USA – One large, national bank requires that all home buyers trying to buy a short sale give them their credit information before they make an offer on the house. They are asking for the buyer’s social security number and pulling their credit report. Why are they doing this? But, more importantly is it legal?… Continue Reading
Variations on rebate method I promised to go into a further discussion of some of the non-recommended variations of collecting money in a short sale process, there’s a lot of ways to do it. Real estate is complicated and there’s so many ways to make money in real estate. In general you’re slightly more limited… Continue Reading
Lesson 1 Options: Selling your house If you have chosen to move you have plenty of options. You may want to use a delay option along with any of the move options to facilitate a sale and to facilitate your move. A note regarding litigation which I mentioned in two of the previous strategies,… Continue Reading
Lesson 1 Options: Delaying foreclosure Let’s cover some of the strategies for delaying foreclosure. There are many different ways to delay a foreclosure and I recommend that you combine these strategies along with a stay in your house strategy or a move out of your house strategy that I have. Delaying can be necessary when… Continue Reading
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