Cash Only When Buying Short Sales
I have heard conflicting reports that banks will only except a short sale if the deal is cash only. Is it true that a bank will not give a loan to someone to purchase a short sale from another lender? Thanks for any insight into this.
Ask to speak to manager politely and when you talk to the manager explain that there is a time issue and that it would be in their best interest to speak to you as soon as possible.
I have also found that, at the end of a particular month or quarter, the reps are very busy. After trying back on the 1rst or next business day, I have gotten response.
http://www.thecreativeinvestor.com/residential/ViewTopic44014-34-12.html
this may help.
Are they actually in foreclosure yet? If the reps are busy, they are going to respond to the loans that are closer to the foreclosure date. I have been working on a SS with ASC for 8 months now. Nothing for the first 6 months, and the once my client got served (and I faxed a very professional but critical of my loss mit rep letter to the loss mit manager) the ball started rolling.
Brenda
glad to hear that things are moving.
some banks stipulate that they wont even negotiate untill the legal suit or NOD has been filed.
move to the next deal