Are SS Different By State??
I have 2 questions. I know alot of the pro,s do SS in bigger cities with large populations. I live on the east coast in a county that has a populaiton of 50K. Does the geografical location of a property determine where a bank is receptive to doing a SS and will location determine the discount (%) ??
#2 How do we know if the bank will do a short sale?? I was on a call last night . After make an offer and getting a signed contract, the instructor says to get a SS package and submit it to the bank first. My question is, is this normal?? Should or shouldn't you contact the bank to see if they will do a SS first, instead of tying up the owner in a contract that the bank hasn't given approval to SS??
Sly--
If you get to the point of SS approval do you have the money to close quickly? If not this might be your first goal to overcome. I've had lending that demanded closing within 3-30days. This was my first challenge. After that it gets easier.
Jim
It's doubtful that you'll get anything more than a generality when speaking with a collection clerk about the possibility of a short sale. Perhaps they'll parrot the prepared response.... but without the completed application and imposed criteria for that particular loan...they can't provide an informed opinion. They aren't the decision makers.
Sometimes, though, a generality is enough. For example, if they said, "Sorry, Sir, that class loan doesn't offer short sale as a workout alternative...."
Then, you've saved yourself a lot of trouble.
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Short Sale Practitioners can't predict, or guarantee results... but can take steps to insure the likelihood for success....[ Edited by TheShortSalePro on Date 04/29/2004 ]
Hi, My advise is to always try a short sale first. Some states even with a short sale will allow you to close in 30-45 days if you have all the necessary documents.
Really, banks are everywhere and usually the lender is not in the same state. The bank is going to contact a bpo's service and an appraisal company, that's it. And if your papers is correct and sounds good they will review and decide.
Lastly, they are taught to say they will not do a short sale. But summit your offer and we will let you know. Summit your offer! Hope this helped!
Pam-
SSPro,
Is it part of your routine to call first and see if the lender will accept a Short Sale Package first?
How often have you been told "no, this class loan does not offer a short sale option?"
Talk wih the bank; You hv to anyway you know. Gettem to like you. And yeah see what they want for the SS package. Give them as much of the docs as you can. Package it with yr comps and repairs and area valuation and just get out there and make them an offer. You hv t present yrself well...it'll work out