Comment

Comment by Ginger Merrick on October 8, 2009 at 9:48am

Shouldn't the tax liabililty be forgiven if the seller is insolvent?

Comment by Ryan Diedrich on October 8, 2009 at 6:03am

My investors do the short sales...then when they get the tax bill they file Bankruptcy. If they cant make payments, how can the afford $350k tax bill.

The Banks Government are stupid. "not only will we screw you but we will screw you hard...this way i can get my $25,000,000 bonus :)"

Comment by Mori Langshaw Sr on October 7, 2009 at 12:51pm

Hi Ginger. Citi will do short sales whether its an investment property or not. The person who has a bigger decision is your seller. She is looking at a pretty significant tax bill if she is shorting propertieS (with an S).

I had a client that was selling 7 investment properties (all short). when I went over some preliminary numbers, he was potentially looking at a $350k tax bill.

Comment by Ginger Merrick on October 7, 2009 at 8:30am

Hi! I have a client with rental properties that need to be sold, short of course.
Her lender is Citi Mortgage. She is not behind yet but both properties will be vacant 11/1 and she won't be able to make the payments.
Do you think we have a chance of doing a short sale with Citi on these rental properties? Any suggestions?

Comment by Ryan Diedrich on October 7, 2009 at 5:32am

From my expereince with short sales (28 in the past 14 months) banks will not accept paperwork without a offer since that would not be a complete package. It is best to send everything in at once.

They cant even get that right so can you imagine what it would be if you faxed in paperwork 2-4 weeks apart. you would have to resend everything.

To my knowledge Wells Fargo is the only one who will order a BPO when a listing contract is sent in. But if you dont get an offer within 30 days, they will have to redo it anyway when you get an offer.

Good Luck!

Comment by Pam Simpson on September 25, 2009 at 8:43am

I have my first short sale listing and of course I have questions. I have faxed the LOA and have verified that they have received it and can speak with me. My seller has spoken with her lender and faxed a letter to them as they requested. The seller has written her hardship letter, filled out financials and we have gone over the other items that will be required in the package (THANKS to Wendy and Bryant for their excellent webinars!).

Here is where the question comes in. I get a call yesterday from a buyer's agent wanting to know "Where we are in the short sale?" Umm...I'm waiting for an offer to come in and will send it along with the rest of the short sale package.

Should I be doing something else? It left me wondering because this is an agent in my area who has been in the business a long time and has won many awards-you get the picture.

So, should I be talking with the lender or sending any of the items (hardship letter, financials, etc) before an offer comes in?

Comment by Linda Baron on September 18, 2009 at 7:59am

Yes, I agree it's important to set expectations and always easier to under promise. They were given 4 months ...so we shall see how long it takes.

Comment by Bryant Tutas on September 18, 2009 at 7:35am

Linda, I just spoke to Sun Trust today and they said they have no idea how long the process is anymore. As a listing broker Broker I would NEVER advertise approved short sale.

As a buyers agent don't believe it when you see it. A short sale will take 3-5 months. If it gets done quicker then that's a good thing. BUT the right expectations need to be set upfront. I just had one approved with 5/3 in 2 weeks. The buyer and their agent were expecting 3-5 months. I am now the hero.

When dealing with short sales we must under promise and over deliver.

Comment by Linda Baron on September 18, 2009 at 7:00am

The dilemma for the agent representing the buyer is control ...or lack of control! There's a fine line to walk in an effort to help facilitate the deal without insulting or causing a misunderstanding between agents. Ultimately, you never know how much experience the listing agent may have in successful resolution of short sales.

Comment by Mori Langshaw Sr on September 18, 2009 at 5:49am

OMG...Linda. I rarely write on short sales because of that but...MAN...its tough! Everyone on THIS site should be the only ones to facilitate short sales IN THE ENTIRE COUNTRY, I sware! I havent found a way to get around that one Linda

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