08-29-2011 08:50 PM
First I wanted to Thank you all for your responses. I feel more informed to make better decisions after everytime I ask a question and it always gets answered so quickly by Real Estate professionals!
I hate to beat a dead horse with another short sale question.But I'm dying to know: Based on your professional experiences dealing with short sales which lender has the quickest turn around time responding? BofA, Wells, Citi, Chase, IndyMac ect... The reason why I ask is because it seems like every property that my wife and I are interested in somehow is always a short sale...We just can't ESCAPE it!
Thank you in advance!
08-30-2011 06:42 PM
January of this year a new Federal Law went into effect. It mandates that the Lenders have a 45 day turn around from receipt of offer or less. I just had one in 27 days from the BofA.
08-31-2011 04:31 PM
I would tell you that you are looking at it all wrong. Youy must instead look at it as an opportunity. You will never win the lottery if you don't play. Short Sales are the same way. You will never get it if you don't place your offer. I encourage my clients to write offers on short sales because it gives them more of an opportunity. Now you should of course be writing on homes that you are really interested in and serious about. You should also be reviewing comparables and taking in the consideration of repairs needed. Then making solid offers. But ever offer that you place gives you an opportunity. Without that offer you are loosing an opportunity and only hurting yourself. After you place the offer you keep looking just like you never placed that offer because you never know when you will get an answer. BUt when an answer is ready they will already have your offer. This can get you a great deal on a property.
Short sales can be extremely difficult and time comsuming. However you as a buyer only worry about the things you can control. This is whether or not you place an offer. Thgis will simplify the process for you. I have secured short sales for clients $ 50K under apparised value doing this. But you need to be in the right place to take advantage of an opportunity when it arises.
I hope this information helps you. Keep your head up and remain positive. You will secure a great home that you and your wife like.
09-25-2011 04:24 PM
09-26-2011 11:43 PM
Hi there TSAAKA,
Welcome! I know exactly what you feel at this point. I been through very similar situations dealing with short sales within the past 10 months or so. Just like you my agent told me not to put a deposit until the bank accepts the offer however I think (don't quote me) it really depends how much do you really like this property and will you kick yourself if you lose out on it. Within the last 10 months or so my wife and I has seen so many properties and they all seem to be short sales and sometimes you see some that catches your interest and before you know it, it's in a pending offer status and you ponder if you should of put an offer and a good faith deposit on this one instead because it seems to move faster than the first one you moved on. To be honest with you it's really unpredictable because what I learned it's not about the property itself, It has something to do with the investors & the lender. Some just moves faster than others. Just hang in there because there really is no way around short sales, It's just a huge part of the business and if you have a good agent and the listing agent is motivated then thats the best you can really hope for. As for making mutiple offers, I'm not sure if that's okay or not but if you don't put a good faith deposit then your not really tied down I guess... Good Luck!! Hope everything works out!
09-27-2011 07:23 AM
This is not allowed and the sellers agent can't request the buyers open escrow until the short sale is approved and approval is in buyers hand. The sellers agent can ask for a good faith deposit that would show the buyers are interested, but only held by Broker, and not escrow. They will need a HUD-1 from escrow, but they can not open escrow until short sale transaction is approved by 1st lien holder/servicer. I know because I have so many short sales that I negotiate with lenders and servicers.
10-01-2011 09:10 AM
Hang in there I have 100% success on all my short sales, and the knowledge and internal contacts are my main resources in approvals. The escrow company you use should have experience and I try to use the same escrow companys so we are all on the same page and always have success. I have short sales all over the Country and every SS seems to have it's own heardles to over come. Make sure your buyers and sellers are very educated on what sellers lender will pay in a SS and what they won't pay, so they are aware before the approval letter is drawn up. Good Luck!