Menu

Home › Forums › Closed Forums › Buying and Selling RE › Should you encourage short sale?

Viewing 15 posts - 1 through 15 (of 51 total)
1 2 3 4
  • Author
    Posts
  • August 27, 2009 at 11:41 AM #16256
    XBoxBoy
    Participant

    There’s a house I think I might be interested in. It’s currently well along in the foreclosure process. (ie the auction is scheduled for next month) The owners have never listed the house or tried to do a short sale. Would it be worthwhile approaching the owners to try and arrange a short sale or am I better off waiting for the bank to take it back? If the bank does take it back, should I contact the bank or just wait until it shows up on the MLS?

    Worth mentioning, this is a decent house in a nice area along the coast. In this area we do not see a lot of bidding wars that people have been reporting in low priced areas.

    What are pros and cons of various approaches? Suggestions?

    XBoxBoy

    August 27, 2009 at 11:46 AM #449577
    Zeitgeist
    Participant

    The con is you piss the owner off. With them losing the place already, everything is about timing. I have read previous posts about negotiating directly with the bank if you can find out who that is before others do, you would have the advantage. It will all depend on how good a salesman you are. Good luck to you.

    August 27, 2009 at 11:46 AM #450107
    Zeitgeist
    Participant

    The con is you piss the owner off. With them losing the place already, everything is about timing. I have read previous posts about negotiating directly with the bank if you can find out who that is before others do, you would have the advantage. It will all depend on how good a salesman you are. Good luck to you.

    August 27, 2009 at 11:46 AM #450179
    Zeitgeist
    Participant

    The con is you piss the owner off. With them losing the place already, everything is about timing. I have read previous posts about negotiating directly with the bank if you can find out who that is before others do, you would have the advantage. It will all depend on how good a salesman you are. Good luck to you.

    August 27, 2009 at 11:46 AM #450364
    Zeitgeist
    Participant

    The con is you piss the owner off. With them losing the place already, everything is about timing. I have read previous posts about negotiating directly with the bank if you can find out who that is before others do, you would have the advantage. It will all depend on how good a salesman you are. Good luck to you.

    August 27, 2009 at 11:46 AM #449769
    Zeitgeist
    Participant

    The con is you piss the owner off. With them losing the place already, everything is about timing. I have read previous posts about negotiating directly with the bank if you can find out who that is before others do, you would have the advantage. It will all depend on how good a salesman you are. Good luck to you.

    August 27, 2009 at 11:51 AM #449582
    sdrealtor
    Participant

    If it goes back to the bank you will likely be facing a bidding war as an REO property. It seems like all the REO’s coming on the market get intentionally underpriced to create competition. If you can get to the owners and have them agree to a short sale you stand a better chance of getting it and at a better price. Alot will depend upon the lender(s) involved, loan amounts, recourse loans or not.

    The plus of them doing a short sale is you can probably get them another 3 to 6 months of free rent in their home.

    Send me a private message with the address and I can give you more specific advice if you want it.

    August 27, 2009 at 11:51 AM #450112
    sdrealtor
    Participant

    If it goes back to the bank you will likely be facing a bidding war as an REO property. It seems like all the REO’s coming on the market get intentionally underpriced to create competition. If you can get to the owners and have them agree to a short sale you stand a better chance of getting it and at a better price. Alot will depend upon the lender(s) involved, loan amounts, recourse loans or not.

    The plus of them doing a short sale is you can probably get them another 3 to 6 months of free rent in their home.

    Send me a private message with the address and I can give you more specific advice if you want it.

    August 27, 2009 at 11:51 AM #450184
    sdrealtor
    Participant

    If it goes back to the bank you will likely be facing a bidding war as an REO property. It seems like all the REO’s coming on the market get intentionally underpriced to create competition. If you can get to the owners and have them agree to a short sale you stand a better chance of getting it and at a better price. Alot will depend upon the lender(s) involved, loan amounts, recourse loans or not.

    The plus of them doing a short sale is you can probably get them another 3 to 6 months of free rent in their home.

    Send me a private message with the address and I can give you more specific advice if you want it.

    August 27, 2009 at 11:51 AM #450369
    sdrealtor
    Participant

    If it goes back to the bank you will likely be facing a bidding war as an REO property. It seems like all the REO’s coming on the market get intentionally underpriced to create competition. If you can get to the owners and have them agree to a short sale you stand a better chance of getting it and at a better price. Alot will depend upon the lender(s) involved, loan amounts, recourse loans or not.

    The plus of them doing a short sale is you can probably get them another 3 to 6 months of free rent in their home.

    Send me a private message with the address and I can give you more specific advice if you want it.

    August 27, 2009 at 11:51 AM #449774
    sdrealtor
    Participant

    If it goes back to the bank you will likely be facing a bidding war as an REO property. It seems like all the REO’s coming on the market get intentionally underpriced to create competition. If you can get to the owners and have them agree to a short sale you stand a better chance of getting it and at a better price. Alot will depend upon the lender(s) involved, loan amounts, recourse loans or not.

    The plus of them doing a short sale is you can probably get them another 3 to 6 months of free rent in their home.

    Send me a private message with the address and I can give you more specific advice if you want it.

    August 27, 2009 at 12:16 PM #450122
    SD Realtor
    Participant

    xbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.

    Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.

    Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.

    August 27, 2009 at 12:16 PM #450193
    SD Realtor
    Participant

    xbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.

    Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.

    Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.

    August 27, 2009 at 12:16 PM #449784
    SD Realtor
    Participant

    xbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.

    Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.

    Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.

    August 27, 2009 at 12:16 PM #450379
    SD Realtor
    Participant

    xbox there is definitely no harm in sending them an unsolicited request to purchase. I know people who have literally knocked on doors. I left a note for someone in scripps a year ago when I was looking. Many times the sellers are actually trying to do a loan mod either by themselves or using an attorney. If there is a NOD on it then yes any realtor can help you find the basic information. If you really want to arm yourself with alot more, go downtown and pull up all the records at the county recorders. There may be other liens, IRS and otherwise that will be useful for you to know about.

    Personally I have never heard of a homeowner and a buyer working out a short sale with the lender in a FSBO type of manner. It may indeed be possible, you never know unless you try it. The first hurdle though is approaching the homeowner to see if they will entertain the idea.

    Denial runs in many directions and many homeowners in deep trouble with lenders tend to deny the situation. Even when valid unsolicited offers come along they blow them off with some delusional attitude like they will be able to keep the home and everything will be alright.

  • Author
    Posts
Viewing 15 posts - 1 through 15 (of 51 total)
1 2 3 4
  • The forum ‘Buying and Selling RE’ is closed to new topics and replies.