We have been buying notes from under short sales working with small or regional lenders across the country to speed up the short sale settlement process. This is a great tactic more agents should be using to get controll over deals and to get our transactions closed in a much tighter time frame and is not as well known or used in the market today. This my friends however will change will all the new HAFA guidelines and other regulatory red tape that will be impacting your short sales to come. If you have a short sale or an end buyer for your short sale that is at risk give us a call and we can work you through this great process to save your deal and mitigate the risk to your seller of any deficiecny exposure or foreclosure that may otherwise exist.
Not sure why Craig did not answer back, hope everything is ok with him. I think Craig is talking about negating a short sale by approaching the lender to purchase the note and sell that to the end buyer.
Here are a few of my thoughts;
The homeowner has to be completely on board with this, if not, once the note is sold the end buyer may have to force coreclosure on his dime.
Most major banks sell notes in packages known as a pool or tape. Seldom do they allow cherry picking, however some may be allowing this.
If this works then there are some advatanges to the seller as well as the end buyer. Deficiencies can be can be forgiven, the seller can be given more than the $1500 to cooperate with the sale.
This may seem to be an easy solution, however anything worth while requires work.
Hope this helps,
Karen Mathers said:
Is this similar to doing the option contract and trying to negotiate a flip?
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