Help On Short Sale
I have a preforeclosure that I have sellers authorization to deal with his bank (wells fargo).
The FMV is 120K. The loan balance is 85K.
I originally wanted to Sub2 but found out the seller was in default on a Chap. 13 and the bank is again going to foreclose.
The payoff per their attorney has gone up to 145K because of past due interest and fees.
I need advice on the best way to handle the shortt sale offer, ie what to include with the banks package, do I need a letter of credit from a lender Etc.
I have made two previous offers on short sales on other properties but have not been successful, any advice is greatly, greatly appreciated.
Thanks,
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First when you contact the lender you need to probe and find out what makes a successful short sale package. Then you go to work. Every short sale will not be accepted, but once you find out what the lender wants you should try then to make a short sale to their likeing. If not then try to buy the note.
Yes studying on the topic will help you to get more short sales accepted. There is a formula that you have to use to get the lender to agree, with a good explanation. Then you are in there. Practice some of those persuasive techniques, that you learned in 8 grade.
Who would have figured that the 8th grade lesson would come in handy in the world of real estate?