Short Sale bargains harder to find

Across the US, short sale bargains are increasingly hard to find for the individual homebuyer. The article titled “Home Short Sales are Not Short,” linked below, details many of the challenges to the bargain-home-hunter.

The article focuses on the prospective buyer, but the prospective seller can learn a lot also. The conclusion is clear – If your mortgage is distressed and you can’t or don’t desire to modify, you must have many months to get your short sale done on your own. If you don’t have time, call my investor that can both negotiate your short sale and mortgage deficiency expediently, and has the cash to purchase immediately.

Reportedly, only 2 of 10 short sales are completed. The highest percentage of short sales are found in homes priced below $300,000. Unfortunately, that’s the place most people want to be. Short sales are usually priced below market value in a neighborhood. However, because of the length of time that banks have to consider offers, the price you pay may end up being more than you expect.

The REST Report does eliminate all the treachery of the mortgage servicer. The REST Report uses the bank’s own software to calculate property value and Net Present Value. By mailing the short sale package certified mail, return receipt requested, the short sale application becomes a legal document that must be shared with the mortgage investor with all due expediency. No waiting around for the mortgage servicer to stall and wait for everyone to get frustrated and walk away so that they can foreclose.

You may find yourself waiting for several months for a bank to make up its mind. The seller has no real control over the disposition of the home. Your offer will be compared to all other offers that come in. Cash wins in a short sale offer. This is the huge advantage that an investor has in a short sale negotiation. The buyer who puts the highest percentage down on the property, and comes in at the highest price, is likely to get the property.

Beware a discount fee and avoid any negotiation that has it if you can. It is paid to a group that refers to itself as a processing company. This short sale fee may run anywhere from $2500 or more. The disclosure form says that they are taking care of large amounts of paperwork and negotiating tirelessly on the buyer’s behalf. But this additional short sale fee is entirely unnecessary, because title companies, who make their money legitimately from title searches and title insurance, will do the same work at no fee. Most short sale listing agents will work with a title company.

If you are a home buyer with a great deal of patience, and you don’t have to move by a certain point in time, then a do it yourself short sale may be perfect for you. Just be aware of the possible pitfalls that lay ahead.

Whatever you do, don’t sign up for HAFA, or Home Affordable Foreclosure Alternative. Your bank will steal your house. I can’t find anyone who has gone through the HAFA process who was happy. HAFA was written by the banks. Need any more proof?

The REST Report will give you accurate information as to the disposition of your mortgage loan and property.

This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now

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