Lesson 1- Options: Staying in house Let’s start with your options for staying. Some of these options are obvious: My foreclosure option #1- Catch everything current- you can cure the default and catch everything current. That’s an option if you have money. I’m assuming that you wouldn’t have gotten in the situation if you… Continue Reading
Negotiating multiple liens What if there are multiple liens and you need to negotiate with multiple lien holders, how do you do that? The problem when you’re dealing with multiple liens is that the first mortgage will not approve a short sale unless all junior liens receive no more than a total of $1000. However, if you’re… Continue Reading
Shifting cuts and using email A couple extra tips on top of your negotiation: Many concessions can be passed on to the buyer or buyer’s agent. For instance, the bank may set your agents’ limit to 5%. You can go to the agent that’s representing the buyer and let them know that the bank is requiring… Continue Reading
Loss mitigator basics At some point when negotiating an acceptance letter and bringing your short sale to a successful close, you’re going to talk with an actual decision maker, an actual loss mitigator, someone who has some decision making capability. When you do, remember that the loss mitigator is a person. I’ve heard that he/she… Continue Reading
More follow up re BPO A Buyer’s Price Opinion or BPO is an appraisal or evaluation done by a real estate agent, sometimes done by an appraiser, in which case it is called an appraisal instead. You always want to specifically request an interior BPO or appraisal. Some banks will have somebody drive by,… Continue Reading
Calling Your Lender So after you’ve put together a good package and you send it in, you want to call your lender within 48 hours. Typically it will not be put it in the system in the first 48 hours, unless you’re working directly with an individual. When you call, let them know you sent… Continue Reading
Tips for submitting Like I said a loan number on every sheet is important so just hand write it out on every single sheet. You may have 50 sheets, but take the time and do that because it’s extra insurance that all the sheets of your packet are going to be there. Banks are… Continue Reading
Submitting Back-up Offers To Lenders Sometimes you’ll get other back up offers that come in after you have submitted an offer to your lender. Usually you should continue to show your house and follow up on potential buyers even after you have an offer submitted to the lender. Explain to the potential buyer that there’s… Continue Reading
Proof of Funds Insist on some proof of funds by all buyers, that’s another important thing. Never accept an offer without some kind of proof that they buyer can actually close. A story is not good enough; the fact that you know the person is not good enough. You need to see: A bank statement… Continue Reading
The Offer Once you’ve listed your house, you’ve staged it and you’ve worked really hard, you may get an investor offer. At some point, you’re going to possibly have to fill out a purchase and sales agreement. There’s different ways you can do this. If you’re working with a realtor, there’s a good chance you… Continue Reading