short sale help
TAV 125000
Comps between 114-129
OWES 110k
First 66
2nd 44 (25 & 19)
owner wants 4k
the first sent the homeowner a letter saying they would do a shortsale, although they have not returned my calls.
i finally talked to the second yesterday and she sent me the shortsale package and thats where the questions start. the lender is household finance on the second.
1) they want one of the realtors to do a bpo. when they determine that fmv is greater than what is owed, wont they nix the idea of a short sale.
2)one of the things in their list of items requested is a "payoff demand statement from senior mortgage holder" what exactly is this?
3) their short sale proposal letter to be signed and notorized by the selller says " we understand we will be responsible for paying any deficiency on the balance" doesnt this defeat tthe purpose of a shortsale?
thanks
cjs111
What is TAV?
I doubt that the first sent a letter to the Owner that said that they would "do a short sale" for a couple of reasons.
Maybe the Owner got a generic letter which listed a preforeclosure short sale as a possible alternative to foreclosure.
And, based upon your numbers, your can forget about the first agreeing to a short. It won't happen.
Household is tough. And cheap. They'll ask for a BPO from you / listing real estate broker before they'll order an appraisal. They'll also want to know the payoff on the first.
If they agree to release their security interest for an amount less than they are due... they'll want the Seller to agree to an unsecured loan to pay the difference.
This can be negotiated later.
But, again, based upon your numbers... this short won't fly.
I believe he is referring to Tax Assessed Value. I could be wrong but that would be the only thing that makes sense.
"Maybe the Owner got a generic letter which listed a preforeclosure short sale as a possible alternative to foreclosure. "
TheShortSalePro, that is exactly right. They got a letter listing several solutions. One was a short Sale. I finally got the name of the person handling the acct tonight and faxed over the authorization to release.
"But, again, based upon your numbers... this short won't fly. "
TheShortSalePro, would you mind posting some numbers from an example of a short sale. What are some sign of a Short sale that will work?
TAV is tax assessed value
"Maybe the Owner got a generic letter which listed a preforeclosure short sale as a possible alternative to foreclosure. "
TheShortSalePro, that is exactly right. They got a letter listing several solutions. One was a short Sale. I finally got the name of the person handling the acct tonight and faxed over the authorization to release.
"But, again, based upon your numbers... this short won't fly. "
TheShortSalePro, would you mind posting some numbers from an example of a short sale. What are some signs of a Short sale that will work?
TAV is tax assessed value
bump