Ever wonder why you keep getting different answers to your questions regarding short sales. You read about low success rates, high success rates, how one bank absolutely “sucks” and then on another site they are being praised for being easy to work with. If you dig deep enough you will even read that some “types” of loans are easy to do as a short sale, while others are “impossible.”
The truth is that each lender is different and each lender (most often they are actually servicers) answers to an investor. On top of that there might be an insurance company involved. All of these companies have different guidelines. For instance, a short sale negotiator from EMC might say that they approve short sales with sellers not currently defaulting (missing payments) on their loan. Meanwhile his short sale investor (the company that holds the “paper”) says that they won’t accept any short sale offers unless the seller is in default.
This is just one of the many examples with this short sale industry. As a buyer you need to be armed with the right information before making an offer.
Sign up for our 7.5 Questions That Every Buyer Should Know Before Making An Offer On A Short Sale.
{ 0 comments }