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!