Short sale ???

Question

Marcus Johnson · Answer

Just an FYI, it took 2 months 3 weeks for Wells Fargo to accept my offer.

Albert Martinez · Answer

I closed on my first short sale in 06/13. I made the offer in 10/12. The bank never really communicated with me about the status or if we were even going to close. One day the Realtor called stating the bank is ready to close, but it still took 60 days from that day. The second short we did closed in 45 days but this one was already approved by the bank.

Wayne Brooks · Answer

Way too many variables to tell....who the Servicer is, who the investor is, how many mtg.s and liens there are, how cooperative/responsive the owner and negotiator are, of the owner has already been approved with a previous contract, etc.   60-180 days.

Jay Hinrichs · Answer

good luck.... times are much tighter now.. when all the crap hit the fan banks had no one in their REO departments they are well staffed now.

I see your in Yuba city... In my early days 80's I worked with and got the development up on Hammaton smartsville road ( right above Beale AF base) approved and started. I also worked on and got the last phase of lake wildwood done.. OH what crappy timing we get it all done.. WE built the first phase of wildwood 125 lots or so.. I have them all pre sold on the pink report...for 70 to 125k each... I am the broker and had a small equity piece. Going to make a killing at 33.. And then the Earthquake and the war.. And there ya go we never closed one lot and the whole project went down the tubes it was not until the early 2000's that someone finally got that one going again.. We had done the first Mello Roos bonds in Nevada county and it was a nightmare.. The one in smartsville just went through a plane ole foreclose.. I was up there last summer and was pleased to see the two projects I put through entitlement phase 25 years ago were finally built out.   Oh the old days.    good luck on your short sale.

Wayne Brooks · Answer

Without some documentable impending, involuntary event that would eliminate his income...he won't qualify.

Ben A · Answer

Any update on your short sale Joseph?

I'll ask related question here if you don't mind..

An owner approached me wanting to do short sale on condo.  Loan is $370K, value is about $150k.  His concern is with the hardship letter.  Both he and wife are working and has substantial money to pay current monthly mortgage (high rate IO) and expenses, even if entire loan is to be refi'd to current rates (increased monthly P&I).

What would be the "hardship justification" for short sale?

Thanks.

Phil Z. · Answer

Depends on the bank and wether it is FHA or Freddie Mac/Fannie Mae ..

Short sale ???

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