Pre-forclosers How Do U Deal With The Lender
i have looked at afew possibilities on poss. short sales, assuming loans, are the other ways to look at these preforclosers or the correct words to say to the lender to get the property. by the time i find the preforcloser. it usually is at the court house. in process. time is short from there. But i am not making any head way. i was told by one lender the only way to do a short sale is that the propertty was listed buy a realtor. any help would be appriciated. :-x
I am glad to remind you that the owner of the property is not the bank. It's "the person that owns this house " that could sell you the house. [*]Just option the house for the amount owned, then assign the contract to a new seller option amount to cover back pay + profit up to market value.[*]or let the person on title sell you the property for 1/2 of what is owned then call loss midigation to discount the mortgage. This way you make more of a profit.
Each lender has requirements for a short sale--many of these are HUD requirements.
Most mortgage holders do require the property to be listed, but if you find a friendly realtor (who can charge a nominal flat fee), you can list the property and then immediately put a "contract pending" status on the listing--the pending contract would be the sale to you.
But to do a shortsale requires you to find the property early in the process.
I am dealing directly with the mtg. company, all be it I'm still in the process (and like the gentleman before me said you have to get it started early) but you have to do your due diligence and keep on em in order to get the necessary paperwork done.