You experience Short Salers, Is this possible?

Gary-TX profile photo

What have you experienced Short Salers seen?

Has a mortgage co discounted to 65-70% of FMV?

If they would sell for loan balance, seeing as if the loan is over 30 payments delinquent, how soon would I have to have financing in place? And, would there be enough time to flip the property, or would I need to get a loan?

As you can tell, I haven't done short sales before, but, there is a first time for everything.

Gary-TX confused

Comments(1)

  • TheShortSalePro6th May, 2003

    The essential elements of any short sale proposal, in my opinion, are the mortgagee's perception if the subject's as-is, fair market value, and their anticipated net recovery.

    Factually denigrate the lenders' BPO, and minimize their anticipated net recovery... and they'll be more inclined to discount.

    Use indisputable facts and numbers to support your Proposal.

    For example, if there is a water stain on a ceiling.... include the problem in your Report, and suggest that the roof or plumbing above might be in need of repairs. Then, provide factual estimates for what it would cost to make those repairs.

    You aren't stating that the roof needs fixing... just that it might. The photo suggests that there is a problem. Let the reader draw his/her own conclusions.

    And provide estimates from licensed contractors for what the job would cost... if it did indeed need repairs.

    Make a punchlist of 10 items needing repair... and you have 10 knockdowns on the BPO.

    The more facts you include, the more credible your Proposal.

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