Home Buying in Phoenix>Question Details

Budster, Home Buyer in 85388

Which lenders have you found to be the best to deal with when it comes to pre-forclosures or short sales?

Asked by Budster, 85388 Mon Feb 2, 2009

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5
Budster,

I second Paul's opinion on this. In most cases it is completely out of the hands of lender. A short sale or pre-foreclosure can take 2 to 6 months (or more) to get a response, so by the time you get a response the buyer's pre-qualification will most probably be expired.

In addition to that the property might have multiple biddings and the final price might be well over the listed figure as the price, in most cases, has not been approved by the bank. That is why close to 90% of them never close. If you add the fact that a property can have more than 10 bids on it, you can see that each individual will have about a 1% chance of actually getting it!

Foreclosures and regular sales are generally way better options!

Good luck!

Carlos
ABR - Accredited Buyer Representative
.
0 votes Thank Flag Link Tue Feb 3, 2009
I have found that Homecomings, National City and HSBC are decent to work with. Some of the smaller ones have been good as well. A lot of it depends on who the negotiator is for the bank, the reason for the short sale and what kind of an offer you are presenting. Keep in mind, a short sale needs some response time. Usually, those who are patient, get rewarded.
0 votes Thank Flag Link Tue Feb 3, 2009
Hi Budster,

I have not found any lenders that are good at dealing with pre-foreclosures or short sales. This is why, in the Phoenix area, almost 90% of these transanctions never end up selling. Save yourself time, effort, energy & money by focusing on REO (bank owned properties) or private sellers not in foreclosure.

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PAUL WELDEN
Buyer's Agent
HomeSmart
0 votes Thank Flag Link Tue Feb 3, 2009
The bigger the better, it seems small companies are more difficult to work with.
0 votes Thank Flag Link Tue Feb 3, 2009
Most of the lenders that are not U.S based seem to be the best when it comes to dealing with pre-foreclosures and short sales. An example would be UBS, Deutche Bank, etc.
0 votes Thank Flag Link Mon Feb 2, 2009
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