Is there some secret to working short sales that have a first and second that are two different lenders? Are these short sales actually closing? They seem about impossible. For the dozen I have not one is working out right. The second wants more money but the first doesn’t want to pay. The second takes there time to submit approval so the first forecloses. A human never picks up the phone (for the second) or a foreigner picks up and has no idea what to do, transfers you and the line simply goes dead. It goes on and on. They have been a waste of my time really. What is everyone else’s experience with these?
Are SS actually closing when two different lenders are involved?
sounds about right. We find that this only seems to be getting worse with the lenders and how backed up they are. It really helps to have connections as much as possible but at some lenders you only have the choice of going through the normal steps.
We are seeing a large amount of these cases closing but it does become more of a strategic. We find that you have to get the first to approve giving funds to the second or your going to get stuck.
It’s really about going the best that you can and continue to follow up. Really, it’s why were in business. :biggrin
Yup, there is a secret to doing short sales with two lenders in the current market.
Don’t aggravate yourself with them! :deal
There are soooooo many deals out there with only one mortgage. Concentrate on the good stuff and you will make more money with less headaches.
Avoid lenders and do seller fianacing using option contract.