Don't know if he would want me to post his phone number or not so here's the webpage: http://www.SAHomeExpert.com
The dificiency verbiage mentioned in the SS addendum however has no effect on the lien holder and does not bind the lien holder to those terms. That document is between principals of the contract only and not effective to hold the lien holder to those terms. The best and most effective way to ensure you're having the dificiency waiver verbiage inserted into the approval letter itself. Your attorney would be the best to consult for that along w/ CPA.
The Tall Short Sale Guy
RBFCU does not operate by the same rules the national servicers and banks do. They also have their own internal real estate team for all their portfolio'd REO's. When RBFCU portfolio's the loan; they don't take short sales likely and having experienced first hand; as suggested I would speak to Collections Dept at RBFCU. We have all the contacts over there that can pull the trigger and make the decision. RBFCU is certainly investor friendly here in SA, however they also believe their own internal resources are better at loss mitigation and debt collection than any outside third party. Have you called Evelyn yet over there to see how receptive they are to that option?
were you also planning on staying current while pursuing the short? Not had any investor avoid default and achieve approved SS.
Best of luck Joseph.
The Tall Short Sale Guy
I am a short sale specialist. I started short selling homes approximately 7 years ago. I usually have no less than 15 to 20 of them in MLS. All of the ones I have listed at this time or either in title to be closed or have offers.
From trial and error, I now have a very successful process and procedure. My success rate is 97%, so far and as I mentioned I close 15 to 20 a year. I mostly have done single residential, several investors rental properties, a couple 4 plex. Many, many from California investors. I have two in title and two with offers, all from Califorinia folks.
As far as Texas waiving deficiencies, our short sale addendum, which is part of the contract, clearly states the following in the first paragraph: "A. This contract involves a â€œshort saleâ€ of the Property. As used in this Addendum, â€œshort saleâ€ means
(1) Sellerâ€™s net proceeds at closing will be insufficient to pay the balance of Sellerâ€™s mortgage loan;
(2) Seller requires:
(a) the consent of the lienholder to sell the Property pursuant to this contract; and
(b) the lienholderâ€™s agreement to:
(i) accept Sellerâ€™s net proceeds in full satisfaction of Sellerâ€™s liability under the mortgage loan;
(ii) provide Seller an executed release of lien against the Property in a recordable format.
Thus, reliquishes you from any deficiencies.
Yes, I have done a short sale with RBFCU and it went very smoothly, again, the short sale process works differently with each investor. My short sales take an average of 120 days from start to finish.
As I mentioned, I have been doing them for some time. So, if you type San Antonio Short Sales in most search engines, ie: Google, Yahoo or Bing, you will find I am on the first page!
There is a ton of information I would need to discuss with you before we get started. Please call me at your convenience anytime at 210-215-7440 so that I can fully explain my proceedure and process.
There are few Realtors whom have educated themselves in the short sale process and even fewer that truly understand the process. Most Realtors will not do short sales at all and many turn them over to me. It is not a fun part of our real estate industry, but a necessary one.
I will be happy to assist you in this "not so fun" process.
Make this a great day!
I don't see any need to destroy your credit to do a short sale if you don't have to.
Once you have all of their paperwork done, any really aggressive Realtor can help you. You just have to pick one that you feel comfortable with, and that will get after it vs. list it in MLS and hope for the best. :)
Exit Realty Partners II
10010 San Pedro Ave.,#100
San Antonio, TX 78216
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