All Forum Posts by: Jorge Vega

@Carlos Velasquez

Subject to what? Would you be interested in purchasing the property? If the comps are in the 90s then you may be able to purchase the property in the 90s. A short sale would be the sellers best bet in my opinion. She could potentially even get some funds to relocate

The bank will have to order a value on the property and what they will accept will . Who is the mortgage servicer?

Are you in contact or have you ever spoken to the listing agent and asked why they are not already doing a short sale if these are the circumstances?

@David I.

As the buyer you are a lot of times left out of the loop in a short sale. If the agent is saying that is the lowest the bank is willing to accept then know that any minmum given by the bank is based on a value the bank has on file. Its hard to really know what is truly going on unless you have direct access to the short sale lender.

A negotiator being assigned to the file does not mean they have accepted or agreed to a short sale, they have agreed to review the borrower for a short sale but that could be all.

Do you know what the value amount is that the property is going for?

ask the listing agent to order a payoff quote.

@Donald Latson I have completed lots of Short Sales Nationwide with a lot of the big banks and even lots of smaller not so known banks.

Do you have a specific question? I would love to connect.

@Shane Woods If you are over priced and you know it why haven't you lowered the list price?

Requesting a short sale isn't the hard part, but getting it approved can be. No matter what your list price is the bank will obtain a value on the property. Either a BPO or an Appraisal, sometimes both depending on the investor of the Loan. Freddie Mac orders a BPO and Appraisal.

If you want to keep the listing the drop the list price and begin working on a Short Sale or you could risk the seller walking away from you because they get the wrong idea that you can sell their home when its just over priced probably by the sellers request too.

@Michael Lee From an investor stand point you can only purchase the property if the numbers will work.

He would have to go through a short sale, most banks wont begin to review the short sale until an offer has been obtained on the home. In a Short Sale there is also a Arms length clause, this means that you cannot be associated with the seller. Friendships are harder to verify than family so you should be okay. Who is the mortgage servicer?

@Hanifah Montanez I would think so but I would need more information. What state is the property in?

@Dan Fisher use propertyradar.com

@Felix Sharpe You need to be able to support your claims of damage if you are going to try and pick this up for 50k from Freddie Mac when they are asking $80,000.

$80,000 is likely the value they obtained on the property so they are not going to budge so easily, Freddie can be a pain.

Have you completed any sort of inspections on the property?

 I think I need more information. What type of purchase is this? When is the foreclosure sale date set for?

your actions would depend on the type of sale. What's certain no matter the type of sale is that you need to move quickly. Also how are you purchasing this home? Cash, finance?

@Rachel Bennett

  @Lennie Holland What sort of financing options are you already working on?