i was just curious as to if some of you short sale experts have seen acceptance times get longer or shorter in your business. it seems that some lenders in my experience have gotten more aggressive at processing them and getting them off their hands due to the present state of the market while a few of the others have seemed to have glued their entire staffs to the wall on their short sale deals, as if they are trying to go under… just curious - thanks for your feedback.
ps. identify which lenders you have seen move pretty fast as of late!
I am buying 9 condos from another investor and doing short sales on all 9.
3 were from Countrywide and they took over 2 months to make a counter offer. I offered 80K, they countered at 88K and we settled on 81K but took close to 2 1/2 months.
The other 6 were all with Chase and my offers of 80K were accepted with in 1 month.
BTW…8 units appraised at 169K (under 50cents on the dollar) and one appraised for 189K… I already got 5 units sold within 2 weeks of closing the first 6 for a total of 720K with a purchase price of $480K so that gave me a net profit after closing cost of about 200K. I was then able to buy the other 3 units for cash with no notes and working to unload those around 130K each or just section 8 rent them at $1194 a month and have cashflow till market turns in 2009 sometime I hope…