I’m going to spend the greater part of my day next Thursday contacting as many banks as possible and getting them to mail me their specific Short Sale package. I want to contact only banks that actually hold the majority of their loans so that I have a very defined target market… If you can reply to this post with the names of banks you have completed a short sale with, I will get their number and make the dials…I will arcvhive all the rules and regs for each bank I contact and will share those with anyone for free…Might just save you a little time… The banks I have on the list so far and these are all I could think of
South Shore Bank
Home EQ of Wachovia
Add to the list when you get a chance and I will share all of my info that I gather with anyone who wants it…This might be a crazy idea but I am new to short sales so feel free to poke holes in it? It made sense to me at about 1:30 Am last night when I thought of it
I also just received a package back from Chase so they definately do short sales… Pretty simple package. If anyone wants a copy of the package, I can fax it over to you. The house is vacant and the guy is 4payments behind and he started a rehab but ran out of cash…my fingers are crossed
I just want to say" Thank You" to all of you that let me know that Chase does short sales. Upon your advice, I did call Chase Bank back and got transfered to the Mitigation dept. and was able to speak with the right person. They are sending me a short sale package. They were nice and said that who ever told me that must have misunderstood my question. I nearly lost this deal! Thanks to all of you, I was able to pull it out and will know in the future where to direct my calls!!!
I have completed short sales with the following:
currently in the process with
Beneficial (need help here)
Colorado Housing Financial Authority
I tried with EMC Mortgage Group and they were just down right unreasonable. This dealwent to foreclosure.
OCWEN i had a deal going with them, but they would not lower their counter offer. It was a pit of a house with holes in the walls, etc… and missing sub-flooring… you’d think they’d want to get rid of it just because of the liability issues… but NO the continue to think that it is worth about $30K more than it is…
:bash: sometimes these dels feel that they are not worth the trouble… but then when you help some one out of the mess they have gotten themselves into…
it does feel good 8)
With WaMU we got all the way to the demand letter…
then the buyer walked.
Actually the LM person I worked with was great… easier than my client… 9the seller)
With WaMu we could prove that the seller had tried to sell the property for 3 years…without luck because the area’s property values were declining. They did 2BPO’s due to the difference in price vs loan amount…
So far there trying to stick to the bpo which came in at almost 50% arv. I came in lower because of needed repairs. The funny thing is they want me to start with the full bpo on the hud and then subtract the repairs on the hud. I’ve already sent them a hud showing the basic closing cost, and my net to them. Has any one ever put repairs on a hud?
Don’t know if it’s 100% rules & regs but Chase told us they would not negotiate on the deal we were working on until Countrywide discounted their 2nd loan to $1,000…Countrywide has a 2nd for 42k and chase has the 1st for 183k, we are now waiting to hear back from countrywide to see if they will play ball…This particular 2 flat has about 20k max in cosmetic damages, but it’s in a decent neighborhood, so my fingers are crossed…