Short Sale - Posted by Ken

Posted by kwack41 on October 18, 2004 at 19:11:29:

I need a little more clarity. The second accepted your offer…Great thats what you want! The first often won’t play…pretty typical if there is a large second.

What do you mean by the bank sent the package to the owners and want to proceed without your involvement. Who wants to proceed? The bank or owner? They really can’t proceed without someone willing to buy the property.

Yes it can take a little bit of time to fill out the paperwork but they won’t proceed without it. If you want to make money in short sales you have to do the paperwork.

Short Sale - Posted by Ken

Posted by Ken on October 18, 2004 at 16:22:01:

I have made offers on two properties to parties who are in preforclosure. They both have 1st and 2nd mortgages. I have received letters from the 2nd mortgage holders that they will accept my offer for a short sale. The banks in first position will not negotiate with me. They have sent short sale packages to the owners, and want them to proceed without my involvement. I can have them fill out all the paper work and send the purchase agreement to the lender, but this will take a considerable amount of time. Am I missing the boat with the banks? What can I do to get the bank to negotiate with me? We are getting close to the date of the Sheriff sale.

Re: Short Sale - Posted by rm

Posted by rm on October 19, 2004 at 07:58:10:

You have to play their game, their way.

Get the package completed and back to the first.

Also, realize that the first may object to the second getting anything.

Hopefully, you can carve any needed profit out of the second.