Comments for getshortsalesdone.com http://getshortsalesdone.com learn, share and discuss all about how to get short sales done Mon, 13 Feb 2012 19:47:59 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on What is the average time for a short sale to be processed? by Landlord http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed/comment-page-1#comment-2914 Landlord Mon, 13 Feb 2012 19:47:59 +0000 http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed#comment-2914 They are taking over three months in CA. The banks are in no hurry.<br><b>References : </b><br> They are taking over three months in CA. The banks are in no hurry.
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]]> Comment on Does FHA require a late payment before they will approve a short sale? by Sherry Rosen http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale/comment-page-1#comment-2908 Sherry Rosen Mon, 13 Feb 2012 19:24:59 +0000 http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale#comment-2908 No one should ever advise you to be late on anything. FHA doesn't not "require" you to be late, and your lender doesn't either. This would go against the note you signed saying you would pay. FHA doesn't own your loan a servicer like Bank of America, Wells Fargo etc does and your servicer is who will approve or deny your short sale request. They are the ones losing the difference between what you owe them and what you are selling the house for. What's the reason for your short sale? Hardship? Short Sales can take months and months and months. I'm sure the reason you've been advised to skip a payment is to get your servicer to sit up and take notice at a potential default in progress, but I'd recommend you talk to your current lender. Good Luck!<br><b>References : </b><br> No one should ever advise you to be late on anything. FHA doesn’t not "require" you to be late, and your lender doesn’t either. This would go against the note you signed saying you would pay. FHA doesn’t own your loan a servicer like Bank of America, Wells Fargo etc does and your servicer is who will approve or deny your short sale request. They are the ones losing the difference between what you owe them and what you are selling the house for. What’s the reason for your short sale? Hardship? Short Sales can take months and months and months. I’m sure the reason you’ve been advised to skip a payment is to get your servicer to sit up and take notice at a potential default in progress, but I’d recommend you talk to your current lender. Good Luck!
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]]> Comment on Does FHA require a late payment before they will approve a short sale? by realtor.sailor http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale/comment-page-1#comment-2907 realtor.sailor Mon, 13 Feb 2012 19:11:59 +0000 http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale#comment-2907 It's not late payments, you must stop making payments. Only then will they talk to you about a short sale. realtor.sailor<br><b>References : </b><br>I'm a Realtor It’s not late payments, you must stop making payments. Only then will they talk to you about a short sale.

realtor.sailor
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I’m a Realtor

]]> Comment on What is the average time for a short sale to be processed? by rlloydevans http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed/comment-page-1#comment-2913 rlloydevans Mon, 13 Feb 2012 18:58:59 +0000 http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed#comment-2913 A short sale should be done in weeks, not months. The bank may be waiting to the last minute to see if something else happens. Or more likely they may not take your offer seriously. If the house you are looking to buy is in reasonably good shape, and the bank can expect to get it's loan value out through the foreclosure process, it likely won't short sell. Most lenders will short sell, but you have to work with them and show them how there are problems that make the house not worth the current loan - repairs and renovations needed, etc. If you do that, then they see they DON'T want to take it back, and will be interested in listening to alternative offers. Baring that, if they get a short sale offer some banks will look at it, most banks will toss it in the garbage. If it is three months, it is sitting on a desk under a pile of files, or in the garbage can. You need to contact the bank people in charge of the account and see what is up.<br><b>References : </b><br> A short sale should be done in weeks, not months. The bank may be waiting to the last minute to see if something else happens. Or more likely they may not take your offer seriously.

If the house you are looking to buy is in reasonably good shape, and the bank can expect to get it’s loan value out through the foreclosure process, it likely won’t short sell.

Most lenders will short sell, but you have to work with them and show them how there are problems that make the house not worth the current loan – repairs and renovations needed, etc. If you do that, then they see they DON’T want to take it back, and will be interested in listening to alternative offers.

Baring that, if they get a short sale offer some banks will look at it, most banks will toss it in the garbage.

If it is three months, it is sitting on a desk under a pile of files, or in the garbage can. You need to contact the bank people in charge of the account and see what is up.
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]]> Comment on How hard is it to get an apartment with a foreclosure and ok credit? by staz http://getshortsalesdone.com/how-to-foreclosure/how-hard-is-it-to-get-an-apartment-with-a-foreclosure-and-ok-credit/comment-page-1#comment-2910 staz Mon, 13 Feb 2012 18:55:59 +0000 http://getshortsalesdone.com/how-to-foreclosure/how-hard-is-it-to-get-an-apartment-with-a-foreclosure-and-ok-credit#comment-2910 You could see if you qualify for a government loan modification. Maybe they can help you keep your house for a lower payment. There are like 3 or 4 different programs. You can learn more at http://www.besthelpfinancial.com/loans.html added: I forgot to say that if you have to rent somewhere and your credit is kinda bad, stick to renting a house from a private landlord. Apartments are companies that have strict guidelines on who gets approved, they go only by numbers not your character or your story. A private home owner trying to rent his or her house out will be a little more understanding about your situation and more likely to rent to you.<br><b>References : </b><br> You could see if you qualify for a government loan modification. Maybe they can help you keep your house for a lower payment. There are like 3 or 4 different programs. You can learn more at http://www.besthelpfinancial.com/loans.html

