I am compiling a list of lenders who are accepting/ rejecting short sales nationally. Knowing this is important for all investors working short sales - in addition will save us countless time, efforts, and money… Our list will be dated by each post date so we can track the dates of responses… Please be sure to include the following to be complete…
- % of Discount/ Amount Accepted
- Lender Name/ Bank
- Any additional info - influencing BPO/Appraisal or stratigies…
- How was the deal funded?
- Most importantly the Profit/ Flip/ Exit Strateigy Once SS was accepted… was it and or assigns, rehab etc…
Thanks in advance to all who contribute…
If this could be done, it would be great. But this will be very difficult to do accurately for a few reasons.
% discount to ARV is totally irrelevant. % discount to FMV is only relavant if the person who came up with the FMV knows what they are doing.
% discount to BPO is pretty important but hard to know since you usually don’t know the BPO number.
But most importantly, you OFTEN don’t know who the real lender/investor is. You call Cwide or Wells Fargo but you they are the servicer and often not the “lender”. The real lender makes the actual decision to approve and there are hundreds of different investors.
So Wells might approve one deal at 85% of BPO and another they won’t budge of 95% because they are different investors. So tracking the % for Wells is not really valuable.
Area of the country the prop is in also makes a difference in SS approval guidelines. They know what areas are weak and which are stronger. So again, the same investor might approve a certain deal in Detroit and reject an identical looking deal in Pittsburgh.
Good Luck though.