All Forum Posts by: Stephen Gathman

I was told recently by my realtor that all short sales she has seen closed resulted in the seller having to come to the closing with a promissory note.

We lost a recent deal due to this. Do most SS result in this? If so, how seriously should this note be taken by the seller?
Thanks

Are they getting any better to deal with? I have an offer in on a property for $175k on a home assessed for $237K, they owe $275k. How long does it usually take with them to get a counter?
Thanks

Jon, yep. We had everything in over 30 days ago and he asked for the PEC form over 2 weeks ago, which we promptly sent in. They just looked at it recently, as I mentioneed.
What would need to happen to delay the foreclosue, a counter from them or would there need to be a meeting of the minds?
Thanks.

Thanks for the info, guys. I am the investor, trying to snag a good deal on a mountain property.
I am concerned that the foreclosure date of 4-6-10 is approaching.
The seller is the listing realtor, so we have to go through her. The negotiator has confirmed that they have everything two days ago. It took 30 plus days for them to let us know they were missing a form that se e mailed to him 15 days ago.
This is a Georgia house, so I think a deficiency judgement could come ionto play, which would be a deal killer. The seller is trying to get this short sale done, submitted all required information quickly, just doesn't seem to be that aggressive. She basically says if the short sale doesn't go through, they can have it.
There is only one lender, but she owes a lot ($370k) mkt value probably $220, offered $170 initially.

What is the likelihood of this one crashing and burning?
Thanks

Funny, I can rfeply to this one. Let me try again. Thanks for the input.
S

When I try to do so, there is just a blank screen in the middle that does not allow me to input anything.
Thanks

Do a lot of closed short sales result in the sellers still being on the hook for all or a portion of the shortfall? For example, would a home selling for $200k with a loan amount of $370k likely have something like this required of the seller?
If so, it makes foreclosure look more attractive to the seller.
Thanks for help on this newbie question.

Thanks for the info. The deal is that the sellers owe $370k on the property, which is crazy, one lender, mkt value is probably $220-230k. Hopefully, the BPO doesn't come in higher. It was a drive by, no chance to influence the agent.
I offered $170k cash quick close, inspection only.

BTW, the listing agent is the seller and the listing is expiring shortly, if it has not already.
With foreclosure date coming up, we are waiting on the negotiator's response. I would go to $180-190k at most.
Is there anything else we should try to do at this point?
Thanks

Has anyone had any experiences with their loss mitigation dep't. negotiators? Good or bad?
Thanks

Hi. I am trying to purchase a short sale that we found out will go to foreclosure on April 6. The BPO has been done about 1 1/2 weeks ago, so it is on the negotiator's desk.
Will the approaching foreclosure date serve as motivation for them to respond to my offer quickly? Are there any tactics that we should use to help? I am using a realtor. They won't tell my realtor the bpo amount.
Thanks in advance.