Possible Short Sale.... Need Help
I am brand spanking new. I sent out letters to homeowners in the legal noticees. I got a call from a hoeowner that is facing foreclosure. Here are the details. The auction will take place in 8 days. FMV=125k, Mortgage Balance=115k, monthly payments=1118.81. He is 5 months behind. Can I do a short sale and what are the steps? Do I have enough time to execute it? Any advice would be greatly appreciated. thanks
I think it may be a bit too close on the short sale. Can you bring current and take sub to?
How do i do that
It's a goner. You need at least couple weeks to execute a short sale. Your only chance would have been to delay the auction somehow. At this step in the game I think it would be best to formulate a strategy for what you are going to do when these homeowners call you.
Ryan J. Schnabel
It's always POSSIBLE to delay a foreclosure but with so little time - unlikely. Soley up to the lender. What offen will cause them to dealy is, call the foreclosure dept and get the fax # to submit an offer. Send a strong offer at 85% of the fair market value, proof of funds and indicate 5K or more of earnest money. If this doesn't cause them to postpone, nothing will. The higher the earnest, the greater the chance they will accept - even if the offer is lower.