An essential element of a successful short sale is having the full cooperation of the Seller. To maintain a cooperative (vs. adversarial) relationship, the Short must offer some benefit... otherwise they won't be motivated to participate... or leave. Remember, the foreclosure is usually the result of other trauma or hardship... and their emotional stability is fragile, at best.
Thanks, Short Sale Pro. Unfortunately, I am a landlord. While I've been blessed to have never been in that position (evictions), I know that (as cooperative as they are) they will somehow lose their cooperation when the time comes to GO!
Maybe having the landlord mentality, I am nervous of that happening.
I also have in my state (MA) a law that says they can reclaim their property in some instances (with recourse to the buyer, of course.) if they lose it to a lien or foreclosure.
All the more reason to have the cooperation of the Homeowner. Since they are a major component to a SS, part of the prequalification process is to ascertain their continued participation.
An essential element of a successful short sale is having the full cooperation of the Seller. To maintain a cooperative (vs. adversarial) relationship, the Short must offer some benefit... otherwise they won't be motivated to participate... or leave. Remember, the foreclosure is usually the result of other trauma or hardship... and their emotional stability is fragile, at best.
Thanks, Short Sale Pro. Unfortunately, I am a landlord. While I've been blessed to have never been in that position (evictions), I know that (as cooperative as they are) they will somehow lose their cooperation when the time comes to GO!
Maybe having the landlord mentality, I am nervous of that happening.
I also have in my state (MA) a law that says they can reclaim their property in some instances (with recourse to the buyer, of course.) if they lose it to a lien or foreclosure.
All the more reason to have the cooperation of the Homeowner. Since they are a major component to a SS, part of the prequalification process is to ascertain their continued participation.
If you think that they won't play along, move on.
Hey rottzilla,
I'm from central MA and have leads if you're interested. Also been thinking of setting up a chat room for local investors.
Any interest?? Send me a pivate message on this site and we can exchange email addresses.
wgheisler