How do you evaluate whether or not you have enough time to complete a short sale?
For example... if a Seller calls you and the sale date is within 2 weeks, 4 weeks... whatever. At what point do you decide if it is worth your time to go through the motions?
I have a seller whose sale date is in 3 weeks. It is not an FHA loan, nor is it backed by FNMA... so there goes some of the options where the sale date might be postponed sooner than later.
Looks like we may have to go the traditional route. The property is also not in a very saleable area, so I am concerned that 3 weeks might not be enough time for paperwork, listing, negotiating, collecting, submitting and requesting a f/c sale date postponement all within the necessary time frame.
Tags:
Do they meet basic HAFA eligibility? Have they been reviewed for HAMP?
I have the file being reviewed by HAFA now. they have tried the HAMP route which is how they ended up considering a short sale as recommended by the lender.
I thought HAFA was declined if the sale date was within 30 days.
I suppose I have always been lucky that my sale dates are usually way into the future, so I have never really had to request a postponement except in cases where I already have a negotiator. In the rare other cases that I have tried, I've been told it can only be postponed with a valid offer, and after submission and processing of that offer.
Any tips on requesting a postponement? I am in NC where the court system is not as consumer friendly.
Partly, it depends on the court attitudes in your area. Here in south Fl, as long as we present a purchase contract, and evidence of a submitted SS package, we can generally get a sale postponement for 90 days or so from the courts without the bank's cooperation.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.