Short Sale Step-by-Step - Posted by Jimmy

import · July 22, 2008, 6:23am

Posted by DJ-nyc on July 24, 2008 at 05:00:11:

DJ-nyc

import · July 22, 2008, 6:23am

Posted by Jimmy on July 22, 2008 at 06:23:14:

time has come for me to learn the mechanics of SS. anyone want to offer the basics?

example. have house in mind. want to offer 140x. seller ask 189x. broker admits 189x is the mortgage balance. seems i need to go directly to the lender and have a little talk. what do I need to bring? how do I package up my deal? what do I need to be thinking about? strategic pointers?

I can also see how this will be easier if lender is a small local, as opposed to BofA or WAMU. or maybe it makes no difference at all.

anyone?

import · July 22, 2008, 3:17pm

Re: Short Sale Step-by-Step - Posted by Kristine-CA

Posted by Kristine-CA on July 22, 2008 at 15:17:56:

Jimmy: you say the broker admits to the listed price as being the same
as the balance owed. Do you know if he his working the short sale, or
has already had any contact with the lender?

The trouble with listed properties (from my less than happy
experiences with short sales) is the unrealistic expectations of
everyone. IMO, the deal you post about may be off to a rough start if
the agent is already working with the lender and has already provided
the lender with a BPO or other info regarding value. But perhaps it’s
one of the listings where the seller was expecting to bring cash to
close.

In either case, I think it’s better to work the short sale with the lender
directly, in which case you need to be working directly with the seller
so that you have authorization to speak to the lender, etc.

Kristine

import · July 22, 2008, 12:36pm

Re: Short Sale Step-by-Step - Posted by Bill Jacobsen

Posted by Bill Jacobsen on July 22, 2008 at 12:36:17:

I am assuming that house is on the market for $189,000. If that is the case and if $189K is owed then the broker already intends to do a short sale since the amount realized after selling fees would be less than is owed. You have got to convince the broker and owner that a $140K short sale is in their best interests

You make your offer to the broker who presents to the owner. If accepted by the owner, then the broker negotiates with the lender.

This is a hard way to do the short sales. Better to find a owner who has not listed their property yet.

Good Luck,

Bill

import · July 22, 2008, 8:59am

Re: Short Sale Step-by-Step - Posted by IB (NJ)

Posted by IB (NJ) on July 22, 2008 at 08:59:42:

Here’s a primer from one of our local ‘Gurus’, Glen Gallucci:

http://realtytimes.com/116/GlenGallucci

Article is on the right.

import · July 22, 2008, 3:21pm

Re: Short Sale Step-by-Step - Posted by DJ-nyc

Posted by DJ-nyc on July 22, 2008 at 15:21:29:

IB,

Do you attend the GSREIA?

DJ-nyc

import · July 22, 2008, 3:44pm

Re: Short Sale Step-by-Step - Posted by IB (NJ)

Posted by IB (NJ) on July 22, 2008 at 15:44:01:

I’m a member who rarely attends meetings (that will change in a couple of months) and do most of my conversing with members in the Yahoo Group forum.

Do you?

Ib

import · July 23, 2008, 1:51pm

Re: Short Sale Step-by-Step - Posted by DJ-nyc

Posted by DJ-nyc on July 23, 2008 at 13:51:53:

I have been there a few times myself… I do Yahoo groups too.

Idunno - I seem to find deals through word of mouth even though I do mailings and stuff…

I just got a call while on vacation last week - we’ll see, this mortgage crap has to clear up fast!

DJ-nyc

import · July 23, 2008, 8:19pm

Re: Short Sale Step-by-Step - Posted by IB (NJ)

Posted by IB (NJ) on July 23, 2008 at 20:19:45:

Oh yeah? Who do you post as? I post on the yahoo group as ‘eeb88’ or ‘Ib’.

You work the Jersey Market? Or NYC only? Both?