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Real Estate Short Sale Questions and Answers |
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Question: When buying a property on a short sale, how do I find out which bank owns the property?
Trying to buy a property on a short sale, and wanted to see if people negotiate\ or have their agent negotiate directly with the bank, . I feel like the listing agent is pulling my chain.
Is there a website\ public records you can go to, to figure out which banks has the mortgage to the property?
Any advice is appreciated.Answer: My advise is to select a realtor you feel comfortable ...
My advise is to select a realtor you feel comfortable working with and ask them to do that homework for you. They have the connections, you may not have.Answer: A short sale is before the bank forecloses so the home owner ...
A short sale is before the bank forecloses so the home owner still owns the home.Answer: The mortgage company the homeowner makes their payment to is ...
The mortgage company the homeowner makes their payment to is who yo speak to.
The homeowner or the perspective buyer can negotiate it themselves to save money.
Find a house with a 1st and a 2nd loan from the same company. then you offer the lender a deal.
You buy the house for what is owed on the 1st loan and they right off the second loan.
This only works on house that the value is upside down, meaning someone owes more than the house is worth.
To find these houses I started withfriends, I am currently praying upon any and all offriends who cant afford their mortgage and fitneeds.
Good Luck!!Answer: The tax assessor's office or county records office will ...
The tax assessor's office or county records office will have the lowdown. You will be able to find out who owns the property, and who has liens against it.Answer: Yes the bank does not own the house.
Your buyers agent ...
Yes the bank does not own the house.
Your buyers agent (not the listing agent) should be able to figure out who the bank is. But the truth is that I will give you a iron clad guarantee that you will be very frustrated and angry sometime between now and closing.
Short sale can be a great way to get a good price on a house, but the bank does not care if you buy the house or not and the seller can not sell you the house unless they convince the bank that this sale is in their best interest. You, the buyer, contacting the bank is usually not helpful at all.
It is normal for a short sale to take weeks just to get an answer on very small questions. No repairs will likely be agreed to no matter what the inspection shows.
You really need a good agent working for you explaining to you what is going on--but understand they won't be able to speed things up at all.Answer: If it is a short sale, the owners still own the property, ...
If it is a short sale, the owners still own the property, the lender doesn't own it yet.
How this works varies by lender, IMHO, most lenders deal with the Realtor, not the owners. The listing agent might be "pulling your chain" - but it is quite possible they just don't know the answers to your questions. Some lenders are great to deal with, some aren't. Loss mitigation departments can be overwhelmed, and the house you are interested in is just another number.Answer: About foreclosure & short dales, the most complete summary ...
About foreclosure & short dales, the most complete summary guide HERE:
http://buy-a-foreclosure.blogspot.com/
(How to buy a foreclosure, listings, short sales, forecl. apts,
pre-foreclosures, stop foreclosures & foreclosure loans )
Good luck!Question: short sale / forclosure?
I am selling my home because I am transfering to a new state. I cant afford to have renters, I pay to much on my morgage and my house lost value due to the slow market. If my home goes into forclosure will the bank come after my assets? Like annuitys, Thrift saving plans, my car and ect.......Answer: You appear to be heading in the right direction, by trying ...
You appear to be heading in the right direction, by trying to sell it. Just make sure you are asking the right price to move it quickly if you need to. And don't get behind on your payments unless you have no other way. If you are or think you may become delinquent, call your lender right away.
As for the short sale, your lender has to approve it. In both situations, a short sale or foreclosure you stand to have a mark on your credit which impacts your credit score.Answer: They could. Nothing is stopping them. Most don't ...
They could. Nothing is stopping them. Most don't though. If they do, you could always claim bankruptcy.Answer: About Short sale/ foreclosure, the most complete summary ...
About Short sale/ foreclosure, the most complete summary guide HERE:
http://buy-a-foreclosure.blogspot.com/
(How to buy a foreclosure, listings, short sales, forecl. apts,
pre-foreclosures, stop foreclosures & foreclosure loans )
Good luck!Question: can I buy back my own house at a short sale?
i am about to lose my house. my question is if the mortgage company agrees to a short sale can I buy my own house back?? I would be able to make payments on it at the new price.Answer: I doubt you will find someone to loan you the money if you ...
I doubt you will find someone to loan you the money if you are losing your house. If so then why not?Answer: You?d have to be able to secure financing, which would be ...
You?d have to be able to secure financing, which would be pretty tough if you?re not making payments on your current mortgage.
Have you talked to your current lender about loan modification?Answer: There are investors who will buy your house for you and then ...
There are investors who will buy your house for you and then finance your new lower amount - but you usually rent the house from them until your credit improves (short sales/foreclusures/late payments really ding your credit). Also, do some research, the president GW signed some debt relief programs that can help you negotiate with your finance company to keep your house. Call your mortgage company and talk to them.Answer: Think about what you are asking! You owe XXX amount of $$, ...
Think about what you are asking! You owe XXX amount of $$, the home is sold for less than you owe because you are not making the payments now. Who in their right mind would give you a mortgage for the price of the short sale, even if the bank agreed to the short sale in the first place! Why would they agree to the short sale instead of not first trying to restructure your loan so they do not have to sell it in the first place?
Sounds to me like you are grasping at straws.Question: Short sale,foreclosure, ride it out???
