Hello Superstars,I am in a single lien situation with a Midland mtg as servicer, lender bought PMI through Radian (of course without my sellers knowledge), with Wells Fargo as the investor.Home was…Continue
I closed my first short sale in 1984. The banks didn't even know what I was talking about. As I worked up the management ladder they kept saying "this is the principal, plus the back payments, and the fees".
At that time prices were flat due to 17% interest rates. All we were asking for was to have the brokerage fees and other closing costs covered.
I finally got the number of a Vice-president from another VP at a Savings and Loan that I was listing property for.
It was approved in 5 minutes. He looked at our offer and compared it to what they would net if they foreclosed. "This number is bigger than that number, of course we'll do that" was his response. Can't argue with math.
Things have become much more complicated with multiple liens, PMI, private mortgage insurance paid by lenders that the borrower doesn't even know about, selling of loans as derivatives and more.
Seeing that things are changing by the week I invested time and money in keeping current. I've been through Harris Real Estate University Short Sale course, earning the "Accredited Shortsale Designation". I've also earned the CDPE "Certified Distressed Property Expert" through the Charfen Institute and am involved in the ongoing education of the CDPE advanced program.
With over 30 years experience I never imagined seeing the market we've gone through in recent years. I don't see short sales going away soon, or possibly ever.
There is reason for optimism however, the low prices and high rental rates present the best investor opportunity I've ever seen.
Remember, once you decide you like living indoors, you're buying a house. You're either buying it for yourself or you're buying one for someone else.
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