Short Sale Questions/Help
This will be my first short sale negotiation. I have read alot of information about the packaging & documents needed etc...
I have 2 questions:
1. The bank is Litton Loan Services. Can anyone tell me if this is the actual lender or a servicing company? Also has anyone had any experiences with this company? Just curious if they are flexible?
2. Any suggestions on roughly where to start? The owners bought the home 1 year ago for $115,000. They owe $103,000 + $4000 Back payments. There are comps from $105,000 - $130,000. The house is in fairly good condition. The owners have moved out of state and have tried to rent the property out. The tenants have not been paying and this forced the owners to get behind on the payments. I plan on using all of these factors to present my case.
I was just curious if anyone has had any experiences with Litton Loan or any suggestions on a starting offer. I am not sure if they have a BPO yet or not. I was thinking of staring around $65,000 - $75,000. Is this too low?
Any input would be appreciated.
Thanks
Here is what I think:
Litton probably doesn't own the loan, but services it. However, this might be one from their own portfolio. Without examining the documents or simply asking them, there is no way to know for sure.
Servicers these days are becomming more and more sophisticated and specialized.
What to offer? You've got to nail down a defendable as-is value. Demonstrate you've done your homework and that your Proposal both makes sense, and is in their best financial interest...
Litton offered me a position a few years back which I turned down. At that time, they were starving for reliable field information. It is the information that is gathered in the field that will set the tone for your negotiations.
[addsig]