All Forum Posts by: Brett Goldsmith

Some specialists like myself have been involved in hundreds of short sales. Most agents who are experienced have only been involved in a handful. Some short sales are easy and others are not. They are speculative by nature so even the best specialists can't get them all done  ( some are literally impossible ). It's about knowing the guidelines and seeing the forest before the trees. Some transactions take special structuring due to title or investor guidelines. 

The person who is processing the deal wants to try to purchase it? Not much you can do without getting your offer excepted. I suggest being super flexible with seller to accommodate their timing, moving, etc if they live in the property. I don't suggest closing till it's vacant though. That typically is a value add. 

Pro's - You might get a good deal.

Con's - It can take awhile, never get done, or you may not be able to get it at a price you'd like.

Is the borrower current or delinquent on their mortgage?

Looking for suggestions for a DMM company that is cost effective for bulk mailing.

@Jay Hinrichs Yes, it's going to be a trickle effect over the next several years. It's already occurring with private investors who have ended forbearance plans and I have clients who already have received deferrals and fell back behind. People will get streamlined modifications or deferrals to be placed back on track, but there will be a subset of people who still can't afford their payments. I think we won't start seeing the impact of this for another year or so. I don't anticipate the flood gates opening up, but I do think an increase is and will continue to occur.

What kind of lien? A mortgage is a lien and so is a judgment. Yes they could attempt to settle the lien or do a short sale depending on a few factors. 

You can't typically buy a property from family as a short sale unless if it's a reverse mortgage loan on the asset. You wont' know what you can buy it for until the servicer completes a valuation and the short sale review is open. 

Get title insurance. That lien will need to be cleared. I'm assuming the current owner is going to be paying it at closing?

Sounds like you would need to attempt a short sale if you are trying to buy for 65K and 80K is owed. Teh question is, what is is worth as-is? If it's worth more than 80k, a short sale may not be possible. Also, the main concern is the foreclosure auction date and trying to postpone it to allow a short sale review to take place.