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Our Bradenton, Florida, the housing market has seen an increase in foreclosures and short sales. A short sale occurs when a lender is willing to accept less than the loan balance in order to avoid taking back home in foreclosure.
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Many investors in the labor market pre-foreclosure and are interested in purchasing a property through a short sale.
A few days ago I attended a conference call with Loss Mitigator a bank that responded to questions about short sales. He has worked 11 years in the Loss Mitigation Department for a lender. The call was an opportunity for a group of investors to ask questions. Here are the questions and answers:
1. Why do you ignore a short sale package you received?
Answer: Incomplete packets are set aside. For example, if someone does not include a HUD-1 Settlement Statement that package is on the side. The Borrower must provide financial information, tax returns, letter and more difficulties. (If you have questions about what documentation is required, please contact me.)
2. How many are short sale files working?
Answer: I am currently working in 400 files. Of these, I’d say only about 100 files are viable. It is therefore important present a complete packages and know what you are doing.
3. Does it matter if the buyer in a short sale transaction is an LLC or person? We look at them differently?
Answer: It does not matter. We know that the buyer is qualified. We look at the market value of property the loss we’re going to take, and what you owe on your loan.
4. Does the kind of difficulties faced by the Borrower to make a difference?
Answer: Not really. It is a financial decision for the bank. However, it does not look good for the bank if they foreclose on a sick, elderly couple. By Of course, we want the borrower to demonstrate the difficulties, but the kind of difficulties does not matter.
5. How long does it take for you to carry out the Broker Price Opinion?
Answer: We try to have the BPO completed within 10 days of asking. At this time are accumulated and is taking a long time to get the order out. The first step is to get a short sale package. Do not order the BPO till then. Once the BPO is completed, Once reviewed and approved by our valuation department.
6. Not enough to reject low bids?
A: Actually no. We have certain objectives we are trying to achieve. (I heard around 83% of the BPO.) We also have a certain dollar amount of loss that could accept. (I’ve heard about $ 75,000.) Sometimes it’s a matter of pointing out the issues of repair. Tell me why the supply is low and why should be considered.
7. If the foreclosure sale date is at hand, we postpone it?
Answer: If it looks like we are close to a short sale could be postpone the foreclosure sale. We need a good reason to do that.
8. Ever change the BPO, once received?
Answer: No. Once the BPO has been received and approved by our valuation department are not going to change. Why would we? The value is what it is.
9. Need a house to be ready before accepting a short sale?
Answer: No the house need not be listed. Let’s talk directly with the buyer / investor. We do not usually talk to the borrower.
10. Will you disclose the results of BPO?
Answer: No, we do not disclose the BPO. However, let’s talk price ranges in the negotiation. Our job is to be as close as possible to BPO.
If you are considering a short sale, make sure your realtor has experience and knowledge!
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Dan Forbes is the broker/owner of Premier Team Inc., Realtors, in Bradenton, Florida. He has assisted over 1000 Bradenton, Florida real estate buyers, sellers, and investors. He is also president of the Bradenton Real Estate Club. BradentonFloridaRealEstate.com and TheRealEstateZoo.com [http://www.TheRealEstateZoo.com] Dan is an author, speaker, and seminar leader as well as an active Realtor working with Buyers and Sellers.
Short Sale your Miami – Dade county Florida house – Stop Foreclosure
