Finding this poat on Winknews.com about home short sales caught my attention. Indirectly, it points out the advantage to using an efficient investor who can close on your distressed property immediately. It boils down to time efficiency.
Rule 1: Be realistic but aggressive with the asking price. The seller is not allowed to make a profit anyway, other than reasonable moving expenses. Sellers MUST remember that time is not on their side. Most sellers of short sale properties are not making mortgage payments and many are facing foreclosure. Lenders are taking months to respond to an offer on a property. It should be every seller’s goal to have a contract within the first 90 days. This is an obvious indication of a motivated seller.
There is NO reason not to overprice a short sale at the beginning of the marketing process.
Rule 2: Have paperwork ready before an offer comes in. A complete short sale package is the key to a successful outcome and it usually takes some time to compile all the necessary documents, so sellers should get busy on this right away.
Rule 3: Don’t sell to a buyer who is not committed to your property. This is the most important rule for sellers to remember. The identifying mark of being committed to the property means that the buyer is willing to put money in escrow when they make the offer and they will contractually be willing to wait at least 60 days for the lender to respond.
An uncommitted buyer will most likely withdrawal the offer when he finds a property he likes better, which means the seller will have to start the process over again. The seller may not have enough time before the lender forecloses.
A committed investor will have the cash to close immediately. My investors have cash to close immediately upon acceptance of the lender’s offer and can negotiate complete releas of deficiency so that the property owner is released from any future lien.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now Please ‘Like’ the video, will you? That makes it easier for others to find.
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The internet being what it is, certain search terms need to be empahasized so that you can find the best information. Obviously this page concerns short sale, short sale rules, and foreclosure alternatives. But other concerns such as try title, quiet title, and clear title may apply. The REST Report is best classified as loan modification software or mortgage modification software. It is used to establish chain of title and assignment of title. But if your reduced income is too low, short sale versus foreclosure or short sale foreclosure is the goal. The REST Report claim to fame is that you use it to calculate Net Present Value exactly the way the banks do, using their software. It is the answer for a real estate title search to decide if your mortgage servicer has the right to foreclose on you at all. This blog is dedicated to independant mortgage advice. You may have a cloud on your title which can block the sale of yourhouse. There is no excuse for foreclosure other than the treachery of your mortgage servicer.
This YouTube video explains the Broken Chain of Title, short sale, cloud on title situation
Read it here
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Originally posted 2009-09-07 21:58:44. Republished by Blog Post Promoter
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Short Sale efficiency and motivated buyers and sellers- http://t.co/3v38FyfU