Comments on: How To Determine a Short Sale Purchase Offer

By: Delsaintpierre

Delsaintpierre — Wed, 23 Jun 2010 05:00:06 +0000

This article is very helpful. Working on my first short sale and it's a daunting task at best. I'm doing tons of research, taking short sale courses and asking lots of questions. I have an awesome support system in my office and I get tons of assistance from associates already experience with short sales. I'll be approaching from the buyer side but the process is brutal on either side of the deal. I've heard horror stories from seasoned agents. I tend to be a bit intense and meticulous on details and making sure we're not missing steps. The great thing is that my client is not in a time crunch so closing quick is not a big deal. I'll be getting a professional investment analysis also. I know it may be several months before closing, if we even get to that point…as you all know, there's tons of competition and bidding back and forth on short sales. Huge challenge.

By: jp moses

jp moses — Fri, 09 Apr 2010 19:50:04 +0000

Well it's not a universal rule, but lenders started considering that a “red flag” of sorts over the last year or so. Basically they've caught on to how investors use trusts to (often times) skirt seasoning issues…so they're starting to prohibit it. Sorry, man. Have you learned “the option method” yet?

…jp

By: trustQ

trustQ — Fri, 09 Apr 2010 17:45:44 +0000

We're in process of buying a short sale property as part of a 1031 Starker exchange. Our soon-to-be-sold property is held in a revocable living trust. So we thought the short sale property then would be purchased with sale proceeds and owned by the trust. But lender suddenly said buyer of a short sale cannot be a trust. Where did that come from and why?

By: marie

marie — Sat, 20 Feb 2010 16:20:33 +0000

In your comment… “If the homeowner does not occupy the property, no short sale will be approved. (There can be exceptions to this.)” What are the exceptions?

By: What are banks looking for in a short sale bid? | Freeze Foreclosure

What are banks looking for in a short sale bid? | Freeze Foreclosure — Tue, 10 Feb 2009 13:25:07 +0000

[...] http://reitips.com/short-sale-purchase-offer/ [...]

By: Cory Boatright

Cory Boatright — Mon, 15 Dec 2008 05:48:13 +0000

JP,

Thanks for article post bro. That is really cool of you. Your site looks great. I will tell everybody I know to come check this out.

Keep serving brother.

Remember… be a servant,

Cory Boatright
Loss Mitigation Specialist
http://www.ShortSaleFundamentals.com
http://www.ShortSaleology.com
http://www.1DayFunds.com

P.S. Let me know if I can help you with anything.

Cory Boatright´s last blog post..Why you can’t do the short sale business

By: Carmen

Carmen — Wed, 27 Aug 2008 15:14:37 +0000

I agree. This is an amazing article. Very informative. You gave us something very valuable for free. Wow!

By: Marie

Marie — Thu, 24 Jul 2008 21:59:07 +0000

We are “bidding” on a short sale right now. The list price on the house was $139,000. We have since learned that Freddie Mac has the loan. Our offer was $126,000. I never knew of the “minimums” before. Did we bid too low. It has been three weeks and we haven’t heard anything. The listing agent has been called a few times a week – but doesn’t have any new information.

By: JP Moses

JP Moses — Thu, 24 Jul 2008 20:21:37 +0000

@Allison - If they keep stalling, you may very well lose out. Have you considered asking the mortgage company for an extension? They won't always grant it, but it certainly happens a decent number of times when asked for. Especially in today's turbulent market. ...jp

By: Allison

Allison — Thu, 24 Jul 2008 19:57:18 +0000

We originally purchased our house for $225 and had a $225K MV.
We rec’d an offer for $204K from husbands job’s relocation package which expires 8/8.
I never faxed so much information, more than once applying for a short sale.
They seem to be stalling so we lose the offer.
What do you think?