Does HSBC accept option contracts? Also does anyone have an email contact for the short sale dept?
I am having a problem with the negotiator I was assigned. A bad BPO put this property at $164,000. We had a certified appraiser price this house at $150,000 to $155,000. We offered $153,000 on an option contract. My negotiator told me I just wasted her and my time while working this property because of the option contract. I asked for her supervisor and she stated that is exactly what her supervisor had told her. Anyone with help for me out there I'd appreciate it.
Replies to This Discussion
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Permalink Reply by Alan Remigio on
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The option contract was pioneered by several lawyers which, in its simplest form, allowed the buyer generous concessions while minimizing the risk to him or her. Investors use this tool, although not very much now, as the short sale climate has evolved.
Currently, if you are an investor, you must simply commit to purchase the property, for whatever value you "want", get a valid purchase agreement from the seller and start the shortsale process. If you have no short sale experience, contact the company that gave you the option contract for references regarding experienced short sale negotiators.
Proof of Funding is required. If you have no cash, contact your mentor or anyone with knowledge regarding funding and get it in place prior to final approval. There are national companies that issue funds without credit approval that will fund your purchase.
There is obviously more to all of this to ensure success. Good Luck! -
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Permalink Reply by Elizabeth Wright on
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I'd call back and ask to speak to the supervisor - I had one that the negotiator denied and I went to a supervisor and got it approved.
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