Resurrecting an old short sale

[Jerry R.]

I was contacted by a home owner who is getting close to foreclosure and asked if I could help.

He had it listed with an agent who submitted all the short sale information a long time ago. Basically the agent gave up and it sounds like he has not heard from the agent in over 6 months. Now it sounds like it's getting down to the wire.

At this point what type of cooperation can I expect from the lender? Will I have to start from scratch or will the existing short sale packet be available to me. I can bring a new agent to the table and hire a negotiator if I need to.

Any insight on this is very much appreciated.

[Scott Hubbard]

Originally posted by Jerry R.:

I was contacted by a home owner who is getting close to foreclosure and asked if I could help.

He had it listed with an agent who submitted all the short sale information a long time ago. Basically the agent gave up and it sounds like he has not heard from the agent in over 6 months. Now it sounds like it's getting down to the wire.

At this point what type of cooperation can I expect from the lender? Will I have to start from scratch or will the existing short sale packet be available to me. I can bring a new agent to the table and hire a negotiator if I need to.

Any insight on this is very much appreciated.

You will need to start from scratch with a complete short sale package. But first, you will need to find out if the agent and seller still have agency. If so, the agent could suddenly appear and make it difficult on you and the seller.

Is the property still listed in the MLS?
Do they have acopy of the lsiting agreement?

This is a good place to start.