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Is there any special rules I need to know regarding short sales? A home sold for 95,000 18 months ago. They owe about 94,000 now. He is 1 payment back and will be 2 back shortly. He called me and is letting the home go back. I told him I might be able to help his credit a little if he did a short sale. He is agreeable to sell at any price the lender will accept. I offered him 75,000 for the house. He called Country Wide and they need a letter to the lender why he cannot pay (DIVORCE & lost job). We can do that easy enough. They also need an offer from a buyer (ME). Is there some % that Country Wide will accept? Maybe I’ve offered too much at 75,000. In that case I will reduce my offer and he will present that offer.
Confused in Texas,
Bobby RedwineBobby,
You’re on the right track. I suggest you get the Countrywide shortsale package from the loss mitigator (LM) and or website and complete it. An authorization to release information will be required for you to speak with the LM.
Don’t expect a short sale to work quickly (unless you are overpaying) – I’m working 8 short sales that are over 9 months in the works. 3-4 mos is more the norm. Some lenders move quickly, some don’t. Patience is definitely a virtue when working short sales.
Hank
PS – LMs will tell you anything to get you off their back (they are usually very overloaded right now) or to shut down your interest. And recently I’m finding that LM decisions do not seem to have the lending institution’s fiscal interest as their prime concern.
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