Friday, May 26th, 2017

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Washington Post: Short Sale Bank Approvals Easier, Faster Than Ever?

Click to read Washington Post Article...My friend, fellow guitar strummer and Shortsaleology guy Cory Boatright just passed along this article from the Washington Post that’s worth reading…

“Coming Up Short, More And More”

This shoul be especially interesting for you short sale folks (like Cory)…or anyone who’s involved in loan mods……or heck, anywhere in the preforeclosure arena at all for that matter.

Quick Highlights:

  • Number of completed short sales jumped 208% in Q1 2009 (compared with Q1 2008)
  • Short Sale rate is expected to get higher (thanks to Obama’s recent bank incentives)
  • Bank of America now aims for 7-week short sale approvals
  • Wells Fargo began streamlining its short-sale process last year, now aims for 30 days or less

Your Thoughts?

I know we’re all in a number of different REI niches, and might have varying perspectives on how this will or won’t play out….both for your own REI biz and for the industry as a whole.

So what are your thoughts on this?

  1. First read: “Coming Up Short, More And More”
  2. Then comment below…

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About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

  • Rebecca

    I think it is good for investment businesses. and gives the homeowner another way out with some grace and the banks get something out of it. Everyone involved gets something out of the deal.

  • Rebecca

    I think it is good for investment businesses. and gives the homeowner another way out with some grace and the banks get something out of it. Everyone involved gets something out of the deal.

  • Thos

    I’m glad investors who slog through proper full doc short sales get properties for a lot less than the 10% under market value the article claims is the best it gets!

  • Thos

    I’m glad investors who slog through proper full doc short sales get properties for a lot less than the 10% under market value the article claims is the best it gets!

  • Tony Arko states that you may be able to get a 10% discount from lenders but not 20 % or 30%. That just isn’t true! My company bought 28 properties within the last 18 months and most of them were short sales. Our discount was in excess of 30% on all of them including paying $199,000 for a $303,000 (appraised value) property with absolutely no repairs needed. If you can’t get at least a 30% discount then you need to learn how to make short sale offers.

  • Tony Arko states that you may be able to get a 10% discount from lenders but not 20 % or 30%. That just isn’t true! My company bought 28 properties within the last 18 months and most of them were short sales. Our discount was in excess of 30% on all of them including paying $199,000 for a $303,000 (appraised value) property with absolutely no repairs needed. If you can’t get at least a 30% discount then you need to learn how to make short sale offers.

  • Mz Ronny

    I think that this is great. I am new to REI and I am learning about short sales which is what I plan to get into. Right now I’m almost ready to get started … still learning. This is just great news and I hope it doesn’t create too much comp for me.

  • Mz Ronny

    I think that this is great. I am new to REI and I am learning about short sales which is what I plan to get into. Right now I’m almost ready to get started … still learning. This is just great news and I hope it doesn’t create too much comp for me.

  • Our short sales are still taking a while… but it’s good to see that some lenders are working on speeding up the process.
    .-= Matt K´s last blog ..39 Brooks St, Springfield MA =-.

  • Our short sales are still taking a while… but it’s good to see that some lenders are working on speeding up the process.
    .-= Matt K´s last blog ..39 Brooks St, Springfield MA =-.

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