Yet Another Short Sale Newbie Question!
I have a few (more) questions regarding a short sale deal that is pending within a few days! Appreciate the advice!
I am getting ready to sign a PA between the owners, their realtor and me. My question is this, shouldnt it be the bank that is signing the PA since they technically own the deed now?
If the deadline for auction is extended and my PA is submitted to the bank for approval, is there some clause I should add to the contract to say that if the offer is not accepted within a certain time period,then the offer is null and void? My concern is that the bank takes 4-6 months to make a decision, and my deposit sits with the realtor all that time.
Any advice would be helpful. Thanks.
ShortSale Pro...where are you!?? I need your most awesome advice!
yes PA=Purchase Agreement...(sorry was feeling lazy)
So I went down to the clerks office one more time to pull the information on the property. It turns out the property is not in foreclosure and has no foreclosure number. (checked by owner/street etc) Even if the bank did approve a short sale there should be a record of the filing with the city i presme and notice of withdrawal? The realtor handling the case has been telling me that auction is being held this coming week....so now I beginning to think this whole deal smells funny.
Is this a "technique" tried by some unethical realtors to say the property is in foreclosure to pressure buyers into believing they need to rush a deal through?
My assumption now is that the seller is in default and foreclosure probably is imminent, but has not been filed by the bank as of yet. Would a bank even consider a short sale before they deliver notice of intent to foreclose?
Thanks for the help again!
I smell a rat... Make sure you do a thorough title search and run comps in the area... Something smells fishy though... If at all possible, I would go around the realtor and deal directly with the owner and or banks…
"So I went down to the clerks office..."
My reference materials suggest that to confirm a default and scheduled sale... you check with the Public Trustee.
After the Sale, there is a 75 day redemption period.
OK I am relatively new to this as well, but I do know the answers to your 2 questions (for Indiana that is..)
*Authorization to Release is pretyt basic, it usually just lists the lender, loan/account number & property address, then there will be a brief statement that is authorizing you or your company to acquire information about the particular account, then at the bottom is a printed name, signature, SSN & date by the borrower & co-borrower.
*As far as obtaining SS packets from various lenders, I have received one from Ocwen Bank, and have not had luck obtaining one from Chase Manhattan (due to the status of the acct) they will want to verify that it is a property that is eligible for SS before they send you the info.
Hope that helps a little...
Makes sense. Thanks.
If the homeowner filed chapter 7 and was discharged and abandoned by the trustee (no equity), will the homeowner still get a 1099 for the difference after the short sale?
Thank you.
Well that is disappointing, but thank you for your reply.
After reading about short sales, $168K is definetly not a good deal for this home that I wanted to buy before it went to pre-forclosure.
I just dont understand why the lender would not approve $163K if 80% of FMV is $139K.
If I walk, they are going to end up with much less than my $163K when a SS professional such you gets a hold of them!
-Frustated young buyer
short sale pro how old are you?
well thats great, and if you read any other of my post i dont really care for American history as it doesnt interest me. Also when i was in High School history class i had a real estate book inside of my history book...It doesnt make sense for me to cram garbage into my brain when i could leave more room for useful things. i dont plan on earning a living through triva games. i got the education i wanted not what others wanted me to get.[ Edited by ryand on Date 03/07/2005 ]