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
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
[jwplayer mediaid="437"] Craigslist Another thing you should be doing when you our marketing your house is to use Craigslist. Craigslist is an absolute must. Craigslist.org is the website for listing homes, free classified listings of homes for sale. It’s an absolute must that you list your home in Craigslist. It’s free, it’s easy, it’s quick…. Continue Reading
[jwplayer config="slide" mediaid="328"] First call to lender Once you’ve gotten the idea of how much time you have the first real action you need to take is to call your lender. You need to understand where they are what they want to do understand their intentions, and get a game plan on how exactly to work… Continue Reading
[jwplayer config="slide" mediaid="326"] Overview Before you start marketing for an offer you should first talk to your lender about a short sale. You need to get all the necessary information about your lenders requirements for doing a short sale. I will discuss exactly how to have that conversation. I am also going to discuss special… Continue Reading
[jwplayer config="slide" mediaid="325"] Why should you be able to collect money if your bank is taking a loss? A better question is why would you want to go to the pain of negotiating your own short sale and not get paid for it? You wouldn’t be in foreclosure if you weren’t having a hard time. … Continue Reading
[jwplayer config="slide" mediaid="298"] Situational success factors are the factors that can change how successful you are at getting a short sale completed. Now this doesn’t have to do with you, but it has to do with your own situation. Like what kind of loans do you have? Are there any extra leans? Who owns the… Continue Reading