Virginia is a deed of trust state that allows the trustee of the lender to foreclose on property after 3 missed payments. The HO is notified, the trustee orders the sale, which is normally only 1 month after notice. This is a very small window of opportunity, so what is the best roadmap to follow to negotiate with the lender, the 2nd lender, IRS liens, etc. Based on what I’ve seen on this BB, lenders are painfully slow to react, so that will kill my deals unless I can streamline the process.
Thanks,
Tom
Lack of time in a trust deed state has always been an issue for the negotiator. This method is generally preferred by the lenders because it costs them less money than foreclosing in a mortgage deed state in the end.
The best way I know of to combat small time frames is to have your system in place. Good organization and a solid process will greatly increase your short sale offers. Have all the documentation ready as quickly as possible. You can postpone the sale if there is a high probability of your offer being accepted, but you have to be ‘Johnny on the spot’ when the trustee and/or the lender asks for information.
GooD Luck! :beer
Thanks for the advice!
No Problem!
GooD Luck! :beer