clear picture of the houses worth to order an INTERIOR BPO, because the agent that they got to do their driveby is apparently clueless
Anyway, after a month and a half of arguing with them…I finally told them, well the buyer won’t go for that and you WILL be getting the house back at foreclosure. And I hung up. The very next day I got a call from them saying they would take the deal +$500…but guess what? It was TOO LATE…the buyer had backed out of the deal and was no longer interested.
So now they will be getting the house back at foreclosure.
Anyway, I know I rambled on, but YES have your agent send in the repair estimates, send it pics as well, even send in comps if the house is overpriced…but STILL keep in mind that all of this may have no effect on the banks decision to say yes or no. It boils down to when and IF they are ready to finally accept a shortsale.
I know someone whose house was going into foreclosure and the bank (1st and 2nd) refused to do a shortsale on the property. They are just waiting for the foreclosure process to complete. So there ya have it.
Re: getting the bank to bite? - Posted by yogi
Posted by yogi on January 31, 2007 at 13:15:12:
what if the bank has aleady foreclosed on the property? I mean, most of the properties i find are bank owned already. Is there a difference? how can i generate more leads into the pre-bank owned area?