added: I forgot to say that if you have to rent somewhere and your credit is kinda bad, stick to renting a house from a private landlord. Apartments are companies that have strict guidelines on who gets approved, they go only by numbers not your character or your story. A private home owner trying to rent his or her house out will be a little more understanding about your situation and more likely to rent to you.
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]]> Comment on How to purchase a home that is going into short-sale in California? by sylviavnpttn http://getshortsalesdone.com/how-to-short-sale/how-to-purchase-a-home-that-is-going-into-short-sale-in-california/comment-page-1#comment-2917 sylviavnpttn Mon, 13 Feb 2012 18:50:59 +0000 http://getshortsalesdone.com/how-to-short-sale/how-to-purchase-a-home-that-is-going-into-short-sale-in-california#comment-2917 Short sales are really no big deal, basically last ditch effort to sell the house before it goes back to the bank. Contact an agent to represent you--usually 80% of the asking price is rule of thumb. Be prepared to wait for a response from the bank if the offer has been accepted. Make sure your lending is set up so you can have a quick close. Get an agent-not the Listing agent, one to represent you.<br><b>References : </b><br> Short sales are really no big deal, basically last ditch effort to sell the house before it goes back to the bank. Contact an agent to represent you–usually 80% of the asking
price is rule of thumb. Be prepared to wait for a response from the bank if the offer has been accepted. Make sure your lending is set up so you can have a quick close. Get an agent-not the Listing agent, one to represent you.
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]]> Comment on What is the average time for a short sale to be processed? by goz1111 http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed/comment-page-1#comment-2912 goz1111 Mon, 13 Feb 2012 18:45:59 +0000 http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed#comment-2912 since it is a short sale by definition the bank must signed off for the lower offer, now this can take some time, the bank has a board of directors they must justify to for taking the lower amount, since it will be a loss for the bank, they are into making money not loosing it while the bank is reviewing the offer getting approval from different levels at any time until signed off by the head they can not accept the offer and decided they can get a better deal at auction or take a higher offer, but are under no obligation to take an offer lower then the note<br><b>References : </b><br> since it is a short sale by definition the bank must signed off for the lower offer, now this can take some time, the bank has a board of directors they must justify to for taking the lower amount, since it will be a loss for the bank, they are into making money not loosing it

while the bank is reviewing the offer getting approval from different levels at any time until signed off by the head they can not accept the offer and decided they can get a better deal at auction or take a higher offer, but are under no obligation to take an offer lower then the note
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]]> Comment on How to purchase a home that is going into short-sale in California? by John http://getshortsalesdone.com/how-to-short-sale/how-to-purchase-a-home-that-is-going-into-short-sale-in-california/comment-page-1#comment-2916 John Mon, 13 Feb 2012 18:43:59 +0000 http://getshortsalesdone.com/how-to-short-sale/how-to-purchase-a-home-that-is-going-into-short-sale-in-california#comment-2916 Many successful RE investors who focus on short sales handled the negotiations with the lender directly. The recognize the rights of the agent but at the same time do not let the agent present the offer to the lender. Most of the time you want the loss mitigation department as they deal with stopping the possible losses associated with loans that go bad. The short sale has to complete before the foreclosure sale. Not all lenders are even interested in a short sale.<br><b>References : </b><br>You will find some articles and advice on concerning short sales on this site. Use the search facility. Note the site is mostly for investors so people who do multiple short sales for profit will be the focus of most articles on the topic. http://www.creonline.com/ Many successful RE investors who focus on short sales handled the negotiations with the lender directly. The recognize the rights of the agent but at the same time do not let the agent present the offer to the lender. Most of the time you want the loss mitigation department as they deal with stopping the possible losses associated with loans that go bad.

The short sale has to complete before the foreclosure sale. Not all lenders are even interested in a short sale.
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You will find some articles and advice on concerning short sales on this site. Use the search facility. Note the site is mostly for investors so people who do multiple short sales for profit will be the focus of most articles on the topic.
http://www.creonline.com/

]]> Comment on What is the average time for a short sale to be processed? by acermill http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed/comment-page-1#comment-2911 acermill Mon, 13 Feb 2012 18:31:59 +0000 http://getshortsalesdone.com/what-is-a-short-sale/what-is-the-average-time-for-a-short-sale-to-be-processed#comment-2911 The seller's bank is in the driver's seat here. Has it occurred to you that the reason they are not approving your offer is that they are waiting for another potential offer for MORE money ? The selling agent works for the seller, and is bound to work for the best interests of the seller, not you. You might consider it shady, but that's the way the law works.<br><b>References : </b><br> The seller’s bank is in the driver’s seat here. Has it occurred to you that the reason they are not approving your offer is that they are waiting for another potential offer for MORE money ?

The selling agent works for the seller, and is bound to work for the best interests of the seller, not you. You might consider it shady, but that’s the way the law works.
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]]> Comment on Does FHA require a late payment before they will approve a short sale? by Steve D http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale/comment-page-1#comment-2906 Steve D Mon, 13 Feb 2012 18:31:59 +0000 http://getshortsalesdone.com/get-short-sales-done/does-fha-require-a-late-payment-before-they-will-approve-a-short-sale#comment-2906 Because no one believes that you can't afford the mortgage payments if you are paying on time. Short sales are supposedly for folks who can no longer afford the mortgage payments, not for folks to just walk away from a mortgage they can afford.<br><b>References : </b><br> Because no one believes that you can’t afford the mortgage payments if you are paying on time. Short sales are supposedly for folks who can no longer afford the mortgage payments, not for folks to just walk away from a mortgage they can afford.
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