short sale with no buyer?? possible??
is it possible to get a bank to agree to a short sale with out a buyer?
can the investor make a hud and and offer etc and send them in???
let me explain further.
i have a homeowner with a home in Mesa that wants to do a deal.
here are his numbers.
TAV 125000
Comps between 114-129
OWES 110k
First 66
2nd 44
owner wants 4k
the first sent a letter to the homeowner with a short sale listed as a possible solution. I have sent authorization to release to the second and plan on talking to them in the morning. I also will get a contact with the first tomorrow. I called all day and got the run around.
back to my original question:
Kaller talks about getting a lender to committ to a short sell in writing by submitting a hud, offer, prequal letter ,etc.
Given there is no buyer at the point, do i submitt this info as if I am the buyer to the bank? How would this look on paper?
When i call ( i am calling tomorrow so i guess ill find out) will they be able to tell me on the first call , "yea, we'll discount 80%" or is it not that simple.
Why would the first @ 66 do a short on a property worth 114 minimum?
Much thanks to the short sale expertss!!!!!!!!!!!!!!!
The short answer to your primary question is "no".
As far as your numbers of the deal goes... the only numbers of any interest whatsoever to the mortgagee(s) is the FMV (fair market value), and net proceeds from Sale.
The "after repaired value" is meaningless and should NEVER be introduced into your discussion with the mortgagee(s).
If you have prequalified this as a short sale candidate and you are willing to invest your time, then I would proceed by assembling all other information required for the short proposal.... a listing agreement with a licensed realtor (containing the restrictive ss language), a BPO, TVOM, LOH, etc.
Then, when you do have a buyer... you can complete the Proposal.
Or, in the absence of a Buyer, you make the Offer, but position yourself to assign the Contract to an Investor.
I tried to edit/modify the above response, but was not able to do so.
The short answer to your primary question is "no". A (responsible) mortgagee won't even hint that they would accept a short sale without a completed ss application. IMHO, the first won't consider accepting a penny less than they are due. The second may agree to accept short to facilitate the sale... but won't allow the Seller any proceeds from sale.