All Forum Posts by: Alexis Adams

If you are going to attempt a short sale, the lender holding the HELOC is going to do an appraisal or BPO and they are going to want the property sold at/near fair market value. If there’s plenty of equity, the lender is going to want to be paid in full. I doubt very much they would take a settlement so that you could make more of a profit. I would definitely say first step is find out what is owed on the HELOC.

I have had only one case similar to this. The association foreclosed subject to the first mortgage. Association listed the property for sale and got a buyer. We negotiated a settlement with the bank. Bank was onboard to settle to release lien without the owner’s involvement because they did not have the proper documentation to foreclose and original owner was MIA. Association was able to sign all of the contracts since they were the owners of record after the foreclosure sale. But in this case, since the owners are not around to sign the contract documents, this would be nearly impossible I would think.

There is a Ferguson showroom in Boca. Never been to this location but have been to the Fort Lauderdale showroom. The location in Boca is on Rogers Circle.

Anytime! Sorry, I don't know too many realtors in Virginia. 

I use Nu World Title. They have offices in Broward and Dade county. I would recommend reaching out to Devon Fraser over in the Lauderdale office.

Hi Tim, I would just recommend that your realtor stays in consistent communication with the seller’s attorney for progress/status. Depending on who the lender(s) is/are, the negotiation process could take anywhere from 30-120 days. As long as the seller is timely with all of their paperwork for the bank, hopefully everything will go smoothly. Good luck!

Good morning, I would recommend Nu World Title. Devon Fraser is who I work with over there and he’s great. I don’t think it will let me list contact info here but if you’d like to inbox me, I can give you all his information. Good luck!

Also, in regards to speaking to the bank: all you need is the seller’s written authorization as well as the lender name and loan number. From there, you should be able to speak to anyone in the loss mitigation or loan servicing department, once authorized. But again, you may face a challenge if you are also looking to purchase the property. I would recommend teaming with a realtor and/or negotiator who can do the communication and negotiation with/for you, so that you are not turned down as a buyer by the bank.

Good morning! Portsmouth, NH - my hometown! As an investor, it is going to be challenging to negotiate the short sale on the seller’s behalf. The reason is because the short sale must be an arm’s length transaction. The bank might have an issue with the buyer negotiating for the seller because of this. In addition, most lenders require that the property be listed in MLS for 7 business days (this timeframe can vary) before an offer will be considered. That does not mean that the seller can not accept YOUR offer, but the lenders usually require that the property has exposure in MLS. New Hampshire is a non-judicial state. You won’t be able to find much online in reference to foreclosure activity. Best recommendation is to find out who the bank’s attorney is and follow up with them directly to make sure there is no sale date. You can also search the Union Leader Marketplace where foreclosure sales must be posted. Would be happy to refer an experienced short sale agent to you in Portsmouth, to help you get through the MLS issue. Please feel free to private message me with any questions, would be happy to help guide you through any other issues. Good luck!

In addition to what Wayne said, I would also ask the LA who is negotiating the sale. Is it the seller? Their realtor? Does the seller have an attorney handling? Hopefully the seller has an experienced negotiator who will get answers out of the lender(s) in a timely fashion so that the process isn’t too drawn out. Would be happy to refer an experienced realtor in the Portland area who is familiar with short sales, if you are looking for one.