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  • March 29, 2008 at 6:24 PM #178697
    SD Realtor
    Participant

    Nesposito you have characterized the overall process very well. It is just a long haul to get through the ordeal. It is very frustrating as well with respect to lending. I actually advise people to not even bother locking in a rate until the short sale is approved by the lender. If the approval takes a long time and rates have shot up in that timeframe then that is the way it goes but by the same token, if rates do shoot up then that will put more pressure on pricing overall so maybe something better will come along.

    It does help immensely if your buyers agent is savy at the process… Unfortunately though, the odds of your short sale getting through are really weighted by the listing agent of the home. Even in that arena the listing agent is at the mercy of the lender. Through the process the listing agent may get passed around to several people through loan workout, loss mitigation, and other departments at the lender. Once they reach the nirvana of the closing desk then they are home free…. It really takes ALOT of energy from the listing agent, to continue to hound the lender yet not piss them off at the same time. Meanwhile here you are Joe Buyer waiting for what generally amounts to a few months but you can and should keep looking. Again, I would not lock in a rate, just keep a wary eye on where they are at. Then if/when the offer is approved, you get that lien release letter from the short sale lender, send it to your lender and lock that darn rate in.

    SD Realtor

    March 29, 2008 at 7:08 PM #178246
    murf2222
    Participant

    Speaking of short sales……..

    Can any of you guys give any guesstimates on the amt. of money that can be saved right now on short sales?

    Specifically, how much off of the original loan amt. are the banks willing to accept in this climate?

    Murf2222

    March 29, 2008 at 7:08 PM #178604
    murf2222
    Participant

    Speaking of short sales……..

    Can any of you guys give any guesstimates on the amt. of money that can be saved right now on short sales?

    Specifically, how much off of the original loan amt. are the banks willing to accept in this climate?

    Murf2222

    March 29, 2008 at 7:08 PM #178618
    murf2222
    Participant

    Speaking of short sales……..

    Can any of you guys give any guesstimates on the amt. of money that can be saved right now on short sales?

    Specifically, how much off of the original loan amt. are the banks willing to accept in this climate?

    Murf2222

    March 29, 2008 at 7:08 PM #178621
    murf2222
    Participant

    Speaking of short sales……..

    Can any of you guys give any guesstimates on the amt. of money that can be saved right now on short sales?

    Specifically, how much off of the original loan amt. are the banks willing to accept in this climate?

    Murf2222

    March 29, 2008 at 7:08 PM #178701
    murf2222
    Participant

    Speaking of short sales……..

    Can any of you guys give any guesstimates on the amt. of money that can be saved right now on short sales?

    Specifically, how much off of the original loan amt. are the banks willing to accept in this climate?

    Murf2222

    March 29, 2008 at 8:16 PM #178262
    jimcav
    Participant

    nesposito,
    thanks very much. given the possible long time window to do the short sale, i think we will probably try to rent for a year and, if we can get that pre-approval, then put in offers on short sales that are in the area.
    thanks to all who have really explained the process!
    jim

    March 29, 2008 at 8:16 PM #178619
    jimcav
    Participant

    nesposito,
    thanks very much. given the possible long time window to do the short sale, i think we will probably try to rent for a year and, if we can get that pre-approval, then put in offers on short sales that are in the area.
    thanks to all who have really explained the process!
    jim

    March 29, 2008 at 8:16 PM #178630
    jimcav
    Participant

    nesposito,
    thanks very much. given the possible long time window to do the short sale, i think we will probably try to rent for a year and, if we can get that pre-approval, then put in offers on short sales that are in the area.
    thanks to all who have really explained the process!
    jim

    March 29, 2008 at 8:16 PM #178638
    jimcav
    Participant

    nesposito,
    thanks very much. given the possible long time window to do the short sale, i think we will probably try to rent for a year and, if we can get that pre-approval, then put in offers on short sales that are in the area.
    thanks to all who have really explained the process!
    jim

    March 29, 2008 at 8:16 PM #178718
    jimcav
    Participant

    nesposito,
    thanks very much. given the possible long time window to do the short sale, i think we will probably try to rent for a year and, if we can get that pre-approval, then put in offers on short sales that are in the area.
    thanks to all who have really explained the process!
    jim

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