Overall, this linked article is informative on accomplishing a successful short sale on your property. There is one glaring mistake, but considering the source, easily understandable. Articles that feature ‘five easy answers’ are always attractive. Here are comments and corrections.
1. Short sale negotiations typically take a long time because the negotiator/investor is only doing one or two at a time. Typically, they are unable to gain access to the true decision-maker at the lender. An investor and negotiator that is negotiating hundreds of property short sales has unequalled direct access to those decision-makers.
Your listing agent won’t tell you this, but they are advised to use an outside negotiator to get a beneficial offer from the lender. The agent makes most of their fee by negotiating that short sale. Initially they believe that it’s worth their time. What should be most important to the homeowner is their record on negotiating away the mortgage deficiency.
What the homeowner needs to know is that the mortgage servicer does not get paid to short sale. They only get paid to foreclose. The answer is to file your short sale application as a legal document that your mortgage servicer by law may not shred.
Any distressed mortgage owner would do better to contact me and let us negotiate a much quicker short sale. We then utilize the talents of the agent to sell the property. It’s what real estate agents were trained to do. It saves the distressed homeowner both time and money.
2. Banks do negotiate aggressively. Basically, the process is an auction. Us against them, both of us trying to negotiate a win-win-win situation. Since we are the buyer, we don’t disappear. We’re in it for the duration.
3. We can insert an addendum that we will negotiate away the deficiency. Ultimately however, the decision is in the hands of the lender. Yes, the deficiency is tax-free as income this year.
4. Yes, it will be two years before you can buy again. But that’s a huge improvement over the 7-10 years it will take to overcome a foreclosure. Quite brutally, if you can’t afford the payments, your credit score is the least of your concerns. Let us talk of lease option. It works.
5. I disagree with the blanket statement that it is better to try to ‘ride out the storm.’ Other emotional and financial considerations enter the mix before a final decision should be made.
The REST Report gives a no-argue resolution that benefits both mortgage investor and homeowner.
The new guidelines referred to in this article are collectively called the Home Affordable Forclosure Assistance Act. The Home Affordable Foreclosure Assistance portion has proven to only benefit the mortgage servicers. It was written by them. No surprise.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
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tags: short sale, do it yourself short sale, rest report, avoid foreclosure, stop foreclosure, prevent foreclosure, foreclosure alternatives, self negotiated short sale, negotiate mortgage deficiency, negotiate short sale, investor negotiated short sale, discharge mortgage deficiency, homeowner negotiated short sale,
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Why a Professional Short Sale Negotiator is better than a Listing Realtor – http://www.mortgage-mod-monster.com/?p=480
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