We are thinking of short selling our 2 income properties in San Antonio

Asked by Joey Rennick, 91941 Wed Apr 17, 2013

We would like some more information from some short sale experts in TX. I do short sales in CA but know nothing about doing them in TX - it could be a totally different animal. Here is some basic info. 2 properties. 1 is a 4 plex that has fire damage which insurance would not cover - it's boarded up and vac. The other is a 7 unit which is fully rented. But we're taking a loss due to all the maintenance, tenant issues, and being out of state landlords. Lender is RBFCU for both properties, and we are current on both loans. Do lenders waive deficiencies when short selling in TX? How long does it take? Do I have to default in order to short sell? Has anyone done a short sale with RBFCU?

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Priscilla Allen’s answer
Priscilla Al…, Agent, San Antonio, TX
Wed Apr 17, 2013
Hello Joseph,

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 “short sale” of the Property. As used in this Addendum, “short sale” means
(1) Seller’s net proceeds at closing will be insufficient to pay the balance of Seller’s mortgage loan;
(2) Seller requires:
(a) the consent of the lienholder to sell the Property pursuant to this contract; and
(b) the lienholder’s agreement to:
(i) accept Seller’s net proceeds in full satisfaction of Seller’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!
0 votes
Roberto Ibar…, Both Buyer And Seller, Boerne, TX
Wed Jun 12, 2013
Call my Realtor.. Jason Campbell with Option One. He sold my previous home and one of my 4-plexes almost overnight. He brought me an offer on the 4-plex 3 days after he listed it, and it was one of his buyers. All cash. The guy is amazing.

Don't know if he would want me to post his phone number or not so here's the webpage: http://www.SAHomeExpert.com
0 votes
Hi Roberto,
We are about a week away from finishing a total rehab on our 4-plex. We'll ride it out and hold long term. That's the only way we'll make any profit.
Flag Wed Jun 12, 2013
Joey Rennick, , 91941
Thu Apr 25, 2013
I called RBFCU - they only do short sales for owner occupant, period. No exceptions. My 2 options are to fix it up, or let it go to foreclosure. We are going to fix it up. Thanks everyone for your responses.
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Thu Apr 25, 2013
btw.. Priscilla is right. There are a lot of agents that try to take them on believe they are "experts" because they took a class or got their designation, however you'll find out only when it's too late they aren't the experts they believed. SS's are something that you can become great at by only learning in a classroom; they take "street level" education and experience.

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.

Josh Boggs
The Tall Short Sale Guy
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Thu Apr 25, 2013

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.
Josh Boggs
The Tall Short Sale Guy
0 votes
Jason Campbe…, Agent, San Antonio, TX
Wed Apr 17, 2013
Step 1 - Put a call into RBFCU. - Find out what all of your options are, and what their policies are and then you are ready to go from there..

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. :)

0 votes
Jesus Soto, Agent, San Antonio, TX
Wed Apr 17, 2013
First order of business is to ask RBFCU what their policies are on Short Sales. Go from there. Agents and Brokers are all over San Antonio that can help you....but the lender guidelines for allowing Short Sales are very specific. I have buyers for the 4plex.

Jesus Soto
Exit Realty Partners II
Associate Broker
10010 San Pedro Ave.,#100
San Antonio, TX 78216

0 votes
Jake Ritchie, Agent, San Antonio, TX
Wed Apr 17, 2013
Whats the pay off and who are the Owners? and if you need a short sale expert I have one in Our office just let me know if you need Our services we currently have over 55% market share here in San Antonio at Keller WIliams. I have done one a few yeas ago when very well.

Reply to: jake78248@aol.com
0 votes
Gregory Touc…, Agent, San Antonio, TX
Wed Apr 17, 2013
There is a Short Sale expert in my office. Would you like me to connect you to him?

Gregory Touchstone
Keller Williams Realty
0 votes
Jana Halvers…, Agent, San Antonio, TX
Wed Apr 17, 2013
I understand how difficult it is to be out of State and try to manage investments. In my experience most of the answers to your questions depends on the lending institution. I find RBFCU to be fabulous to work with. I would encourage you to speak to them directly.
0 votes
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