Foreclosure in Fresno>Question Details

Edward, Home Buyer in Fresno, CA

HI was thinking of putting an offer on a short sale with 3 loans...CityMortgage, Key bank and Home Lending Tree. Any advice?

Asked by Edward, Fresno, CA Fri Apr 9, 2010

Time frame I should be looking at? Any direct/indirect experience with these lenders?

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13
Frank Mandujano’s answer
Edward,

If I were you I will be looking for a reputable lender in Fresno. Why look for lenders out of town when you have plenty of good lenders in Fresno. I work with Greatland Mortgage Corp here in Fresno. We have been around over 30 years. Why don't you call me and we can go over the specific options that you may want to face.

I can be reached at (559) 977-7238 cell or (559) 244-4250 office.
0 votes Thank Flag Link Sun Nov 14, 2010
Hi Ed,
Just an FYI
Any of these lien holders can put the whole deal down the drain.
One thing to be extra careful of.
If any lenders ask for monies outside of escrow.
1. dont do it.
2. report them
If you are asking for odds on closing a deal such as this,...
I would say on average closing a short sale,...
Your odds are 70% with one lien holder, 45% with two lien holders, and 20% with 3 lien holders.
Enjoy your purchase.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Wed Oct 20, 2010
I agree with Kevin. We have pulled off short sales with three loans, but the odds are slim and it can be a long process. Unless this is a fantastic deal, I would look else ware for better short sale deals.
0 votes Thank Flag Link Sun Oct 10, 2010
I wouldn't do it unless it is the only home you've found that you like, you have a LOT of patience, and the agents involved have experience with short sales. Lending Tree is enough to make me walk away from this one.
0 votes Thank Flag Link Sun Oct 10, 2010
Hi Edward, A short sale with 3 loans is going to be a long drawn out process. It could take months so prepare yourself for a long run. It is hard enough to do just one loan and two are tough but 3 is going to be mind bogling. I wish you all the luck in the world. If I can ever answer any other questions for you do not hesitate to ask.
0 votes Thank Flag Link Tue Apr 27, 2010
Three loans on a home to purchase doing a short sale is going to be rough, that being said. Do you feel you have a solid offer for the bank to take a look at, if so I would go for it all they do is say no. Keep looking at other properties in the meantime; these banks can take time to get back to you. Best of luck…
0 votes Thank Flag Link Sat Apr 10, 2010
Edward, this will be a difficult negotiation. Listing Agent will have to negotiate with each lein holder to accept a small portion of what is owed to them. If 1st is unwilling to pay what the other two want then they will look towards your pockets and see if you are willing and able to pay. If the deal is that good and you have the cash then go ahead, just be prepared to possibly pay thousands more out of your pocket.

Good Luck!
0 votes Thank Flag Link Sat Apr 10, 2010
Bob, I think at one time Lending Tree did fund some of their own loans, or there could have been a local lender around using the name "Home Lending Tree". I would say that it might not be that likely that they are still holding that loan, so there could be an assignment missing on title.
0 votes Thank Flag Link Sat Apr 10, 2010
good morning edward...would you clarify something for me?...are your intentions to apply at these three places for your financing to see which one can expedite financing the quickest?...or, are you telling me that the home offered at shortsale you are looking to buy is encumbered by three mortgages?...lending tree is not a mortgage company nor are they a mortgage lender..they are a marketing/ lead generating company.........i will be happy to offer some advice to you if you can explain a bit further...best regards....bob mcclure- first preferred mortgage company- southfield, michigan...
0 votes Thank Flag Link Sat Apr 10, 2010
When it comes to short sales, it is anything but short. If you are a first time homebuyer thinking that you have time to close by June 30th, forget about it. That is not happening. To see if there is any way that you may end up being around to see this close, see if you can get any information on the balances remaining on these 3 loans. The person can easily owe 50% more than the market value of the home. There have been many instances where the first mortgage company agrees, because they get back most of their money, then you never get agreement from those who are in subordinate positions.
As for time frame, if you really want this house, six months from never might be a good idea. Then you won't be disappointed. Seeing as all experts think we are now entering a rising rate environment, you should also be prepared that once they have all come to agreement, you may not qualify if you are thinking of financing.
0 votes Thank Flag Link Sat Apr 10, 2010
You will be fighting a up hill battle. The third mortgage is the issue. Typically when there is two mortgages the first will assist by offering the second some of the firsts proceeds to do the deal. However, the offer the first gives sometimes does not meet the seconds needs and additional funds need to be found. So on the 3rd mortgage, who will be coming up with the funds to negotiate the settlement?

If all depends on your offer and the outstanding debt.

Good Luck

Keith Manson

First Weber GRoup

Certified Distressed Property Expert

Metro Milwaukee

Http://www.milwaukeebailout.com
0 votes Thank Flag Link Sat Apr 10, 2010
Hi Edward... one word of advice... patience.

Feel free to make an offer put don't get your hopes up to high... with 3 loans there is a lot of negotiation and many variables that need to come together "just right" for the deal to close. However, if you are patient, GREAT deals are possible when purchased via short sale.

Good luck!

John
Realtor and Certified Short Sale Specialist
http://www.FresnoRealEstateReport.com
0 votes Thank Flag Link Fri Apr 9, 2010
Edward,

Not a fan of lending tree as I had a client who had a bad experience with them.

If I may suggest, might want to reach out to Fred Glick as he does mortgages in various states. Also owns real estate companies in PA and CA.

Here is his website for mortgage info here http://usloans.com/

I do not have ANY stake in USLoans and am not trying to generate leads. Just sharing info on people I know and who are knowledgeable.

Best of luck

Sean Dawes
0 votes Thank Flag Link Fri Apr 9, 2010
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