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Agent..need some advice...Would you take on a short sale knowing that the sheriff sale is scheduled for 3/20?? Seller called BOA today and they were encouraging her to call an agent and start the short sale process. The representative at BOA told her she would be assigned a negotiator in 2 days..which I NEVER experienced a 2 day turn around. I feel like it could be a lot of spinning my wheels for nothing..any advice??
Interesting, I have an auction on the 13 of March and my Seller cancelled the fully approved short sale three weeks ago because she wanted to reinstate, when she realized she could not do that, BofA also encouraged her to initiate the ss again and they would send a request for postponement. We will see if it happens, here is to fingers crossed, normally I would never initiate three weeks within the sale date
See that is what I was thinking but you never know..there maybe that 1 chance it works out. We would only have 9 days to find a buyer and we are relying on bank of america to postpone the ss which who knows if they would!
Answer = YES,
I think BofA is finally going to pull the band-aid off fast rather than waiting - see this Front Page article from today's LA Times;
Yes. Do it... the short sale business is a risk in itself, so nothing gained, nothing ventured. If not, refer it to an agent that is willing to take the risk. If you are in California, I would be happy to take the referral, but I would definitely recommend giving it a shot. Good luck.
Sincerely, Richard "RJ" Kas (SFR, SRES) "Representing the finest properties from Los Angeles worldwide" KAS Properties - Coldwell Banker Previews International - Beverly Hills South 166 N. Canon Dr, Beverly Hills, CA 90210 310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ RichardKas@gmail.com - www.RJforLA.com - DRE: 01352771 Sellers Buyers Investors Leasing Consulting
Thanks! I am doing it!!
YES do it! BofA is postponing left and right...initiate in EQ and when they see it as a short sale they will postpone....as long as it is not a FHA or government loan.
I agree with Richard. I would do it. I've taken short sales with short foreclosure timelines and have been able to, due to my sphere, find a buyer willing to put an offer in. Postponed the auction at the last minute, and was able to postpone the rescheduled auction 3 more times before finally closing with a different buyer.
I agree with the consensus. I have had limited times when the negotiator tells me that the investor won't look at a short sale if its within "3 weeks of the court sale date". But, you won't know unless you attempt the sale. So good luck, and hopefully you'll be successful