Käyttäjä:DiggsZhao358
I'd a chance recently to talk to an agent about short sales and their fast growing predominance on the market. During the conversation he related the story of one client who had a perfect property and wanted to pursue the potential of our taking a look at the project. I provided him a summary of the first documentation I would have to evaluate the transaction and he commented it was a long list of items to collect. So, I ask myself, that is worse a summary of items essential to evaluate the viability of the project or foreclosure which will devastate the client's credit?
Short Sales are not for everybody. This type of transaction is definitely very complicated and time intensive. It is evident through the number of prospective clients who walk on short sale transactions when they loose patience with the process. That is one of the greatest reasons why those of us who are full-time short sale investors, (buyers) have taken it upon ourselves to put the package together and take charge of negotiations and related activities ourselves. In my company, National Debt Liquidators, LLC we currently stay very mixed up in process from start to finish. We'll contract to purchase the home from the seller, just before foreclosure, place the short sale package together and have our full-time negotiators contact and negotiate with the bank. Does it lessen the time that it takes to accomplish a short sale? Not necessarily, however it does provide the seller and Realtor an instantaneous buyer to go ahead and begin the procedure instead of searching for a buyer who won't try to escape on you.
How frequently have your herd the horror stories of the evening prior to the closing the Realtor receives a call in the bank informing him or her the commission is going to be cut to 3% or 4% in order for the offer to close. You were just informed all your jobs are going to be accomplished for FREE and you'll be lucky to pay for your expenses. Like a full time short sale processor and buyer, we are going to guarantee your 6% commission form the start. When the lender wants to reduce your commission, to 3% or 4%, we are going to make up the difference.
We do NOT flip properties. When our short sale package would go to the bank it will be with a funding letter to make sure the lender funds are in position to shut the deal. We do not need to wait for second transaction to close to be able to fund the first. Will we attend a subsequent closing from your firm to an another buyer? Perhaps, within 24 hours. Perhaps a day or two or weeks later, yes. We are investors. We purchase properties to make a profit around the eventual resale and we do not apologize for that or try and hide the fact. We require all matters of the transaction to be fully documented and disclosed. Here's one for you. We will not close on the transaction unless the lender agrees to grant a full satisfaction to the initial seller, not only a release. We do not want any kind from the lender coming back a month later attempting to levy an insufficiency judgment around the seller. So why do we all do this? It's the right thing to do is why. We will not close on the transaction in which the lender requires both sides to sign a fair market price affidavit. This is the lenders back door to litigate against the parties and try to claim the transaction was fraudulent and below value. Essentially, it was the lender who approved the loan to begin with and the lender who should go ahead and take loss for any bad management decision, not the new buyer, Realtor or seller. If you are a professional Realtor and you don't know short sales, listed here are your options. Get a second job to pay the debts for awhile, because this is where the market is going to be for a long time in the future. Option 2, become knowledgeable to short sales and believe me when I say it takes far, far more than a 4 hour course on a Saturday. Your 3rd option, work with an investor, (buyer) who does short sales as a living, full-time and reap the benefits they have to offer.
