I have worked the listing side 3 times on short sales. Once it closed with concessions from vendors. Once the seller was advised to let the home go to foreclosure at the advice of an attorney. Once the lender declined a low offer based on comps and foreclosed only to see the price drop another 100k to sell.
I would be pleased to offer whatever assistance I can.
The first thing about short-sales is that they require patience.
The second thing about short-sales is that the requirements from each bank are different -making consistency almost impossible. The Obama administration is trying to get some level of standardization between all the banks - unfortunately there is no official date as to when this will happen - but I am keeping my fingers crossed.
Personally I have a lot of experience in short sales and REO's.
I would be happy to chat with you about how they work and what some of the potential pit-falls may or may not be.
Feel free to give me a call or email me.
415.225.4593 - cell
There are enough of us who respond to questions on Trulia who are experienced in short sales. You won't even have to look hard. As a matter of of fact, I've blogged a few times on this subject just to prepare both buyers and sellers what to expect.
There are some caveats however, and the main thing you should have is PATIENCE. Short sales is anything but! And if there are two or more loans, and by different lenders, it could be very challenging to get an answer, much less an approval.
The first questions we ask the listing agent:
1) How far along are you in the short sale process; i.e., have they submitted a short sale package so that the lender is ready to analyze the application
2) How many loans, and are there different lenders
3) Has the owner received a notice of default? notice of trustee sale? Is there time to do a short sale, or is the property scheduled for auction?
Depending on the lender, if there is only one, it may take 45 days to hear back from the lender, unless the short sale process is underway. But if there different lenders, it may take 3-4 months before you get an answer. And if the property is too close to being foreclosed, there may not be time to do a short sale. It really all depends on the lender(s).
I just closed on a short sale. The previous buyer back out. But the process was already under way, so we were able to get an approval in less than 30 days, and closed escrow soon after.
Give me a call or email me via this forum, and I'll be happy to walk you through.
In the meantime, I invite you to visit my blog for topics on short sales, like this one to give you an idea of what sellers have to do to prepare for a short sale. The better prepared the seller and his agent are, the better the chances of getting the short sale processed sooner.
Let me help you.