I'm looking for someone experienced with negotiating short sales. I have a ton of questions, and I'd like to learn more about the negotiation process. I'm looking up articles online, reading what I can, but I'd love to actually speak with someone, hear experiences.
I also have a LARGE number of leads on short sales, thousands of them in Cuyahoga county. I have been tossing them to the side because my lack of knowledge in the area of short sales, but I feel like that might be a mistake to do. Trying to figure out what to do with them.
One of the main questions I have is, if there are a few additional liens attached to the property, how are they dealt with? I'd imagine in some cases they will kill the deal, but is that always the case? Am I asking the right questions about additional liens?
I'm looking for someone experienced with negotiating short sales. I have a ton of questions, and I'd like to learn more about the negotiation process. I'm looking up articles online, reading what I can, but I'd love to actually speak with someone, hear experiences.
I also have a LARGE number of leads on short sales, thousands of them in Cuyahoga county. I have been tossing them to the side because my lack of knowledge in the area of short sales, but I feel like that might be a mistake to do. Trying to figure out what to do with them.
One of the main questions I have is, if there are a few additional liens attached to the property, how are they dealt with? I'd imagine in some cases they will kill the deal, but is that always the case? Am I asking the right questions about additional liens?
thanks in advance,
mark
Short sales in Cleveland are a friggin nightmare. The overwhelming majority are extremely low value assets in distressed condition. Typically the bank is going to want every short sale listed on the open market with an agent. Since the assets are already so low in value the commissions start off small & usually end up being cut at the last minute by the bank anyway......Very difficult niche to make any money in so finding yourself a short sale expert is gonna be a long shot.
I'm looking for someone experienced with negotiating short sales. I have a ton of questions, and I'd like to learn more about the negotiation process. I'm looking up articles online, reading what I can, but I'd love to actually speak with someone, hear experiences.
I also have a LARGE number of leads on short sales, thousands of them in Cuyahoga county. I have been tossing them to the side because my lack of knowledge in the area of short sales, but I feel like that might be a mistake to do. Trying to figure out what to do with them.
One of the main questions I have is, if there are a few additional liens attached to the property, how are they dealt with? I'd imagine in some cases they will kill the deal, but is that always the case? Am I asking the right questions about additional liens?
thanks in advance,
mark
I have experience buying only one property on short sale and it took 3 months. The one second lien was nullified, another paid off. Potentially you can buy a property with quit claim and deal with this problem later. There is also a process called quiet title, which helps to remove some problems on a title.
I'm looking for someone experienced with negotiating short sales. I have a ton of questions, and I'd like to learn more about the negotiation process. I'm looking up articles online, reading what I can, but I'd love to actually speak with someone, hear experiences.
I also have a LARGE number of leads on short sales, thousands of them in Cuyahoga county. I have been tossing them to the side because my lack of knowledge in the area of short sales, but I feel like that might be a mistake to do. Trying to figure out what to do with them.
One of the main questions I have is, if there are a few additional liens attached to the property, how are they dealt with? I'd imagine in some cases they will kill the deal, but is that always the case? Am I asking the right questions about additional liens?
thanks in advance,
mark
Short sales in Cleveland are a friggin nightmare. The overwhelming majority are extremely low value assets in distressed condition. Typically the bank is going to want every short sale listed on the open market with an agent. Since the assets are already so low in value the commissions start off small & usually end up being cut at the last minute by the bank anyway......Very difficult niche to make any money in so finding yourself a short sale expert is gonna be a long shot.
I have done a few. One was a 400k property which i sold as the realtor for about $220k as short sale. I am working one right now in Garfield Heights.
During the height of the mortgage housing crisis, banks really did not have systems in place to deal with short sales and were making it up as they went alone; often pulling the carpet out from under the seller at the last minute.
They are a lot of work; the seller has to be willing to cooperate by providing info and follow instructions, the buyer needs to be patient and have cash, and the realtor needs to have experience.
I have bought short sales successfully in the Cleveland area (Euclid, and good parts of Cleveland) and elsewhere. Every short sale I have bought has been in decent shape, just in need of some cosmetic work at most. Even the townhouse I live in here in California was a short sale... and I moved in about 3 days after close. You typically get clean title with any short sale. Second (and third and fourth) lienholders will be a part of the negotiation process. In my experience the lienholders who are not first in line are just happy to get anything out of the process, because most likely if it heads to foreclosure (which is almost imminent once a property owner pursues a short sale) the primary lienholder is the only one who will actually get anything out of it. The primary lienholder typically takes the lead in that from what I have seen (most banks have departments dedicated to just doing this). But it is a long, drawn-out process (typically months), which may or may not actually ever close. Now that values are quite a bit higher, it could be tougher, as the comps banks are using when deciding whether to approve the short sale, counter it, etc. are trending higher and higher (but might not be true comps to the property you're trying to buy).