I live in SW Florida where the real estate market has fallen nearly 40% in some areas. I bought a home in 2005 for 250k (30yr interest only ,7yr arm)and my home is now worth maybe 200k. I am not particularly happy with what my neighborhood has become,aboanded homes, renters , loud parties etc. It will be years before my home gets up to a value for me to be able to sell. My credit is great and I have never had a belimish on my credit report. I also work in construction so who knows what tomorrow brings. So that's my delimia ,do I ride it out and hope for the best, do I try to short sale and if short sale doesn't happen eventually foreclose. My family is more important to me than my credit rating . If I bale now I could save the my mortage payment money until I'm kicked out then find a place to rent for 1/2 of what I'm paying now($1800 vs ($900 per month). If I stay and I loose my job or get transfered I'm going to be in same boat anyway. 5-7 yrs maybe, before property values returns.Answer: As far as foreclosure goes, if you let the bank foreclose ...
As far as foreclosure goes, if you let the bank foreclose you can expect to be a renter for the next 5-7 years also. By that point the housing market will have returned to what it was. It'll be a was for you but at least you will own the property.Answer: You almost have to ride it out....
Because lets say if ...
You almost have to ride it out....
Because lets say if you let your property get foreclosed on, your going to ruin your credit and the lender can sue you for the difference (ex: if your house sold for $200k, and you owed $240k) They will sue you for the remaining 40k.
Now, as for a short sale, generally you have to be behind to have a chance to do a short sale, because chances are the lender is not going to settle for less, when you, the lendee is paying on time, etc. But a short sale, still dings your credit...
I'd ride it out because in 5 years, your area is going to be booming again. Worry about what happens when you loose your job, etc, if that actually happens.Answer: If you sold for 200k would you even be able to cover your ...
If you sold for 200k would you even be able to cover your outstanding mortgage? If not, and if you aren't in dire financial straits, your options are limited.
A bank wont make a loan for the more than the property is worth. If you sold for less you owe you'd need to come up with the difference. (If youremortgage has an accelleration clause, which it almost certainly does).
You definitely don't want a foreclosure in your credit history. If you can make the payments, ride it out.Answer: Your in a tough spot but try to get refinanced now and get ...
Your in a tough spot but try to get refinanced now and get an FHA fixed rate. This way you will not suffer the mortgage incremental rise you were being drilled with. The only silver lining is to have the house re assessed to lower your tax burden and your overall payment. Best of luck DONT give up!Answer: You are one of these sub-prime lenders that are being talked ...
You are one of these sub-prime lenders that are being talked about. My suggestion is to call the hot line
. 888-995-HOPE, There were 45,000 calls the first three days. so be patient.
The is right down your ally, Your rate is pretty high by today's standard. Expect to save $300 a month if you can get it adjusted or at least start paying down the principle.Answer: Mike, if you're able to make the payments, I'd ride ...
Mike, if you're able to make the payments, I'd ride it out. It is never easy to rebuild your credit. In 5-7 years like the rest are saying, the value could turn around.
Alot of us are in the same boat.Answer: About foreclosure, the most complete summary guide ...
About foreclosure, the most complete summary guide HERE:
http://buy-a-foreclosure.blogspot.com/
(How to buy a foreclosure, listings, short sales, forecl. apts,
pre-foreclosures, stop foreclosures & foreclosure loans )
Good luck!Answer: Ride it out Mike, thats your best bet regarding your ...
Ride it out Mike, thats your best bet regarding your situation!Question: How do you to negotiate a short sale with your lender? Does anyone have any tips?
How do you to negotiate a short sale with your lender? Does anyone have any tips?Answer: You call and discuss it with them. They would then have to ...
You call and discuss it with them. They would then have to approve any sale of the property if they decide to accept you selling it short.Answer: I applied for a short sale in November, but did not have a ...
I applied for a short sale in November, but did not have a buyer yet, so the lender would not even consider the short sale.
1st and most important you need a BPO (or an appraisal). So you know what your house is worth and what to sell it for.
Once you have a buyer you will send a hardship letter, a form called an 1126 (just do an internet search and you can find it, if not email me and I will sent it to you, I have it saved oncomputer), your listing from the date you put your house up for sale (to prove how ling you have had it on the market), your accepted offer, and your buyer's preauthorizaton letter, you will also need to send your most recent 2 bank statments and check stubs, and of course send the BPO so they know the market value of the house.
Once they have all this information in hand you send it to your mortgage company and they will inform you of their ruling as to if they will let you short sale or not. It has to be in their best interest to do so, and many people belive most mortgage companys will not allow it if you are not in foreclosure (I am not sure if that is true because we didn't start our short sale until we were in foreclosure).
My realtor also just let me know that many people who are doing short sales are getting suprised at the actual closing tables that their lender is refusing to release the lien on the house without an extra few thousand dollars...this usually forces the realtor to either put her commission in or allow the sale to fall thru. So unless you have an extremely generous realtor, I would plan on having an extra $3000 for closing costs.
You need to make the short sale look as appealing as possible...we put it to our lender this way, take the sale or come get the keys. It costs the lender a lot more to foreclose then it does to allow a short sale...so you need to make them see the value of your short sale offer.
Good luck...make sure YOUR realtor and the BUYERS realtor understand that your sale is a short sale, so they buyer understands it could take up to 2 months for the short sale to be processed by your lender...this way you don't have a buyer who thinks they can close fast and move in right away...because it takes a long time to get it approved and worked out. |
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