Show of hands of who has gotten non deliquent seller short sales approved!
What percentage of your short sales are non deliquent?
I have closed MANY
25% of mine are non deliquent
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I have. With Wells Fargo, Suntrust and Nationstar. I just had a seller back out of a Chase short sale because they are requiring him to be delinquent. It was previously approved with him being current. We lost the buyer and then the investor changed their guidelines.
about 40% of mine are not delinquent.
Closed Wells Fargo non-delinquent last year and am working on another WF non-delinquent. Was told they needed to be in "imminent default" which they were but not behind.
Ive closed a few non- delinquents , but only about 5-10% of my clients at any given time are not delinquent. Most of them have stopped paying or do very close to the time we list (I dont advise either way)
My clients with assets/income/credit usually get asked to contribute. ESPECIALLY if they are current.
Short sales assist customers with hardships.
Be it delinquencies, having to move and unable to sell the property for amount owing, medical, loss of job, curtailment of income.
Many of my more recent files have been families, never missed a payment, that had to move out of state for work.
The market has dropped so low here, the houses simply will not sell for the amount owed. All of the lenders I have worked with have stated moving is a valid hardship.
I would have to disagree with that - I have seen "hardships" like - the house is too big, or I want to go back to school, or I want to relocate etc. get approved.
I've only had two out of 40 that were not delinquent. The first one Wells Fargo (Private Label Investor) would not work with the Borrower until they were delinquent. I'm in the early stages of another at the moment, also a Wells Fargo (Private Label Investor).