Bank of Oklahoma has just rejected an offer of $155,000 and refused to recall a Sheriff sale scheduled for Tuesday Dec 6th. The owner got a letter saying all documents for his short sale request had been received and the sale postponed to provide sales period. However, negotiator said this was not true and the sale would not be postponed. Is there any higher power I can call on to get this Sheriff sale recalled long enough to get another offer they might accept?
Bank's postpone sales sometimes without an offer in place b/c the Investor on the loan typically loses 20% - 40% more on a foreclosure vs. a short sale.
The "trick" is finding out who the Investor is on the loan, and, being able to contact them directly with issues.
If you email me - Ben@ShortSaleShop.net
I can go over it all with you.
Best of luck with your short sales!
Find out who the Investor is on the loan and contact THEM directly (they are the actual decision maker on the loan).
There are 3 types of Investors:
Government Backed - Fannie, Freddie, etc.
Portfolio Backed - where the Servicer and Investor are the same
Privately Backed - these tend to be trusts or large funds
Too much to explain here, but, if you shoot me an email - Ben@ShortSaleShop.net
I can go over it all with you, how to find the Investor, and, how to contact them DIRECTLY to resolve ANY short sale issue.
All my best to everyone!