Short Sale
I have a seller who is 4-5 months behind on payments, is there any luck getting a short sale approved in time?
are short sales specific to bank loans or are fha loans a likely prospect as well?
what is the usual time frame to close a short sale - get approval etc?
I Have another home owner who isn't behind on pmts but needs out asap - can i file a mech lien on his prop for the equity while i do a few repairs in stead of buying it first - thereby selling the home sooner than the usual 90 day fha waitin period and saving interest, closing fees etc?
thanks,
TK -realtor
Ask the seller for his mortgage info, then get in touch with the lender and ask them for a short sale package, they should fax it to you. Your offer should = 80% of the FMV. You can ask the lender if they have had an appraisal done yet, if not, take control and offer to help them by letting the appraiser into the property. Be sure to point out any problems with the property. Your offer should NET them the 80% of FMV after any other closing costs or lien. This works. I've done it. Good luck! - Cody in Colorado