Foreclosure in Chattanooga>Question Details

Julie,  in Chattanooga, TN

I have a customer that wants to do a short sale on her own home because it is going into foreclosure. Is?

Asked by Julie, Chattanooga, TN Tue Aug 5, 2008

this possible?
I don't know much about short sales and I've been told you can do a short sale on something you already own.
Someone please help.
Thanks!

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Answers

8
There are specialist in short sales that is all they do. I have a few good team members that focus on that. I would suggest if you are interested to call me and I can give you their names. Lots of patience and expertise are needed to make a short sale work yet it can be worth it.
Kind Regards
Grace Frank
1 vote Thank Flag Link Wed Aug 12, 2009
If you are looking for a LENDER (Tennessee-based) to finance a short sale, please contact Glenda Morris at First Community Mortgage in Brentwood/Nashville, TN @ 615-482-6012. Thank you.
Flag Fri Sep 13, 2013
Short sales are very tricky these days. I recently had one and the bank wanted more than the best offer we had after 120 showings and 5 offers. My client ended up bringing money to the table to close. 5 days from closing we found out though the closing was set they by accident foreclosed on the property the week before. It took the entire week to get the foreclosure reversed and close with the seller bringing money to the table. They seem to be more interested in foreclosing these days than working with the sellers.
0 votes Thank Flag Link Sat Sep 14, 2013
Hello Julie.
I would be interested in working with you to help get your client out of this unfortunate situation.

I have done this with families before to keep them from going into foreclosure and had some stopped days before their home was to be sold on the courthouse steps. I have the solution! Together Julie, we can save your client and her credit. Please click on my name that is linked to my profile to see how committed I am to helping others.

Go to my website, http://www.shortsalemyhome.singlemombuyshomes.com/ to fill in your contact information and I call you back as soon as possible to answer all your questions. I look forward to hearing from you soon Julie.

Be at peace and prosper.

Mecshell Wright, District Manager/Investor
Home Buyer & Seller Solutions, Inc. http://www.SingleMomSellsHomes.com http://www.SingleMomBuysHomes.com http://www.SingleMomInvestments.com
0 votes Thank Flag Link Sun Sep 27, 2009
first, the home owner must prove to the bank that she is financial unable to pay the current mortgage. Just because she want to sell her house for less that what is owned is not up to her, its up to the lender.

She should call her lender, ask for a short sale packet, generally takes 2 - 3 weeks

Most lenders will not consider a short sale unless there is a purchase agreement on the table.
0 votes Thank Flag Link Tue Aug 5, 2008
Julie - If you have never listed a short sale, you should get advice and/or assistance from someone who has. Your broker should be able to help or identify someone in your office who can help you. As real estate professionals, our code of ethics reminds us to do so! Best of luck - I'm looking at doing my first short sale liating, too, and have laready started discussions with the in-house expert!
0 votes Thank Flag Link Tue Aug 5, 2008
http://Awww...wonderful short sales! Each bank/mortgage lender is different. But, yes, you can do a short sale provided you can get an offer turned in before the action on the courthouse steps. The lender will require permission in writing from your seller that you are working on the seller's behalf - otherwise they will not speak to you. You have to be diligent - and be creative to get to a live person with some of the lenders. Usually the property can be listed and then when you get a contract, that your seller approves, you forward it with a net sheet to the lender(s) for their approval.
0 votes Thank Flag Link Tue Aug 5, 2008
Tell her that it is in her best interest to hire a real estate agent to assist with the short sale... she is not going to get anything and the bank is going to pay the agent....a HUD needs to be sent with an offer... we have a short sale packet that we have made up...but you can request one from the lender...The other person said if you are in foreclosure already you can't do a short sale... THAT IS WRONG. I have many people that have Lis Pendens filed and we are doing short sales. Short sales are just a process and they can be accomplished with good negotiating skills and STAYING ON TOP of it...(make those calls to the bank - if they are being unreasonable - tell them - ask the to order another BPO or appraisal) You can make a happy ending for your customer.
0 votes Thank Flag Link Tue Aug 5, 2008
Good Morning!
If She is already in the foreclosure process it can't be changedin to a short sale. If the lender has not startet foreclosing She needs to request the short sale packet from the lender.
Web Reference: http://www.LiloRealtor.com
0 votes Thank Flag Link Tue Aug 5, 2008
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